Do you want to be a part of the 11.5 million people looking to save almost R50 billion a year? Sounds crazy right? Starting your own stokvel is a great way to make sure you do not have to struggle with the last-minute school supplies, burial necessities or those Christmas groceries. Stokvels are not just based on collecting money. You can buy products or other necessities for collection at a stipulated time, thus contributing more than just money.

Everyone either knows of a stokvel or knows someone in one. In fact, if you were to ask me, these are often thought of as a society for moms and grandmothers to gather, have biscuits and tea and sometimes financially support each other. It’s not until you become an adult when you realise the importance of saving.

Therefore, they are mostly popular among those who are looking to invest their savings without the extra costs that come with making use of a commercial bank. Starting a stokvel has its advantages and disadvantages. Although this article aims to give you somewhat of a boost as well as a basic understanding of what you need when starting your own.

 

Make sure you have the right team

Many people don’t know that starting a stokvel is not an easy or straightforward process. You need the right team for it work properly. And this takes time to build up, so make sure you have enough patience when doing so! The right team are people that you can trust with your earnings as well as your investment. Currently there are a few banks that offer stokvel bank accounts to avoid pooling funds in areas that are prone to security risks such as our homes.

 

Set some clear house rules

There are a few important rules to keep in mind when starting your own Stokvel. For example, if are starting a stokvel for school supplies, it’s important to note that no one can try to claim their share of the investment without investing in the stokvel or waiting until the agreed claim time. Make sure the rules are clear and concise, so you avoid any confusion on what is or isn’t allowed, as well as how it’s going be carried out appropriately by all parties involved.

 

Types of stokvels

As mentioned before, not all stokvels are created with the aim of claiming money, there are also stokvels such as:

  • Saving clubs
  • Burial societies
  • Borrowing or
  • Investment stokvel