Stokvel’s need to Revamp their financials this Year

How to turn your stokvel into an investment engine?

If you want your stokvel to improve  it’s very important that  club members do their research and ensure heir stokvel  is correctly planned and structured for growth.

  1. Financial education education education  for stokvel
  2. When it comes to money  it’s important to get the right advice to ensure you’re on track to achieve your goals.

The financial  experience of your co-members may vary a lot, which could make it difficult to agree on the right savings strategy and select appropriate solutions.

2. Get more out than what you put in

Members need to get more out of their investments, otherwise they may as well be saving their money under a mattress with no opportunity for growth. It’s important to prioritize returns and to courage savings.

3. Save with purpose

Creating a savings habit involves commitment and patience to make your money work for you. Sometimes saving towards a common goal as a group of friends or as a family can help you remain disciplined as you have others to hold you accountable.

4. Benefit from tax-efficient solutions

The  government encourages saving by offering  benefits on certain investments. This is an opportunity for  stokvels to tap into strategically and grow.Remember to consider tax-efficient solutions like tax-free savings accounts.

5. Empower your members

Seek out a specific investment solution that offers value-added benefits that empower members through, for example, financial education or financial literacy.

Financial solutions also need to add value to members apart from being simple, transparent, cost efficient and flexible

 

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