In South Africa, stokvels are a trusted way for people to save together and support each other financially. They work because groups share responsibility and keep each other accountable.
But how your stokvel stores and grows its money matters. Storing funds outside formal systems increases risk and may limit growth – so it’s worth knowing what to look out for as a member.
Strengthen your stokvel savings:
Check where your group’s money is kept
Ask whether your stokvel uses a dedicated savings account. A specialised group savings or tax-free savings account keeps funds secure while earning interest – if yours doesn’t have one, it’s worth raising with your treasurer or committee.
Find out about stokvel-friendly banking options
Many major banks, like FNB and Nedbank, offer accounts designed specifically for stokvel groups, making it easier to manage and track shared savings. Share what you find with your group – it could be worth switching to.
Ask how contributions and payouts are tracked
A clear, shared record of what’s paid in and when payouts happen builds trust and avoids disputes. If your stokvel doesn’t have this in place, suggest setting one up.
What to keep in mind
Stokvels help you reach shared savings goals, but your personal income still plays a big part in your financial progress. Building your earning potential – through skills, experience, and career opportunities – can help you contribute more to your stokvel and grow your own savings faster over time.
Read more: Grow your income in 5 steps.
OUR MONEY COACH PRO-TIP
Up your saving game with the “invisible money” trick. Set a small automatic transfer into a dedicated savings account on the day your income arrives. You’ll be less tempted to spend money you never see in your everyday account.
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