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The power of saving through a modern stokvel
Pooling your money in a group to save together gives you several benefits.
Do you and your friends or family want to save money, but feel bewildered by all the saving and investment options out there? Do you worry that you have too little to save for your money to really grow? Maybe it’s time you considered saving through a stokvel.
A stokvel is a group of people who save together to achieve their goals. They pool their money to make regular deposits into a savings account for a certain period, while enjoying the benefit of compound interest (earning interest on interest) growing their money.
A long tradition of stokvel clubs
In South Africa stokvels have long been an effective savings tool for community groups – they are a form of self-help. It is estimated that at least 11.5 million South Africans are members of around 800,000 stokvels. Collectively, these clubs generate an impressive R50 billion in savings every year – evidence that South Africans can really be financially savvy.
Stokvels exist for different reasons: to buy groceries at the end of the year, to help members afford funeral policies, to go on holiday, or to invest long-term, for example.
Nedbank helps make stokvel clubs even more effective
The Nedbank Stokvel Account is an easy way to save together, and offers you benefits that ordinary savings accounts don’t. For instance, each member between the ages of 18 and 65 qualifies for a R10,000 funeral benefit at only R25 per member each month, and we will also transport the deceased at no cost to any part of South Africa for burial.
Social saving is a powerful tool, because the collective goal means members hold each other to account – if one person falters, the whole group will miss the goal
At the end of every year members get discounts on groceries if they shop at Nedbank partner stores and can save up to 10% on school supplies. To qualify for these discounts, the stokvel must deposit a minimum of R1,000 every month from January to October, with the required balance in the account by 31 October.
Also, any club member can open a pay-as-you-use account that comes with zero monthly fees, either in branch or using the Money app. The Nedbank Stokvel Account makes saving towards a common goal even more rewarding, helping you save as a group securely, while earning interest on your money.
Why stokvels make sense
By pooling your money, your stokvel can make larger, regular savings deposits into an account that gives you better returns and benefits than you’d get trying to save small amounts on your own. When it comes to end-of-year expenses or unexpected funeral costs, saving in a stokvel account also gives you better security.
Perhaps most importantly, when you’re the only person who notices if you miss a monthly payment, it’s easier to cheat on your savings goals. You skip saving ‘just this month’ because you buy something on impulse, and sooner or later ‘just this month’ becomes a bad habit. In a stokvel, you are all relying on each other to do your bit every month.
Social saving is a powerful tool, because the collective goal means members hold each other to account – if anyone falters, the whole group will miss the goal. As the saying goes, if you want to go fast, go alone. But if you want to go far, go together.
