Stokvels have been around for years and are a great saving mechanism. They not only promote good saving habits but also encourage us to learn to commit to a course and stick to that commitment
Here are some few points to consider before starting or joining a Stokvel.
Always ask yourself why you want to start or join a Stokvel – If your answer involves other people then you need to go back to the drawing board. Do not join or start a Stokvel because your friends, peers or family members are part of a Stokvels. DO NOT JOIN THE HYPE; GET RICH QUICK STOKVELS.
Joining or starting a Stokvel is a very personal decision which should not be influenced by society or anyone else. Do it for yourself. Remember you are not only investing your money; you are also investing your time and emotions.
2. Choose the right people – All Stokvel members need have the same mentality, same goals, same drive, and the same wiliness to make the Stokvel a success. It is pointless to join or start a saving Stokvel for example, with people who do not know why they are saving money or what their end goal is once they have saved money.
3. Set goals for yourself – You have answered the Why question, you have chosen the right people, now it is time to set goals for yourself. Remember to be honest and realistic when setting those goals for yourself.
They do not have to always be long term goals; they can be short term goals. A good example of a short-term goal is … “I want to save R120.00 per month for the next 12 months. Do not touch this money until end of year one. Once you have now saved as little as R1200.00 in year one. The next could be I want to invest R600.00 of that R1200.00 into a Fixed Deposit for one year. You will be amazed how much your initial R120.00 per month saving will yield after Medium/Long Term (Disclaimer I am not a Financial Adviser) however my view is that you do not need a Financial Adviser to tell you to be disciplined with your savings. It must come from INSIDE YOU.
4. You need to be mentally prepared for the journey – As I mentioned Stokvels are not only about investing money. It is a commitment that you need to be mentally prepared for. You will not only be investing your money; you will be investing your time and emotions.
5. It is not only about you – Being part of a Stokvel, you are part of a community. Your Stokvel members become your family.
Stokvels can help you build very strong friendships. Your Stokvel members can even become your business partners. As much as you may have your own individual goals, you need your fellow Stokvels members to achieve them. It is a collaborative effort to make the Stokvel as success.
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