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Starting your savings journey

Whether you are saving for something big or small, being disciplined and staying motivated will help you reach your financial goals.

Things to keep in mind:

  • Always save towards a goal
  • Make saving a monthly habit
  • Starting small helps with sticking to your savings plan
  • Stokvel as a saving mechanism
  • You can save for:
    • Rainy days (emergencies) like a funeral or when a car breaks down
    • To buy something which is not too expensive like a new couch
    • To do a small project in the house or for your family
    • Make sure you know the following
  • Ask yourself the following questions:
    • Where is your money going to be invested?
    • What is the interest rate on your savings or investment account?
    • What are the conditions of withdrawing the funds?
    • Are you saving in the right account?

Stokvel as a saving mechanism

If you are part of a group that wants to save together, a stokvel could be the answer. Funds can be withdrawn on demand and deposits can be made at any time. Other benefits include:

  • Members generally earn higher interest on their savings through the group than they would have with individual savings accounts
  • The group can decide to move some or all of the stokvel’s balance into investment products like fixed deposits and notice deposits from time to time

It’s never too late to start your savings journey, whether you’re saving as an individual or as part of a group.