With so many young women struggling to go earn a decent salary. Or even find a steady job. The idea of saving can seem very far fetched. Especially when you have so little to begin with. Which is why it is important to explore other forms of saving. Ways that make sense not just for your pocket, but your lifestyle. Which is why for so many African women, Stokvels have become a way of investing and saving.
Stokvel’s are another way people specially in townships and rural areas save money. They can help you save for anything from trips, homeware, parties and groceries. One of the ways that Stokvel’s work is that you get together with a group of other women looking for ways to save in case they need money quickly. And you all contribute a small amount that is kept in a bank account. This money can be used by anyone from the Stokvel for various needs, and then can be paid back at an agreed upon date. And the best part is, unlike with a bank that needs proof of employment, or assets. Stokvel’s work on good will. Which means that every member is trusted to pay back what ever they take out of the group savings.
Other kinds of Stokvel’s take part on weekly basis. These ones are created to make sure that you can keep food on the table for your family. Which is why once a week (or even a month). You get together, and one person cooks and hosts the rest of the group. Then everyone once again contributes a certain amount called mohodisana. This amount is given to the recipient that week or month to buy food. Or the Stokvel members go buy the basic foods for you. Things like maize meal, rice and tin food are bought in bulk. If money is given its meant to help boost you for that week and the following week or month another member gets to host and the same is done for them. And as with the rules and understanding of the Stokvel, it is compulsory for members to always attend.
And whilst the Stokvel is a good saving alternative. It is also a way to network. As the group can support people who are in business to sell their products and services. Stokvels’ are also ranked as the best ways of saving money when you have very little to save. Which is why they have been helping women in communities for years and years. So next time you feel like you cant save. Think again and join or create a Stokvel. After all, no man is an island, and the reality is. Most of us are struggling and could use the help too.