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How do stokvels help people save money?
How does stokvel help people survive
What is stokvel?
Stokvels are community savings club. Most stokvels work as rotating savings club, where members contributes a specific monthly sum to the club and each of them gets to keep all the contributions for a variety of purposes. Some skokvels work as funeral clubs and pay out a specific amount, on the death of registered beneficiary.
What is a stokvel?
Stokvels are community savings club. Most stokvels work as rotating savings club, where members contributes a specific monthly sum to the club and each of them gets to keep all the contributions for a variety of purposes. Some skokvels work as funeral clubs and pay out a specific amount, on the death of registered beneficiary.
What are the disadvantages of South African stokvel?
1. Funds are not always available when needed, since the member must wait for their turn (Some stokvels allow negotiation to swap payout times). 2. There is less recourse to fair treatment if the scheme is abused by fraud or negligence. 3. Payments from members are not always guaranteed. Death (Eg: of AIDS) and loss of employment in a recession can eliminate a member's ability to keep their commitments. 4. Depending on the sophistication of the stokvel, numbers of members may be fixed, as may be contribution amounts and payout amounts. Unlike a formal (bank) saving scheme, members cannot usually contribute slightly more or less, according to their personal circumstances. 5. Different types of stokvels cannot easily transfer funds (Eg: monthly stokvel to Christmas stokvel to burial stockvel).
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