Group savings scheme
Much like having a gym buddy, saving together adds a sense of obligation to the rest of the group. When you attach a social element to your saving habits, you may find it much easier to stick to your monthly savings goals.
Some of the benefits of starting a group saving’s scheme are:
- You can save more money faster when you pool your savings and put it into one account
- Most stokvel-styled savings products allow funds to be deposited or withdrawn at anytime
- Once a desired amount has been reached, the money can be moved into longer-term investments, growing the initial investment even faster
- Individuals receive higher interest because the group is saving a larger amount together
Being part of a stokvel, investment group or burial society is the perfect way to save some money with the support of friends or family.