11 Reasons You Should Start a Stokvel with Your Friends, Family and Colleagues

Published by The National Debt Review Center on

11 Reasons You Should Start a Stokvel with Your Friends, Family and Colleagues

By The National Debt Review Center

Knowing that you are not alone in the savings journey and that someone else is also willing to contribute monthly towards this goal with you will increase the amount one saves. 11 Reasons You Should Start a Stokvel with Your Friends, Family and Colleagues.

Book your Free Consultation Below

Book an appointment with Personnel Calendar using SetMore


History of the Stokvel

The stokvel is a centuries-old African Savings and Credit Association (SACCO) which has been used by millions of people across the continent to pool resources and meet financial needs. The stokvel concept has its roots in the days of slavery when African slaves were not allowed to own property or keep money. They would pool their resources and save whatever they could so that they could buy their freedom or buy back family members who had been sold into slavery.

Over time, the stokvel evolved into a form of savings and credit association which is still used by millions of Africans today. Stokvels are usually informal groups which are set up between friends, family or colleagues who agree to save a certain amount of money each month. This money is then used to help members meet financial needs such as buying a new car, paying for school fees or medical expenses.

There are many reasons why you should start a stokvel with your friends, family or colleagues. Firstly, it is a great way to save money. By setting aside a fixed amount each month, you will be less likely to spend this money on unnecessary things. Secondly, starting a stokvel can help you build up a good credit history which will be useful if you ever need to take out a loan. And finally, being part of a stokvel can provide you with social and emotional support during tough times.

What is a Stokvel?

If you’re looking to save money with like-minded individuals, starting a stokvel could be the right move for you. A stokvel is a savings club that allows members to pool their money together to save for a shared goal. This could be anything from a rainy-day fund to a holiday fund.

There are many reasons why starting a stokvel could be beneficial for you and your friends, family or colleagues. For one, it can help you to better manage your finances and reach your savings goals quicker. Having others in the club will also offer support and accountability, which can be helpful when trying to stick to a savings plan. Plus, it’s a great way to socialise and build relationships with like-minded individuals.

So, if you’re looking for a way to improve your finances and make some new friends, starting a stokvel could be the perfect solution!

Original Installment New Installment 2
Original Installment New Installment
Itc Debt Review Removal

How does a Stokvel work?

A stokvel is a savings club in which members contribute an agreed-upon amount of money to a common pool at regular intervals. The money in the pool is then used to provide financial assistance to members when they need it, such as in times of hardship or during retirement.

Stokvels have been around for centuries and are thought to have originated in Africa. They remain popular today among people of all income levels, as they offer a simple and effective way to save and build up capital over time.

Pros and cons of being in a Stokvel

When it comes to financial planning and saving, there are a lot of different options out there. One option that has been gaining popularity in recent years is the stokvel. A stokvel is basically a group savings plan, where members pool their money together and save up towards a common goal. There are numerous advantages to being part of a stokvel – but there are also some drawbacks that you should be aware of before joining one.


The main advantage of being in a stokvel is that you can save up a large amount of money relatively quickly. This is because each member contributes a fixed amount of money every month, so the pot grows quickly. This can be really beneficial if you’re saving up for something specific, like a deposit on a house or a new car.

Another benefit of being in a stokvel is that it provides motivation to save. It can be easy to dip into your savings when you have no set goal in mind – but if you know that your stokvel friends are counting on you to contribute every month, you’re much more likely to stick to your savings goals.

Finally, a stock brokerage account helps you to build strong financial habits from an early age. Learning how to save regularly and responsibly is an important life skill, and by being part of a stokvel you can develop these habits early on.


However, there are also some potential downsides to being in a stokvel that you should be aware of. One is that you could end up losing money if the stock market crashes. This is because your contributions are generally invested in stocks and shares, which can go down as well as up in value.

Another potential downside is that you could be tempted to dip into your stokvel savings if you have a financial emergency. This is why it’s important to have an emergency fund set up as well as being part of a stokvel – that way, you won’t be tempted to raid your stokvel savings if you need some quick cash.

Finally, you need to be careful who you join a stokvel with. If someone in your group isn’t sticking to their savings goals, it could have a negative impact on everyone else. Make sure you only join a stokvel with people who you trust to be responsible with their money.

5 of the best ways to start a Stokvel in your office, community and church

  1. Start by talking to your friends, family and colleagues about the idea of starting a stokvel. See if there is interest and support for the idea.
  2. Once you have a group of interested people, determine what the goals of the stokvel will be. Do you want to save for a specific purpose, like a holiday or home improvement project? Or do you want to simply build up your savings over time?
  3. Decide on how often you will contribute to the stokvel and how much each person will contribute. A good rule of thumb is to have each person contribute an equal amount each month.
  4. Open a bank account in the name of the stokvel and have each member deposit their contributions into this account on a regular basis.
  5. Finally, make sure everyone knows what the rules are and agree to stick to them. This includes things like not withdrawing money from the account without everyone’s agreement, as well as making sure everyone contributes regularly.

How do I start with my friends, family and colleagues?

If you’re looking for a way to save money and build your financial future, starting a stokvel with your friends, family and colleagues is a great option. Here are some tips on how to get started:

Think about what you want to accomplish with your stokvel. Do you want to save for a specific goal, like a down payment on a house or a new car? Or do you want to create a nest egg that you can use for retirement or other long-term goals? Once you know what your goal is, determine how much money you’ll need to save each month to reach it.

Next, decide who will be in charge of managing the stokvel’s finances. This person will be responsible for collecting and managing the group’s savings. Choose someone who is reliable and trustworthy, and who has experience handling money.

Then, set up a system for making deposits into the stokvel account. You can have each member contribute a fixed amount each month, or allow members to make deposits whenever they have extra money. Just make sure that everyone knows when and how much they need to contribute.

Finally, agree on when and how often you’ll withdrawal funds from the account. For example, you may choose to make withdrawals quarterly or annually. Or, if your goal is long-term, you may choose not to make any withdrawals until the goal is reached.

By following these steps, you’ll be well on your way to starting a successful stokvel.

Outline 3 Reasons It Matters

  1. It can help you to save money: When you belong to a stokvel, you make regular contributions towards a common goal. This discipline can help you to break the cycle of spending all your money as soon as you get it and start saving for something specific.
  2. It gives you a sense of community: Stokvels are traditionally based on the concept of ubuntu, or humanity towards others. By being a member of a stokvel, you are part of something bigger than yourself, and you can take comfort in knowing that there are others working towards the same goal as you.
  3. It can help you to build your credit rating: If you manage your stokvel contributions responsibly, this can be reflected in your credit rating. This can be helpful if you ever need to apply for a loan or other form of credit in the future.

Finer savings – Even though money always matters, people often end up

There are a lot of reasons why you should start a stokvel with your friends, family and colleagues. One of the main reasons is because it can help you save money. When you have a stokvel, you can pool your resources together and save up for things that you wouldn’t be able to afford on your own.

For example, let’s say that you and your friends want to go on a vacation, but you can’t afford it on your own. If you start a stokvel and each of you contributes an equal amount of money every month, then you’ll have the money saved up in no time.

Another reason to start a stokvel is because it can help you get access to credit. If you have a good track record with your stokvel, then banks and other financial institutions will be more likely to give you loans when you need them.

Lastly, starting a stokvel can also help build relationships. When you pool your resources together and work towards common goals, it can help create strong bonds between people.

The National Debt Review Center

Welcome to The National Debt Review Center, where financial stability and integrity are our guiding principles. We strive to deliver the utmost best in customer service & act with the highest standards of integrity. We are South Africa's best Debt Counselling & Debt Review Removal Company. NCR Registration Number - NCRDC3106


Leave a Reply

Avatar placeholder

Your email address will not be published. Required fields are marked *