MyBB Stokvel

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hj2k_x

hj2k_x

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Given the current financial plight most of us find ourselves in, what do people think about a myBB stokvel?

It would work something like this:

Membership is limited to a certain number, say 52 for argument's sake (on for each week). Each person pays say R50 a month...And then every person gets one turn to claim the cash when they need it/according to a roster/somehow which can be worked out later.

It could be moderated by er the mods (if they agree) or we could agree on some other official way to go about regulating it.


I am not expert when it comes to stokvels, but it know the majority of the country swear by them.

Anyway, what do people think?
 
thing is - what happens if the people stop paying after they received their turn?
 
Keeper said:
thing is - what happens if the people stop paying after they received their turn?
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You need to ask the existing stokvels for tips on how it works and how they control these things.

Anyway, if it gets off the ground it has my full support !! Would love to participate.
 
I don't think this falls under the 'no fundraising' rule to which the mods might point. However, I could be mistaken :o
 
Majority of posters are asleep by now (not in front of their PCs but in their beds, I hope).

Will see their reaction tomorrow.
 
*wait's for the wrath of Bwana

...nah - we're clear.

Thing is - a stokvel is a dumbass concept. you pay X amount every month and after Y amount of months you get the sum of X * Y back.

now - you could of just saved the money, and give yourself the "stokvel". same thing.

a stokvel with yourself is:
- much more safer & reliable.
- you're not forced to pay if you're broke that month.
- teaches you to save your OWN money

I fail to see the point really. my GF does this with her family but I never understood it...
 
blunomore said:
Majority of posters are asleep by now (not in front of their PCs but in their beds, I hope).

Will see their reaction tomorrow.
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Yip.

Well I think it's a good idea to put out there somehow.

Someone must know some more about stokvels in general that can come and tell us about them.
 
Keeper said:
*wait's for the wrath of Bwana

...nah - we're clear.

Thing is - a stokvel is a dumbass concept. you pay X amount every month and after Y amount of months you get the sum of X * Y back.

now - you could of just saved the money, and give yourself the "stokvel". same thing.

a stokvel with yourself is:
- much more safer & reliable.
- you're not forced to pay if you're broke that month.

I fail to see the point really. my GF does this with her family but I never understood it...
Click to expand...

But you get everyone else's contributions as well, not just your own back.
 
hj2k_x said:
But you get everyone else's contributions as well, not just your own back.
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er...no ?

ok, lets work it out.

a family of four each put in R500 a month for the stokvel. each month one person gets R2000.

now, your turn is every 4 months, as there are 4 family members.

now, if you saved on your own for 4 months, you would also have R2000.

Same thing man.
 
Keeper said:
er...no ?

ok, lets work it out.

a family of four each put in R500 a month for the stokvel. each month one person gets R2000.

now, your turn is every 4 months, as there are 4 family members.

now, if you saved on your own for 4 months, you would also have R2000.

Same thing man.
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I could be mistaken but I think that is because your example has four members, and cycles every four months...What if it cycled every two? Then youd've put in R1000 and got out R2000. And who says R2000 is what you get out?
 
Maybe the idea is that the funds must be invested (are you awake, DJ?) and so interest also comes into play.
 
hj2k_x said:
I could be mistaken but I think that is because your example has four members, and cycles every four months...What if it cycled every two? Then youd've put in R1000 and got out R2000. And who says R2000 is what you get out?
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are you suggesting there is some sort of magic involved in this stokvel thing? cause then i'd happily join up.
 
This is a good idea, but I will only be able to contribute once Im on my feet again.
 
well the money you put in, is gonna be the same money you get out - except for the people who get their share and leave, and screws up the whole thing for the rest of us.

saving by yourself = no risk, and no OBLIGATION. (No I don't work for clientele life insurance)

Going for a stokvel DOES have risk, and you are obligated to pay - even the months you really can't afford to.
 
What are stokvels?

Last Reviewed: 3/30/2007
Stokvels have been around in South Africa for many years. They are a good way for people to help motivate each other to save, and many stokvel or savings clubs are like social clubs where members also help each other in ways other than with money. Regular stokvel meetings have become a social highlight in many communities.

A basic stokvel is very simple. There are usually twelve or more members, and each member contributes a certain amount each month. This can be anything from R50 to R1, 000, depending on everyone’s income. Each month, it is a different member’s turn to receive the money. So, if you belong to a stokvel with twelve members who each contribute R500 a month, then once a year you will receive a R6,000 payout. You are motivated to save because the other members will know if you haven’t paid your contribution, and also because the regular meetings are a reminder of what you will gain when it is your turn.

There are variations on the idea. Some stokvels save for Christmas; all the money each month goes into a savings account and at the end of the year everyone gets their share. If the members choose the right savings account they each benefit from the interest gained as well. Other stokvels have many more members, and meet more often (twice a month or even weekly). Some stokvels operate more like Savings and Credit Cooperatives, where members ‘deposit’ money for saving and are able to take out loans at good interest.

Traditionally, you have to be invited to join a stokvel, you can’t just apply for membership. But you and a group of friends can start your own stokvel. The most important ingredient is trust – you have to know that each member will pay their contribution, especially that they will continue to do so after they’ve had their payout. It’s a good idea to have a stokvel bank account (First National Bank offers a special stokvel bank account for group savings), or to have everyone deposit their share directly into the account of the person who’s benefiting that month. It’s not safe for everyone to bring large amounts of cash to meetings.
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I see what you are saying, Keeper.

But I think the advantage is that the R6000 you could receive as early as month one. And if you have to wait till last then you benefit from interest?
 
hj2k_x said:
But I think the advantage is that the R6000 you could receive as early as month one. And if you have to wait till last then you benefit from interest?
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that is, er...actually a pretty good point you got there....

i don't see why the last person would get "interest" though as they money doesn't build up over time but is withdrawn every month?
 
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