Get financially savvy

2011-08-06 08:25

A savings club is also an opportunity to educate yourself on finances. Use your combined resources to learn about something new and introduce it to the group.

Whether you are running a basic stokvel or an investment club that has its own share portfolio, use the opportunity to improve your knowledge for dealing with your personal finances.

» Bring interesting articles to each meeting to discuss. This can be anything from investing in property to how to get the most from your medical aid;

» Set goals for the next meeting like writing up your own personal budgets or sorting out your life insurance. Discuss your experience with the group – you can learn from each other;

» You may not feel comfortable talking about the full extent of your debt, but discussing the challenges and learning from each other can really motivate you.

All the members can set a goal like each paying off their store cards by the end of the year.

Report back each month on how that goal is moving forward or what challenges you have come across. Next time you see something you want to buy but you know will prevent you from meeting your goal, you will probably hesitate, knowing that you have to report back to your friends;

» Talk to each other about ways you have found to save money. Take tips from articles you have read and set challenges for each other to see where you are overspending. For example, maybe you all buy your lunch at work. For a month, bring lunch to work three times a week and see how much you save;

» Find out about presentations and talks that are being held around financial topics. If you are using a financial institution to save your money, ask them if they run courses or workshops; and

» Does anyone in the group know of a financial adviser who can come and talk to you about retirement planning or how to draw up a will?

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.