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?

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