COMING TOGETHER: The Lebogang Burial Club started in 2013 with just six members. The stokvel decided to increase its membership so each member was tasked with recruiting at least two people.
They reached their goal within a year, but since then the membership has reduced significantly due to people not complying with the club rules. After experiencing a few setbacks and learning from them, the remaining members decided to keep the group size to a minimum – which makes the club easier to manage.
The members say assisting each other is rewarding. They not only offer financial help when there’s a funeral, but they also cook, clean and offer encouragement and support.
SETBACK: It hasn’t been an easy journey for the club, and this has made the group sceptical of accepting new members. At first they took turns to host the monthly meetings and the host of each meeting was expected to deposit the monthly contributions into the stokvel’s bank account.
In 2014, a year after the club began, a member ran off with the month’s contributions. After that they decided to do things differently and appointed one person who would be in charge of finances permanently.
The club eventually opened a bank account that specifically caters to the needs of stokvels. Members now individually deposit their monthly contributions into this account.
MEETINGS & MONE: Most of the members are based in Mabopane but some live in Ga-Rankuwa and Atteridgeville. Although the monthly contribution is R200, members can also deposit extra money into the investment account, which pays out at the end of each year.
The stokvel contributes R6 000 towards a funeral and members’ immediate family are covered. When the stokvel had a larger membership, many members would not attend the monthly meetings and not let the others know beforehand – which meant contributions weren’t made.
The stokvel now deals with these issues in a strict manner – a member who fails to attend a meeting or pay their R200 is fined R50, which goes towards petty cash
NAME: Lebogang Burial Club LOCATION: Mabopane MEMBERS: 9 MEETINGS: Monthly MONTHLY CONTRIBUTION: R200.
Stokvel corner: The Lebogang Burial Club often attends stokvel indabas and seminars to learn how to enrich the club and make its money grow.
They learnt to ensure financial transparency and have set rules for finances. For example, at least two people are nominated to authorise withdrawals and their financial records are open to all members for inspection.
Drawing up a constitution with the input of all the members is also important – it can outline the rules for finances as well as other guidelines.
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