FORMATION: The Open Time Social Club is made up of a group of men who spent most of their childhood together. When they began working, they would meet regularly to catch up. They then decided to start a social club and make monthly contributions in order to help with burial arrangements for their families.
The social club started out with nine members and each member was tasked to recruit at least two members. They all managed to do so, and the club grew to 16 members, however due to lack of commitment they shrunk to seven members over time.
MONEY MATTERS: The group meets on the first Sunday of every month and each member contributes R500. The chairperson is responsible for ensuring that the money is deposited into the bank. Of the R500, R100 goes towards a funeral policy which covers up to eight family members.
In the event of a funeral, they also help each other’s families with preparations such as cooking and setting up tents, etc. Of the R500, R50 from each member is given to the host for the month.
The remaining amount is deposited into the stokvel account and is withdrawn at the end of the year. A member can also request that their savings be withdrawn in January so they can avoid the January financial blues
RULES: The club’s rules require members to attend all meetings, pay their monthly contribution on time and respect fellow members.
They have a code of conduct and a disciplinary committee with a chairman to make sure members stick to the rules. They are also guided by their constitution, so that members know what is expected of them. If they do not attend meetings, arrive late or don’t wear their uniform, they’re fined R50.
If they do not pay their contribution on time, they are fined R70. Should a member fail to follow the rules then they are given a penalty in the logbook.
Once they reach their third penalty, they are removed from the stokvel and are not entitled to any of their earning.
NAME: Open Time Social Club LOCATION: Springs, Gauteng FOUNDED: 2010 MEMBERS: 7 MEETING: Monthly CONTRIBUTION: R50
Stokvel Corner: As the members each have different personalities, the club’s priority has always been to be accommodative. The members each have their own opinion on what they would like the stokvel to do for them, so they share their ideas and goals with each other and discuss ways to achieve them. Showing respect for fellow members and abiding by the stokvel’sconstitution also helps to manage conflict.
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