My family has a long history of participating in cultural savings clubs like a stokvel, but Im considering exploring other, more formal methods of saving. What steps should I take to transition effectively while ensuring my savings are secure and growing?
Lorika Steyn, Wealth Adviser at PSG Wealth Pretoria East:
Transitioning from your family's stokvel tradition to more formal savings methods is a big step. Your familys commitment to saving has given you a fantastic foundation now lets build on that.
Lets explore some powerful savings options that can help secure your financial future:
High-interest savings accounts: Think of these as your stokvels more flexible version. They're great for short-term goals or rainy-day funds, offering better returns than a regular bank account while keeping your money accessible.
