With about R45 billion invested collectively each year, according to the National Association of Stokvels of SA (NASSA), an increasing number of South Africans are turning to communal savings funds or Stokvels, to benefit from combining their monetary contributions to reach a specific goal.
With a Flight Centre Stokvel, you can travel as a group, take turns to travel or even fund a third party, such as a honeymoon for a family member. Stokvels are an ideal way to make your honeymoon, family holiday or group travel dreams a reality.
There are many advantages of group buying travel through a Stokvel:
The power of group buying
By pooling your combined contribution, you can choose to travel much sooner than if you were saving on your own.
The power of group buying enables you to buy something, debt free, in a much shorter space of time.
‘You may not have the full amount available to travel,’ says Nkwe. ‘But with a Stokvel, by pooling your efforts, you may be able to travel much sooner.’
Nkwe advises members to agree upfront on a clear goal – decide whether you’re travelling together or taking turns to receive a once off payment.
Peer pressure mentality, having a common goal and strict group contributions act as a powerful motivator for saving.
The peer pressure mentality enforces a behaviour of saving, while human nature often tempts people to skip putting money aside when they’re saving individually. Having a common goal and defined group contribution, acts as a powerful motivator for saving.
For Flight Centre Stokvel members, there are personalised specials, tailored to the needs of the group, as well as access to a dedicated travel consultant.
‘Flight Centre Stokvel members get exclusive discounts and specials, not accessible to other travellers,’ says Nkwe. ‘For example, in July our Stokvel members could get 15% off any travel booking and in August they could receive free double tickets to the DStv Delicious Festival. New Stokvel signups in September can also take advantage of these free festival tickets.’
‘Specials tailored specifically for the group will be highlighted on each Stokvel’s monthly statement,’ says Nkwe.
Stokvels are set up to help with emergencies and unforeseen circumstances and can enable greater flexibility and control of your money. With Flight Centre they’re easy to set up and are a secure way to contribute towards a travel goal.
Stokvels can offer greater flexibility and more control of your money. Decreasing consumer confidence in traditional methods of saving and confusion over complicated processes make Stokvels an attractive option for those wanting to safely contribute towards a travel goal.
‘Stokvels are set up to help with emergencies and unforeseen circumstances. Flight Centre decided to eliminate any red tape surrounding the process with no credit checks or difficult approval processes to access the funds. What’s more, Stokvel members can be assured that it is a secure way to contribute to a future holiday,’ says Nkwe.
If any of the Stokvel members wishes to travel, he or she will need the approval of at least two signatories, with at least one of the signatories being the Stokvel Chairperson, Treasurer or Secretary.
All Stokvels benefit from having a dedicated travel consultant. ‘Your Stokvel travel consultant is there to nurture your group every step of the way. They will guide and assist you with any travel-related questions, whether you’re able to travel at the time or not,’ says Nkwe.
‘Our goal is to give all South Africans a chance to travel using the power of group buying,’ concludes Nkwe.
Here’s how you can set up a Stokvel: https://www.flightcentre.co.za/stokvel/faq