Township men share knowledge on finance challenges

Tembisa men saw the need for financial education among men and they united to form Ubumbano Savings Society.

The organisation’s chairperson, Sandile Shezi, said as men they realised that they spend a lot of money on petty things and forget about saving money for future family needs.

“We have money that we contribute to each member every week and that member is then mandated to save that money or spend it on important family needs and not use it for entertainment.

“We have a constitution that guides us as an organisation and any member that contravenes our regulations get penalised and ordered to pay certain money as a fine and that money goes towards the organisation’s savings account,” Shezi explained.

He said it is important for men to acquire financial knowledge because many families suffer due to irresponsible spending by men.

Shezi said Ubumbano Savings Society (Stokvel) wants to set an example to all men in Tembisa. They hope to connect with other similar organisations put together by men to give financial education to men in easing family plight caused by irresponsible spending.

“We want men to unite in bringing relief to family situations.

“We have children and wives who depend on us and if we rotated in contributing the money when it becomes your turn, you receive a lump sum which you could not save on your own. You can then use the money to solve your family financial problems instead of going to Loan Sharks who get you into more debt,” Shezi explained.

The organisation has about forty members who take part in the society’s financial education teachings.