Club’s savings pay off
Members save between R500 and R1 000 each month and we don't give cash but escort them to either a hardware shop to buy building materials or to furniture shops for those who already have houses.
wHITE RIVER – It’s Women’s Month and the Masakhisane Women’s Club in Msholozi urged women to be economically savvy.
The project, launched in the beginning of the year, is aimed at helping women save money to build decent houses for themselves. Most of the members are single moms who either make a living as general workers and hawkers.
Members save between R500 and R1 000 each month and we don’t give cash but escort them to either a hardware shop to buy building materials or to furniture shops for those who already have houses. They also assist one another in buying sets of maximum-sized pots used for large family functions.
“Our aim is help each other to be financially independent, avoid loan sharks and own valuable items.” All kinds of women are accommodated as the same group also has another group which saves between R150 and R200 for December groceries. “We aim to empower all the members regardless of background, our vision is to see every woman from this area being financially independent,” they said. Members of the club are also encouraged to grow fresh produce rather than buying everything. “Small gardens are also a way of saving and ensures that the whole family get a balanced diet, other than relying on supplements and other chemicals,” said members of the club.
The Office of the Consumer Protector offers the following tips to improve your savings:
• Live economically: don’t buy things you don’t need to keep up with friends and neighbours. Everybody’s needs are different. Live according to your needs!
• Saving is a mindset: save water, electricity and money. Don’t waste anything of value – recycle and pass on old clothes. Swop toys with other parents instead of buying new ones and convert things you don’t use any longer into money by selling them;
•Teach children to save from a young age. They need to know about the household budget. Set them to work for their pocket money.
• Don’t make excuses about why you don’t save.
• Start saving consistently and seriously for your retirement years, from the first day of your new job. Learn the magic of compound interest. Put aside at least 15% of your income each month.
• Use credit sparingly and carefully: It is cheaper and more rewarding to wait until you have saved the funds for yourself. It is better to spend money you have earned than to spend money you still have to make.
• If you are in debt, pay it as fast as you can: Handle your credit card very carefully. Remember, a reduction in interest rates should be used to settle debts and not to make more debt.
• Shop around before you buy: compare the prices and benefits. Question the value of each purchase as you make it – will it build my assets, is it just to show off, is it cheaper elsewhere?
