02 February - Labour - Saving safely with stokvels

In today’s show, we were joined by Yusuf Boda - Legal Manager at Legal & Tax. We were talking about saving safely with stokvels. According to the National Stokvel Association of South Africa, there’s around 800,000 active stokvels in the country and they help around 10 million South Africans to save for a rainy day and manage their finances. Yusuf says a stokvel should be managed by a trustworthy chairman and treasurer, who will be responsible for keeping records and managing the bank account. But all members need to discuss how the money will be invested and agree about the risks they are willing to take on. For more information on packages offered by Legal & Tax, visit www.legalandtax.co.za or contact their offices on 0860 587 587.