- A Stokvel encourages regular contributions, promoting disciplined savings among members.
- Disadvantages of Stokvel include lack of legal protection and trust issues.
- Consider the group's trustworthiness, financial goals, and member reliability.
- Grocery clubs offer discounts and bulk buying options, reducing overall costs.
- Funeral Society provides immediate funding assistance, avoiding delayed bank processes.
- Disadvantage of a grocery club is the potential for overspending on unnecessary items.
- Modern saving methods offer flexibility, convenience, and often better interest rates.
- Two financial institutions in South Africa are Capitec Bank and Standard Bank.
1. Explain how a Stokvel can help a person to save money.
2. Give disadvantages of stokvel.
3. What important points would you consider before you join the stokvel.
4. Explain how grocery cubs can help a person to save money.
5. What is the advantage of joining a funeral Society rather than saving the money in a bank for funeral.
6. Give a disadvantage of a grocery Club
7. Why would you advise someone to use the modern way of saving.
8. Name two financial institutions found in South Africa
Answer in short one sentence for atleast 9 - 10 words
1 answer