Stokvels: Setting Smarter Goals

STOKVELS

SETTING SMARTER GOALS How to better track your stokvel for 2017

It’s the start of a brand new year. The festive celebrations are behind us and for many, this means that January is “pap” month after we have overextended ourselves in December. Does this sound at all familiar? If so, don’t despair. By setting goals for what you want to achieve this year, and taking action by once again making your regular stokvel contributions, you’ll be surprised at the progress you can make.

Setting smart goals

In order for you to achieve what you set out to do, take the first step by setting goals. Research shows that goals should be SMART, which can be defined as:

S – you have a much better chance of achieving your goal if it is highly specific. M – you need to define how you are going to measure progress towards reaching your goal and this is how you will stay on track. A – part of achieving your goal means developing the attitude, skills and financial capacity to make them a reality. You begin to recognize opportunities that will aid you in reaching your goals. This includes using all the tools at your disposal such as the StokFella app, for example. R – your goal should represent something that you are willing and able to work towards.

T – goals should be grounded within a given period of time. Without a time frame for reaching your goals, you will lack the sense of urgency you need to achieve them.

Group goal setting

One of the advantages of belonging to a stokvel is the collective buying and saving power they give to their members. It is crucial for stokvel members to explore the various options they have with regard to setting goals as a group for the year. The first meeting of the year is a good time to reflect on what was previously achieved, what worked well, what didn’t, and most importantly, what objectives the group would like to reach this year. You can do this in an open discussion forum or follow these simple steps to help clarify what your stokvel will make priority for 2017.

Steps for setting goals as a group

1. Stokvel Chairman invites members to write down their suggestions for goals for the group for the year.

These are then read out aloud without naming the individuals who suggested them. 2. Discuss the pros and cons of each suggestion without criticising any ideas. Allow everyone in the group to share their input. 3. Invite the group to vote for the goals they think are most in line with what they want to achieve this year.

Using the StokFella app to help track your goals

It’s been said that you only manage what you measure. If your stokvel group is not measuring your progress on an ongoing basis, you will be at a disadvantage for achieving your goals. During the eight months I spent researching stokvels, the most common problem I discovered was related to stokvel book-keeping. With the app, you create a group that has a chairman, secretary and treasurer, just like you would in a real-life stokvel. Any transaction done on the app gets approved by the chairman, or the treasurer, as listed by the app. The app is an opportunity for stokvels to track not only their administrative activity (attendance, details regarding meetings etc.) but it also provides members with a central point where they can see the groups’ progress at a glance. For members who may not have access to a smart phone, StokFella created the “on behalf” function. This allows a stokvel member to capture payments and claims for other members who aren’t able to do it themselves.

At StokFella, we believe in the power of group saving because it is a system that has worked successfully for generations in South Africa and we aim to promote its positive effects as much as possible whilst helping to minimize administrative headaches through our app. Let’s work the stokvel journey of financial freedom together!