Tips for stokvels amid Black Friday frenzy
A saving expert has urged South Africans who are in grocery stokvel groups to take advantage of the Black Friday deals on bulk purchases.
Black Friday is arguably the biggest shopping frenzy, with discounted deals, sales and specials on offer.
It's also within the timeframe when stokvel groups are likely to distribute their yearly savings to members.
FNB's stokvels and group savings head Sifiso Nkosi says people could be left with more money in their pocket if they spend wisely on Friday.
"We are gearing up for peak Stokvel withdrawal season between November and December, more so for the grocery type of Stokvel groups. In this category, members typically contribute a fixed amount of money towards the purchase of groceries.
"Therefore, we encourage these members to take advantage of the upcoming Black Friday specials to help them save and ensure that they have funds left in their accounts to redirect them into other group needs and priorities."
He's asked members to be extra cautious, safe with their transactions, and save a portion for the dreadful January month.
Nkosi's provided with these tips for stokvels:
- Compare prices from trusted retailers: Don’t take the first price you see from the retailers. Use this time to collect catalogues from various trusted retailers as a collective and compare who is offering the best prices aligned to your requirements. When selecting a retailer, also consider if they will be able to cater to your bulk buying needs as a stokvel.
- Draw up a grocery list: Draw up a grocery list in agreement with all the other stokvel members and go into Black Friday shopping with a game plan. Buy only the items on your grocery list. It is also important to buy grocery items or brands that you are familiar with and use often in the house. Consider buying non-perishable food items that you can store longer and that will not go to waste with the reoccurring load shedding. This includes items like canned food, maize meal, rice, cooking oil, and washing detergents, etc.
- Form partnerships with direct wholesalers: The benefit of shopping directly from a wholesaler is that they offer even lower prices for bulk buying. Stokvel members are also able to negotiate for a further discount on the items. Most wholesalers also allow the public to buy directly from them, which saves costs.
- Avoid carrying large amounts of cash: Always be vigilant. Scammers are always looking for opportunities to defraud your stokvel funds during this busy shopping period. Consider digitising your stokvel accounts to avoid carrying large amounts of cash.
- Take advantage of the extended month-long specials: Most retailers are running month-long Black Friday specials. Don’t pressurise yourself into shopping on Black Friday. Take advantage of the extended month-long shopping days and go into the shops when its less busy.
