Savings Flashcards
What is known as a saving
When you income is more than your expense
Why do people save money
To buy what they want
To have money for unexpected expenses
For retirement
When prices rises
For goals set by ourselves
What are the types of savings
Personal savings
Business savings
Explain a stokvel
A stokvel is when a group of people usually 12 put in an agreed amount of money every month of the year and during the year each member will get the total amount of money the other members and themselves put in on a random month.
Explain a grocery club
It is a community when members puts in an agreed amount of money each month and at the end of the year the owner of the grocery club will give each member a hamper of food
What is the purpose of a stokvel
The purpose is to help people who cannot open a saving account save money .
What is a funeral society
It’s a society covers all the cost of your funeral when you have died but in order for them to do that you have to put in a certain amount of money every month.
What heading do stokvels, grocery clubs and funeral societies fall under.
Community savings scheme, (informal savings clubs) and forced savings
