Saving for your next baecation

 

These days, friends are making plans beyond an occasional coffee catch-up and are meeting up for holidays. But how can you afford it?

According to Thami Cele, head of savings and investments at Absa retail and business banking, stokvels have come to take on a whole new meaning with the new ‘baecation’ trend.

“Although traditionally known for ‘December groceries’, they [stokvels] are now a means to broadening your horizons, whatever that means to each of us; getting that deposit on your first car, buying a timepiece you have admired for the past few months, or finally going on a vacation with your ‘day ones’,” said Cele.

He recommends forming a stokvel with like-minded friends as a savings solution for travelling so that, with timeous and concise planning, you and your friends won’t need to miss out and feel the Fomo (Fear of Missing Out).

Cele recommends following these steps to have an Instagram-worthy trip:

  • Form a travel stokvel with like-minded friends
  • Identify a travel-worthy destination
  • Decide on a date you would like to travel, preferably three to 12 months in advance as it gives enough time to save
  • Commit to an amount of money that all are willing to contribute monthly and stick to it
  • Identify a travel club product that meets your needs.

“Before you know it, you will be living it up at a cool destination, with great picturesque blue waters, making memories of a lifetime with those closest to you, and how great is it that you can do all this through a travel club or stokvel, as we love to call it?”

 

What do you do with your friends? Tell us on our Facebook page.

  AUTHOR
Sarah Koning

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