GEORGE NEWS - In the face of a challenging year marked by soaring prices in every aspect of life, December not only signifies a well-deserved holiday season but also the eagerly anticipated stokvel payouts for millions - also in George and surrounds!
While this financial boost brings relief, everyone must stay vigilant, as criminals are acutely aware that pockets are fuller during this time, making it imperative to safeguard against potential theft and scams.
If you are a stokvel leader or member, you need to be extra careful with your cash during this period.
Vanesha Palani of Nedbank offers seven useful tips to help you keep your hard-earned stokvel savings safe and secure:
Make electronic payments
If you are the leader of a stokvel, try to pay out as little money as possible in the form of cash. Rather arrange for your members to get their money by direct electronic funds transfer (ETF) into their bank accounts.
This minimises the risk of having to withdraw big sums of cash from the bank and transport it to the place where members get paid. If you have members without bank accounts, now is a good time to advise them to open one so that they can receive their stokvel money safely.
Be cautious at ATMs
If you are a stokvel member and you have to withdraw money from an ATM, try to avoid machines located in high-risk areas and don’t do your withdrawals at night. If possible, you should try to withdraw your money from an ATM located in a shopping centre or somewhere where there is security close by.
Always scan your surroundings for any suspicious-looking individuals, have your card ready when you get to the ATM and never let anyone distract you during your transaction.
Don’t withdraw all your money at once
If you have to withdraw cash, do it in small amounts over a few days rather than withdrawing it all at once. That way, you don’t have to carry a lot of cash on you, and if you do have the misfortune of someone stealing your money, they won’t be able to take all of it - you’ll still have more in the bank.
Be mindful of your belongings
Always keep an eye on your valuables and your handbag or backpack if you carry one.
Never leave them unattended or put them down where it is easy for someone to grab them while you are busy doing something else.
Plan your shopping
If you intend to buy expensive items, it's a good idea to bring someone along with you for safety. Also, it’s a good idea not to do one big grocery shop. “Rather do a number of smaller shops, so that you don’t have too many shopping bags to carry; that way, you can keep your hands free to look after your valuable items and your money.
Keep your plans private
Nobody needs to know about your stokvel money or what you plan to do with it. Don’t tell people that you are receiving a payment, and don’t broadcast any plans on social media. Don’t let people know your spending plans as this makes you an easier target for criminals.
Watch out for scams
• Even if you keep your money in the bank, it’s possible that fraudsters will still try to take it from you. “Remember that your bank will never ask for personal or bank details over the phone So, if you get a phone call from someone who says they are from the bank and they ask you for these details, don’t tell them anything.
• Some fraudsters will even tell you that someone is trying to take your money, and you need to give them your bank details so they can stop it. If that happens, hang up immediately and call your bank to determine if it was them.
While keeping your year-end stokvel payout safe and secure is very important, Palani urges stokvel members to also think about their long-term financial security.
Rather than spending all your payout money in December, try to use at least some of these funds to start an emergency savings fund to help your meet future financial needs.
It's never too late to start saving!
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