Would you try this with your friends, family or colleagues? Let me know what you think of this debt management solution below 🙌🏾
@thulilekubheka59234 ай бұрын
Yes Von, I would definitely try this with friends or family. It is a great strategy to tackle debts👌❤️
@YvonneFreely4 ай бұрын
I’m so happy to hear that 🙌🏾! It’s truly a game changer! All the very best. Share this video to others to spread the word 🧡.
@HMB304 ай бұрын
Absolutely! I would love to do this, it can help a lot.
@marthasquire312719 күн бұрын
Thanks again. This sounds feasible.
@YvonneFreely4 ай бұрын
Every Stockvel has to have a strict rules and a way to hold each other accountable/liable otherwise this falls apart, so what I didn’t mention which is critical is you will need to have a simple, binding agreement which details all your debt stockvel rules and how you will deal with issues, that you all sign. Since these are common community and trust based schemes in our African culture please remember that you have to do it with people you know well (trusted friends or family) otherwise you will risk loss of your capital.
@bernadinemolale56344 ай бұрын
This is actually more effective. Love it
@YvonneFreely4 ай бұрын
Glad it’s a useful approach 🙌🏾
@FIRE_DrNinjaTurtle2 ай бұрын
I have never heard of this strategy.
@YvonneFreely2 ай бұрын
It’s unconventional, a community based scheme of sorts, but it does work. Would you try it?
@paballokekana322913 күн бұрын
Me too, it's so insane it's actually brilliant
@Nwakaego_2 ай бұрын
This is amazing. I’ll do it by myself lol. I would love to do this in the USA, but I don’t trust anyone enough or the USA companies/economy not laying people off from their jobs to do this together.
@YvonneFreely2 ай бұрын
I hear you! A lot is going on but maybe just maybe you will find 2/3 friends or family members you can trust to try this with 🧡 If not, you can still push yourself to pay off as much as you can alone within a short period of time using the debt snowball method! I’m routing for you 🙌🏾
@Nwakaego_2 ай бұрын
@@YvonneFreely Thank you for responding and giving this suggestion. I’ll look into the snowball method. I LOVE your channel and all your great advice.🥰👏🏿
@abigailshongwe18494 ай бұрын
I really love how everyone got equal amounts😅, I thought at first the ppl with the most debts benefited the most but that was just me making assumptions 🙈 Good idea to quickly get debt out of the way. Really needs all stokvel members to be super motivated though ❤
@YvonneFreely4 ай бұрын
Right?! The point was to force each other to reach the goal in the shortest time. Left to our own devices we would have used all those contributions for non-essentials and stayed in debt for a very long time. The benefit for us was saving on interest and the freedom of not having debt, and starting afresh. We had to stick to the rules for it to work though - a risk we all took.
@abigailshongwe18494 ай бұрын
@@YvonneFreely I really get that ey and I'm sure the interest was quite hefty too. Good for you🥂, as I go binge your videos ❤️I was just thinking about finding more personal finance creators in a South African context and you video popped up🥹🙈
@YvonneFreely4 ай бұрын
So glad you're here! See you every week from now then :D!
@Birdog19732 ай бұрын
That’s a great idea
@nelisampokela60774 ай бұрын
I love this🙌🏽. Thank you my dear❤️.
@YvonneFreely4 ай бұрын
You are so welcome! Glad it’s helpful 🤗
@johnmachiavelli453419 күн бұрын
Great
@EsihleKgasibe-ey7pn4 ай бұрын
I don't even have friends nor siblings
@YvonneFreely4 ай бұрын
That’s alright. You can always try this with your trusted cousins, or colleagues 🧡
@hilenikullakapepo93382 ай бұрын
Our Stockvel work a bit different. We are 6 professionals who each contribute 2k monthly. The 12000 goes to the recipient of that month, allowing the individual to pay their debt off by saving monthly. Some people don't really have debt So, when it's their time to receive, they either save this money or buy stuff cash. Either way, a Stockvel is a great way for saving as one feels obliged to commit😊
@YvonneFreely2 ай бұрын
Love it! Thanks so much for sharing 🤗! What were some of the challenges you faced?
@hilenikullakapepo93382 ай бұрын
@@YvonneFreely We haven't yet have challenges. Everyone sends a wallet to the recipient for that month. We have been doing this for the past 4 years & it really helps.
@YvonneFreely2 ай бұрын
This is really amazing! Wishing you all the very best 🙌🏾
@YTFHair2 ай бұрын
New subbie
@YvonneFreely2 ай бұрын
Welcome to the Free Squad! 🤗
@tluvwilson93702 ай бұрын
Basically a su su😊
@YvonneFreely2 ай бұрын
Precisely..but for debt 💸
@zazzleq61394 ай бұрын
If you hadn’t used the stockvel method, how many months would it have taken you to clear the debt? Your 100k to be specific? I want to know how impactful this has been for you.
@YvonneFreely2 ай бұрын
Hi 👋🏾 So if I hadn’t used this, I would highly likely be still in debt or it would have taken me 3 years or so at the time. I was part of the ‘pay but reuse your credit’ crew so my debt was always revolving, that’s why I needed the external motivation, accountability and fixed time period to pay off my debt.
@zazzleq61392 ай бұрын
@@YvonneFreely oh my goodness wow 😮.
@YvonneFreely2 ай бұрын
Yes, money management is mostly a psychological game not always a technical knowledge game. That’s why we all have to have rules and systems in place to keep us on track! Here’s the template I created and use to plan and track my finances: www.yvonnefreely.com/simple-money-business-tools
@bakangmereekae4 ай бұрын
How did yal apportion the money to the debts? Because R10k for 6 months is R60k right? Hence you said you were about R103k in debt.
@YvonneFreely4 ай бұрын
Great question! We would only get a maximum of how much we contributed over the 6months. So those contributing 10k received 60k as a lumpsum and those contributing 5k received 30k in total per the rotation. In my case, I received 60k first so I spent the next 5 months paying down the 43k that was left using my savings plus the total of the minimum payments I would have had to make on the debt that was paid off by the 60k. Like I said, I was very aggressive because I had to be. The Debt Stockvel was a way to force all of us to pay off our debts and also save or invest, the benefits were reduced interest, cleared debt and, for some, built up savings and investments. Let me know if that helps 🔸
@sinenhlanhla_mambi4 ай бұрын
Okay I see. I was going to ask something similar. Essentially the stokvel was more about accountability than the actual amount as you got out, what you put in-nothing more
@YvonneFreely4 ай бұрын
Exactly, it was about saving on interest and forcing ourselves to get out of debt asap. Thanks so much for watching 🤗
@sinenhlanhla_mambi4 ай бұрын
@@YvonneFreely Aah I see. The interest part makes a lot of sense. It's a pleasure. Thank you for sharing so freely*
@zazzleq61394 ай бұрын
@@YvonneFreelyI know you said the payouts began with the biggest debt. At any point, did you consider switching order because someone’s car or property was about to be repossessed? 😅 Like, maybe the 5k contributor was about to lose her car but her turn to be paid comes in month number 6 🤭
@tavaresjwilliams2 ай бұрын
Thats cool imagine if you kept going for another 6 months. Yall could have had about 70k saved up for each of yall. Just pretend the debt was still there 😂
@YvonneFreely2 ай бұрын
Exactly 🤗!!
@legacyhubwithmoremadi46274 ай бұрын
This is interesting.... 👌
@YvonneFreely4 ай бұрын
Glad you think so 🙌🏾! It worked like a charm. Would you try it with your friends?
@londekazondi47714 ай бұрын
We have this with my friends as well. Together we collectively contribute 65k and we call it umholiswano
@YvonneFreely4 ай бұрын
Nice 🙌🏾! How do you keep each other accountable?
@londekazondi47714 ай бұрын
@@YvonneFreely 2 of the ladies are my cousins, the other 3 are my friends who I have never even met in person actually. But because I’m in a group with them I trust them completely as I’ve known them for over 5 years. We have a wechat group that we check in through and we nature everyone sends an acknowledgment of receiving funds from whoever is supposed to be paid that month…
@compton83014 ай бұрын
Can I join you? 😊
@Phyllisjordan20063 ай бұрын
This is such an awesome plan. Thank you.
@YvonneFreely3 ай бұрын
Game changer 🙌🏾 Would you try it with your friends/family?
@Phyllisjordan20063 ай бұрын
@@YvonneFreely yes with friends I know are trustworthy and consistent.