Leveraging travel stokvels to save for the next baecation

Joining a travel stokvel could be the key to going on that next adventure

Are you suffering from a bad case of wanderlust or do you spend endless hours dreaming about a romantic getaway with bae?

The good news is that quenching your insatiable thirst for travel isn’t as difficult or inaccessible as you might imagine – it just requires a little planning.

In fact, over the past few years, there’s been a growing emergence of travel club offerings and travel stokvels that are helping South Africans make their travel dreams a reality.

READ MORE: Investment solutions for your stokvel savings

These days, you can even lay-bye your holiday with companies like FomoTravel, which offers holiday and experience packages that allows you to choose how much you can afford to save every month and gives you a savings period of the number of months needed to settle your holiday accommodation costs. The idea is that your holiday accommodation is fully paid up before you depart, which eliminates the stress of raking up debt just to get away.

Thami Cele, Head of Savings and Investment at Absa Retail and Business Banking, says that the best way to save for a holiday is through a travel stokvel.

“The great thing with using a stokvel as a saving solution for your travelling is that, with timeous and concise planning, you and your friends or partner won’t have to ‘miss out’, so you don’t have to worry about that FOMO,” he says.

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Cele advises starting a travel stokvel with like-minded friends or other couples who have the same savings goal as you and your partner do, with similar budgets.

Once you’ve identified a group of people, you’ll need to decide on when you’d like to travel, as well as your destination. It’s advisable to start saving three to 12 months ahead of your departure date.