Qwetu sacco education to members key highlights as event ends on high note

 

This year’s Qwetu Sacco Education to members ended on a high note with members receiving informative material on key issues that impact on their lives as savers and business people.

“Education and knowledge are basic human rights. As our members we are charged with the responsibility of ensuring that that you are well versed with the day to day happenings of our sacco . Today, the world has become so vibrant and dynamic and hence the need for us to meet after sometime so as to catch up with the happenings around” said the sacco chairman Alfred Mlolwa.

This year, the members were taken through three key areas which have a direct impact on members and the society at large, including financial management, fraud/scammers awareness and prevention and stress management.

“The aim and purpose for the areas we are focusing on is to ensure that the same translates to your growth as members. For example a member who takes a substantial amount of a development loan to build, say rental houses and is unfortunately conned by fraudsters will no doubt have personal financial problems. These problems may most likely lead to stress which will also affect immediate family members and the wider society” said Mlolwa.

    The chairman warned members to be careful when guaranteeing people for loans as some may default

and cause them to pay on their behalf.

“It’s wise to assess the credibility and integrity of a person before you act as their guarantor as some

may default on loans and you are forced to pay up the money” he said.

To manage stress, one is required to set priorities, practice facing stressful moments, live a healthy lifestyle, learn to accept change as part of life and maintain communication with family and friends.

Proper financial management helps members to ensure they have a nest egg when out of job, to continue with the same standard of living or even better while still working and also during retirement and to have a clear peace of mind when one is able to meet all key financial obligations.

On the other hand, members were warned to be wary of scammers and fraudsters because of advance in technology where most financial transactions are carried out using gadgets and resources such as the internet.

Even though fraud cannot be totally eliminated, one should try and exercise the following: protect personal and financial information, destroy all financial documents before disposing them, report loss of important documents such as credit and debit cards, review your financial statements monthly, keep virus and anti-spyware on gadgets such as computers and mobile devices etc

Secondly members need to understand the purpose in a sacco , with SA standing for savings, C for credit and CO for co-operative.

Thirdly members were enlightened on three rules that can lead one out of poverty:

Never depend on single income, never spend on things one does not need and spending what is left after saving and not vice versa.

The seven principles for all cooperatives around the world as defined by the International Cooperative Alliance:

 1.Voluntary and open membership

2.democratic member control

3.member economic participation

4.Autonomy and independence

5.Education Training and information

6.cooperation among cooperators

7.Concern for the community.

The sacco members declared that from this financial year onwards they would observe the following;

1.That one would not consume the whole seed(current savings) but would instead plant it and later

consume it’s fruits.

2.That they would direct their money where it should go so that one would not regret later in life for

making wrong decisions.

3.That members would save and invest through their personal discipline, sacrifice and commitment.

4.That members would live within their means and never spend more than they can earn.

5.That members would adhere to strict budgets by making a list of all income streams and daily

expenses to avoid overspending.

..ends

This year’s Qwetu Sacco Education to members ended on a high note with members receiving informative material on key issues that impact on their lives as savers and business people.

“Education and knowledge are basic human rights. As our members we are charged with the responsibility of ensuring that that you are well versed with the day to day happenings of our sacco . Today, the world has become so vibrant and dynamic and hence the need for us to meet after sometime so as to catch up with the happenings around” said the sacco chairman Alfred Mlolwa.

This year, the members were taken through three key areas which have a direct impact on members and the society at large, including financial management, fraud/scammers awareness and prevention and stress management.

“The aim and purpose for the areas we are focusing on is to ensure that the same translates to your growth as members. For example a member who takes a substantial amount of a development loan to build, say rental houses and is unfortunately conned by fraudsters will no doubt have personal financial problems. These problems may most likely lead to stress which will also affect immediate family members and the wider society” said Mlolwa.

    The chairman warned members to be careful when guaranteeing people for loans as some may default

and cause them to pay on their behalf.

“It’s wise to assess the credibility and integrity of a person before you act as their guarantor as some

may default on loans and you are forced to pay up the money” he said.

To manage stress, one is required to set priorities, practice facing stressful moments, live a healthy lifestyle, learn to accept change as part of life and maintain communication with family and friends.

Proper financial management helps members to ensure they have a nest egg when out of job, to continue with the same standard of living or even better while still working and also during retirement and to have a clear peace of mind when one is able to meet all key financial obligations.

On the other hand, members were warned to be wary of scammers and fraudsters because of advance in technology where most financial transactions are carried out using gadgets and resources such as the internet.

Even though fraud cannot be totally eliminated, one should try and exercise the following: protect personal and financial information, destroy all financial documents before disposing them, report loss of important documents such as credit and debit cards, review your financial statements monthly, keep virus and anti-spyware on gadgets such as computers and mobile devices etc

Secondly members need to understand the purpose in a sacco , with SA standing for savings, C for credit and CO for co-operative.

Thirdly members were enlightened on three rules that can lead one out of poverty:

Never depend on single income, never spend on things one does not need and spending what is left after saving and not vice versa.

The seven principles for all cooperatives around the world as defined by the International Cooperative Alliance:

 1.Voluntary and open membership

2.democratic member control

3.member economic participation

4.Autonomy and independence

5.Education Training and information

6.cooperation among cooperators

7.Concern for the community.

The sacco members declared that from this financial year onwards they would observe the following;

1.That one would not consume the whole seed(current savings) but would instead plant it and later

consume it’s fruits.

2.That they would direct their money where it should go so that one would not regret later in life for

making wrong decisions.

3.That members would save and invest through their personal discipline, sacrifice and commitment.

4.That members would live within their means and never spend more than they can earn.

5.That members would adhere to strict budgets by making a list of all income streams and daily

expenses to avoid overspending.

..ends