By Mzukona Mantshontsho
SAVING FOR LOBOLA is both culturally relevant and financially significant. It is indeed possible to start saving for lobola, and the process can be approached much like any other financial goal.
When planning to get married in the near future, it’s important to consider shopping around for the best savings instrument in the market. For those whose customs dictate the payment of Lobola, the cost implication is even higher.
The need to save is more important for those who need to pay Lobola in addition to the costs of the actual weeding. As a first step, one should shop advice for and a savings vehicle that is aligned with their goal.
South African banks and investment houses have various products that can be used for savings for short and medium to long term goal such as unit trusts, savings accounts, fixed deposit accounts and money market accounts.
I spoke to Financial and Wealth Practitioner at SANLAM to share some insights about Saving for Lobola.
Here are some thoughts: Practical Saving Examples
Dedicated Lobola Savings Account: Open a separate savings account or investment vehicle specifically earmarked for lobola. This helps avoid mixing funds with everyday expenses.
Goal-Based Savings Plan: Estimate the expected Lobola amount, and then break it down into monthly contributions. For example, if R60, 000 is the target over 3 years, that’s about R1, 700 per month.
Partner Involvement: Encourage couples to discuss expectations early. Some may choose to save together, while others prefer individual contributions. It all depends on the stage of the relationship. Transparency builds trust.
Cultural Integration: Parents can use traditional ceremonies or family gatherings to introduce saving lessons, linking cultural practices with financial discipline.
SANLAM Products: Practical options include unit trusts, tax-free savings accounts, or structured investment plans that allow flexible contributions while earning interest.
Community Savings Groups (Stokvels): Joining a trusted stokvel dedicated to marriage-related expenses can spread the burden and provide accountability.
Set a Target Amount
Find out the expected Lobola range from both families early. Write down the figure and treat it as your savings goal.
Open a Dedicated Savings Account
Keep Lobola funds separate from everyday spending. Consider a Fixed Deposit or Notice Account to reduce temptation to withdraw.
Automate your Saving
Set up a debit order to move money into Lobola Account monthly. Even small, consistent contributions build up over time.
Cut back on Non-Essentials
Review monthly expenses and trim luxuries like eating out, subscriptions, or impulse buying. Commit all extra earnings directly to the Lobola fund.
Family Transparency
Communicate openly with your partner and family about the progress. This builds trust and may even attract support or flexibility on Lobola expectation.
Side-hustle and Extra Income
Redirect that money to Lobola savings. Use your skills (tutoring, freelance work, weekend jobs), to generate extra income.
Track Progress Monthly
Celebrate milestones (e.g. 25% and 50% saved). Tracking keeps motivation high and shows you are moving closer to your goal.
