Cassey Tash
Lister
At the beginning of the year, I drafted a 'new year new me' list, and at position one is SAVINGS, positions two and three are keeping fit and being more social. If you analyse my top three, they all include money, I can't keep fit without signing up for a gym session, and being more social includes going out with friends for coffee or omena dates, it doesn't have to be going out, but just being in the house also requires money. I can't have people at my house without serving them tea or juice.
Money is not everything but it is the only thing. I had a meeting with myself and this is how I think I'll accomplish numbers two and three.
For the last three years, I haven't been saving, well, there wasn't money to save. Imekua business ya hand to mouth, thinking of it, I could have saved at least Sh50 of what I received on a daily basis. Regrets starting ticking in early December 2019. I moved out of my sister's house to have a feeling of being independent, a wrong move at the time? Maybe.
Money wasn't enough, I paid my rent and stayed indoors. How I survived, I still don't know up to to date. All I know is I wouldn't want to be where I was in December.
Have you been in the same situation? Here are ways in which you can save that little amount daily, weekly and monthly.
1. Sacco
Sacco stands for Savings and Credit Cooperative Organisation.
There is no accuse of not being in a Sacco, most Saccos across the country accept small business owners and persons with different sources of income. You don't have to b employed to be in a Sacco.
Different Saccos have different policies and benefits, so before deciding on a Sacco to save to, kindly check their terms and conditions.
How to join a Sacco;
Benefits of being in a Sacco;
Joining a Chama is another way of saving. Identify one that suits your pocket. There are daily, weekly and monthly contributions. Understand their terms and join one. Chamas helps you when you least expect it.
You can save on a daily/weekly and or monthly basis and receive your money at the end of the year, yes patience pays.
Chama is also a way of investment, you can come as a group and start up a business and earn from it.
3. Home Bank
Yes, this analog type of saving is the best yet. Those coins that run around the house are best placed inside a home bank. Putting at least Sh20 into the bank randomly will help you save up to Sh30,000 unknowingly.
Have a time frame, of breaking it after 6 months or 1 year and tell me about it.
3. M-shwari Lock savings Account
You have probably heard or read about this type of savings online or received messages on the same. With M-Shwari Lock Savings Accounts one sets the target that they want to reach. On week one you save Sh100, week two 200, basically you add as weeks go. A year has 52 weeks, so you'll withdraw your money at the end of the year.
What other saving methods do you know?
Money is not everything but it is the only thing. I had a meeting with myself and this is how I think I'll accomplish numbers two and three.
For the last three years, I haven't been saving, well, there wasn't money to save. Imekua business ya hand to mouth, thinking of it, I could have saved at least Sh50 of what I received on a daily basis. Regrets starting ticking in early December 2019. I moved out of my sister's house to have a feeling of being independent, a wrong move at the time? Maybe.
Money wasn't enough, I paid my rent and stayed indoors. How I survived, I still don't know up to to date. All I know is I wouldn't want to be where I was in December.
Have you been in the same situation? Here are ways in which you can save that little amount daily, weekly and monthly.
1. Sacco
Sacco stands for Savings and Credit Cooperative Organisation.
There is no accuse of not being in a Sacco, most Saccos across the country accept small business owners and persons with different sources of income. You don't have to b employed to be in a Sacco.
Different Saccos have different policies and benefits, so before deciding on a Sacco to save to, kindly check their terms and conditions.
How to join a Sacco;
- You need to complete a membership form, go physically in order to be assisted where necessary.
- After completion, attach a copy of your National ID or passport.
- Provide your recent colored passport size photo.
Benefits of being in a Sacco;
- Low-interest rates on loans - You're able to receive a loan three times what you have saved with your Sacco at a lower interest rate, as compared to banks as long as you provide a guarantor or collateral.
- Higher returns on deposits - One is able to receive dividends on the savings. The returns are guaranteed.
- Investment opportunities - Through your Sacco, one is able to invest in a project such as Matatu business, rental houses, and real estate.
- Build a cash reserve - Once you're in a Sacco, one is not able to withdraw their money until termination of membership or on credit. Also, your money is always safe.
Joining a Chama is another way of saving. Identify one that suits your pocket. There are daily, weekly and monthly contributions. Understand their terms and join one. Chamas helps you when you least expect it.
You can save on a daily/weekly and or monthly basis and receive your money at the end of the year, yes patience pays.
Chama is also a way of investment, you can come as a group and start up a business and earn from it.
3. Home Bank
Yes, this analog type of saving is the best yet. Those coins that run around the house are best placed inside a home bank. Putting at least Sh20 into the bank randomly will help you save up to Sh30,000 unknowingly.
Have a time frame, of breaking it after 6 months or 1 year and tell me about it.
3. M-shwari Lock savings Account
You have probably heard or read about this type of savings online or received messages on the same. With M-Shwari Lock Savings Accounts one sets the target that they want to reach. On week one you save Sh100, week two 200, basically you add as weeks go. A year has 52 weeks, so you'll withdraw your money at the end of the year.
What other saving methods do you know?
