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Savings is the first step to Prosperity.

Published on
September 9, 2022
Elizabeth Nkukuu
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Money is always harder to earn than to spend, cultivate your saving and investment culture, Many peopby consider the investment's risk, return and liquidity gets a copy of our book for more on the investment and savings conversation stop at saving  but it's good to know the money saved is like a seed that might need to germinate and grow to propel you to the next level

The Kenyan savings culture is worse at 13% compared to the African average of 17% and the East African average of 20% this is according to an analysis done in 2021 Read here. Many times people promise to start their savings journey as soon as they get a pay rise, have enough money to go around, pay off debts, and the like, however savings is more of a mentality put to action rather than I will do kind of an approach and so it is good to note that you will never have enough money to start saving you just have to start doing it.

Given that savings are the first in the investment journey below are key recommendation on how this can be improved: 

1. Budgeting and adjusting spending habits - The easiest way to bring to life a vibrant savings culture is by commanding your money and that is done through creating a working budget.  

2. Set an investment goal - Establish a goal you wish to achieve under a given time and tie the amount of money the goal requires. Break the amount identified into small chunks to avoid anxiety and stress brought about by high-target money goals you might wish to achieve.

3. Pick an Investment platform - Decide where you want to invest your money though by considering the risk, return, and liquidity of the investment.

5. Automate your savings/Investments  - This may be through joining an automated savings platform or writing a standing order to a bank or any financial institution you are a part of that they can automatically deduct money from your account as soon as it hits your account.

6. Join hands with others like the Savings challenges - One of the most vibrant savings challenges that have been initiated by Kenyans is the M-shwari 52 weeks savings challenge, a program aimed to cultivate a saving culture among Kenyans whereby they save little amounts spread out across the year.

Finally, have an end goal in mind for what you want to achieve with the money you are saving. It's important to note that without a goal one may at times lose the grip of what they had purposed to do. For more on the investment and savings conversation get a copy of our book. Thrive


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