How to save money
Saving money can be a challenging task for many people, but it’s an essential habit to develop if you want to achieve your financial goals. Here are some tips to help you save money:
- Set a savings goal: It’s easier to save when you have a specific goal in mind. It is always good to set a goal because people who set a money savings goal save faster than those who don’t! For example you can have a target to save 100,000/- in the next three months. Whether you’re saving for a car, plot, a down payment on a house, or an emergency fund, having a goal can help you stay motivated.
- Create a budget: A budget will help you understand where your money is going and identify areas where you can cut back on expenses. Make a list of your monthly income and expenses, and look for ways to reduce your expenses.
- Track your expenses: Keep track of every shilling you spend to help you identify areas where you can save money. Use a spreadsheet, an app, or a notebook to track your expenses. It’s amazing how much money go through our hands every year, perhaps millions of shillings. Just keeping a list of your expenses can shock you. The best way to becoming wealthy is working hard, saving diligently and not living beyond your means. Saving means you are not spending all that you are earning. Saving can make the difference between a life of prosperity and one of constant financial stress.
- Automate your savings: Set up an automatic transfer from your checking account to your savings account each month. This will help you save without having to think about it.
- Use coupons and discounts: Look for coupons and discounts when you shop for groceries, clothing, and other items. Many retailers offer discounts and rewards programs that can help you save money. For example, most Safaricom customers don’t redeem their bonga points, hence they expire and are unavailable for redemption.
- Cook at home: Eating out can be expensive, so try cooking at home instead. You can save money by preparing your meals at home, and it’s often healthier too. If you have a small kitchen at your workplace, you can team up and start cooking your tea or meals there, hence saving money.
- Avoid impulse buying: Think carefully before making a purchase, especially if it’s an expensive item. Avoid impulse buying and only buy what you need. Only carry enough money to buy what you need. If you are a spendthrift, when going shopping, go with a friend or spouse.
- Avoid debt: Avoid taking on debt whenever possible. If you must take on debt, try to pay it off as quickly as possible to avoid paying interest. Avoid taking loans form shylocks. At RG Sacco, we give loans for as low as 1% interest per month.
- Be Consistent. For you to qualify for a loan at RG Sacco, we require you to have saved regularly and consistently. We give loans three times your savings at 1% loan interest per month.
Remember, saving money is a habit that takes time to develop. Start small and work your way up to bigger savings goals. Over time, your savings will grow, and you’ll be able to achieve your financial goals.
To save money in RG Sacco:
- Go to Mpesa menu
- Select Lipa na Mpesa
- Choose Buy Goods and Services option
- Enter Mpesa Till No: 775643
- Enter the amount
- Enter your pin and send.
- Get automatic SMS notification for every transaction.
- Download and install RG Sacco App from Google Play Store. (Remember to give us a Five Star rating! plus a favourable review! – Members who give us a good rating are more likely to access favourable loan terms)*
- When you log into your account, you’ll see a graph illustration of your savings pattern.
- You must have saved consistently for the last 14 days to qualify for a loan.
“Rise and Grow” is a community dedicated to empowering individuals to reach their full potential and achieve success in all aspects of life. Join us for supportive discussions, resources, and inspiration to help you overcome obstacles and reach your goals. Let’s grow together! Click here to join RG 100 bob Daily Saving Challenge Facebook Group.