We all have those childhood dreams of being a doctor-detective-published author by 23, or is it just some of us? Whatever you dreamt of, it needs money to come true and for that, you’ve got to save. Here are five ways you can start saving to reach some of your goals.
- Open a savings account
First, find a bank among the best banks in Kenya to start saving, open a savings account to put the money you will not spend away from your transaction stash. This way, you’re not likely to spend the money because it’s there. There are many types of saving accounts out there. E.g. I&M Kenya has five type of savings accounts. You could set up a Fixed Deposit Account or a Flexi Deposit Builder, where fixed installments as determined by you is automatically debited from your normal I&M Bank transaction account, to earn higher interests on your savings. Or set up an Online Savers Account, which you can easily manage from afar and see your savings constantly. Alternatively, if you’re saving for a particular goal, the My Goalz Account is perfect as it’s free to open and operate and savings are transferred based on automatic standing instructions from your transaction account. The best part is you can see how far along to reaching your goal you are.
So open a savings account that suits you best. And start saving!
- Track your spending
Use a traditional pen and notebook or download an app to track how much money you spend. Little expenses, like that extra glass of wine at dinner, or that cute top you couldn’t resist, can add up to big expenses before you even realize what’s happening. Tracking and documenting your spending will help you see where you are directing your money and most importantly help you come up with a budget.
- Make a budget
Now that you know how you spend your disposable income, write up a budget separating the needs from the wants, the non-essentials you can do without. Make sure you include your income, how much you plan to spend and what you plan to save. Budgeting will make your saving process easier.
- Every shilling counts
With a budget in hand, you know where you’re spending the most, so now look out for those hot deals and start saving up. If you are flexible, buy generic name names at the supermarket and you will save quite a lot. Look for discounts and browse around for the cheapest options that work for you. Also, try buy in bulk, if possible, without wasting.
- Make sure your friends know
Avoid that peer pressure! Tell your friends that you want to save up and the most supportive friends won’t force you to spend as much. You can easily hang out without spending a ton outside on food and entertainment. Try potluck dinners to whip up a lovely, homemade meal together. Play some board games or look for cheap entertainment like hiking somewhere new instead of hitting the same, old clubs and restaurants.
These are just five ways you use to start working towards hitting your saving goals. Remember, you can’t save without planning to save. Go to www.imbank.com and start working on the first step.