saving

Developing A Saving Culture

Kenya has often been identified as a society with a weak saving culture. Most Kenyans do not have a saving culture and the majority of them live everyday as it comes. After working hard and gaining some profits, how much do you actually put away for a rainy day?

Wealth is usually accumulated over a period of time. There is need as an employed or as self-employed person to keenly work on your saving culture.

How much should you save every month? There is no standard amount of saving since each one of us earns differently. The general and perfect guideline to save is that of saving ten percent of your income every month. You have to make this your culture that every month you keep aside ten percent of your income without fail.

It is not easy to start saving and maintain the habit and therefore, before you start saving you must have a purpose. You should be fully aware of your long term plans for your savings for it requires discipline so that you stick to your goals and not be attempted to divert away from them.

Saving does not mean keeping your money at home though that is also an option for small starters but you can open a dedicated account specifically for savings or invest in the stock market under relatively stable stock. What matters is for you to be sure of saving your money in a way that you will not be tempted to withdraw and use on other uses.

Developing a saving culture can go a long way in helping you pay off debts. Once you develop and maintain this culture, you will be surprised at  how quickly your savings grow especially if you save persistently without fail.

 

Source: Soko Directory

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