Women in a Chama (Photo/ myc4.wordpress.com)
You have made New Year’s resolutions concerning money. Saving some extra coin has been everyone’s dream. This dream has always been killed somewhere along the way due to the continued need for money. This has been much attributed to the fact that people have been saving money where they can easily access it. Here are some tips to help you control your ‘little greed’ and save until the end of the year:
Save for something
You cannot just save money for the sake of saving. You must have something in mind for which you are saving for. This will keep you motivated as opposed to saving for nothing. Once you meet your target, let the savings go to the particular thing you were saving for.
Sacco saving account
Did you know that your saving can still earn you some extra coins? Well, saving in a Sacco could attract some interest on the amount you save. You should consider joining any Sacco across the country. First, one should so a background checks on a Sacco before saving with them. Open an account with them, and decide on the duration you will save before you withdraw your cash out.
Lock it up on your phone
M-Pesa, Mshwari, KCB M-Pesa and Equitel accounts can be accessed on a mobile device. Picking one of them, a person can comfortably save their cash and set a duration for which they want to save. These are all locked accounts opened only when this duration is done.
Joint Savings account
A joint savings account can be opened in a bank or a Sacco. Before withdrawing from these two accounts, people need to agree on the duration to withdraw. Your money will stay in the account until the end of the duration, where you will be required to sign before withdrawing. Both signatories should be around at the time of withdrawal.
Merry-go-rounds
Merry-go-round is an old way of saving that has proven helpful among many women chamas in the country. One will only be given cash when it is their turn. It is a disciplined rotation of money amongst members.