How to save money
It is said that if you want to move fast, go alone. But then if you want to go far, go with others. This seems to be the motivating factor for many Kenyans seeking financial independence even with the prevailing economic conditions. Many people are coming together to contribute an equal share towards a common financial goal. While this is not a new phenomenon, it has recently become the norm for both men and women unlike before.
All Kenyans with different financial muscles are looking to be part of something even those with meagre earnings. Merry go rounds, Saccos, Cooperatives and table banking are some of the most popular groups that most Kenyans are seeking to be part of. Despite this, others are redefining their expenditures, seeking to minimize wastage and encouraging saving as a habit.
- 52 Weeks of saving challenge – This is a social media group on Facebook and Telegram seeking to encourage a saving habit. Depending on their financial capacity and goals, individuals choose a saving plan they can manage and stick to it until the end of the year. These savings can be structured i.e. a certain amount every month or be as simple as putting all your loose change at the end of the day in a piggy bank. Besides savings, members share useful financial tips with others driving meaningful financial discussions.
- Glam my home – This is another Facebook group most popular among the ladies. In this group members ask questions and share tips on making their homes more stylish. This was the initial motive behind the group but recently ladies living within the same vicinities are forming teams to buy household items for members. By contributing a certain amount each month, each member chooses what they would want in their home and this is purchased for them.
- Table banking – Pioneered by the deputy first lady, this is also popular among the women. Table banking sees a group of women come together and contribute money which is lent to members of the group for development purposes. Each week or month, the loans are serviced at an interest and money contributed during the set sittings again loaned out. Records are clearly indicated and kept current with each meeting.
- Merry go rounds – Commonly referred to as ‘Chamas’, they bring together a number of individuals contributing a constant amount each month. The members pick numbers and the money collected is given to the respective member depending on their number. Chamas are of different schedule and structure from daily contributions, weekly, bi-weekly and monthly.
Sometimes achieving a certain milestone will take longer than anticipated if you do it alone. As a group, you bite an equal share of the financial jargon in mind easing the burden. You can belong to several groups depending on your needs and finances. It is almost impossible to find an adult Kenyan without a group where they save. Ladies are more willing to save even in small teams unlike men who are generally interested in investment groups. Whichever the case, the earlier you cultivate a saving culture, the easier it becomes for you to discipline your extravagance.