DO YOU HAVE A SAVINGS PLAN ?

 Every one wants to be successful and there are so many routes to success. Money is one of those important ingredients to success. Without adequate money life becomes a burden. Most crimes in society have an economic element. Just this year a suspected witch doctor murdered two innocent children in Kiboga District .Chances are high there was an economic element to this disturbing murder.


Why a savings plan? With a clear plan for saving the hard earned money is subject to unplanned expenses. This is especially true in a country where majority of the population is below 30 years. A savings plan enables a person to take charge of their finances. Once we allow money to control us instead of us controlling it we are in most cases headed for financial trouble. There are so many youths who spend by the dictates of society or peer pressure. This is very common at university .That is why teaching society about a clear savings plan will enable a person to have a clear reason for saving and for a time period. Developing a savings plan is actually key when one is still young. This is because the discipline of saving will develop overtime.


HOW TO DEVELOP A SAVINGS DISCIPLINE

1.Have a clear vision for your life

2.Track your expenses

3.Hire a trusted financial advisor

4.Seek financial knowledge

5.Do not move with excess cash

6.Avoid impulse purchases 

7.Start small 

8.Open a bank account.


Savings are very crucial in life. The cost of living is getting higher and the more need for money. Learning to save and invest in such hard times is a necessity rather than a luxury. Developing a clear savings plan is more critical than ever before.


Phillip Kiryowa

Finance and Leadership Coach

+256752615916

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