EVERY ONE CAN SAVE

 A certain youth noted that he could not save simply because he was a student. I should say that saving is tough and hard. This is compounded by the hard economic times including unemployment. Life is hard but there are always exceptions to the rule. We have seen market vendors build houses out of their meagre savings . We have seen single parents pay tuition for their children up to university. This means that with the right perspective and mindset we can alter our financial landscapes. Without determination we can not take the right steps towards savings. Savings is built from down upwards. In financial literacy every coin counts. We live in a generation that undermines humble beginnings. Professor Muhammad Yunus an economist in Bangladesh noticed that there was a gap in financial services for the rural poor. To this he formed a microcredit project that culminated into a bank called Grameen. This bank is a pace setter for so many microfinance initiatives in the world. This is the same method that peter Munga of Equity Bank who noticed that the rural poor in Kenya were financially excluded. What started as a small building society is now one of the biggest financial conglomerates in Africa. This is evidence that the poor can save.

In a nation where the subsistence sector is big savings discipline is a challenge. It does not mean that the poor do not save . They do. But to accelerate savings discipline especially in rural areas we should encourage youths and women to join groups such as Saccos and Village Savings and Loans Association. Saving individually is a tall order but when we save jointly we are motivated and there is accountability.

Savings also require having a long term perspective to life. It requires starting small and saving consistently towards our dreams. I have met many youths who have some money but due to lack of clear goals they end up diverting funds to unplanned ventures. They end up spending on luxuries that do not appreciate. On the contrary the rich save towards assets that appreciate in value such as land. The mindset needs to be renewed in order to make the right financial decisions. We have seen so many people who never had much but today are billionaires. A case in point is Oprah Winfrey who was born in a humble family but today is one of the wealthiest women in the world.

HOW TO DEVELOP A SAVINGS CULTURE

1.Have a long term perspective to life

2.Have a positive attitude

3.Save As You Earn

4.Live within your means

5.Have a budget

6. Track expenses

7. Research before you invest

8. Associate with successful people

9. Invest in personal development


Savings are the cornerstone of a secure future. Is it easy to save. The answer is no. Every body can alter their financial circumstances with the right attitude and dedication we can achieve our dreams.

Phillip Kiryowa

Personal Finance Coach(CPC)

Advanced Empowerment Link

+256752615916

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