Simple Hacks That Will Motivate You To Save More

By Cytonn Investments / Published November 13, 2020 | 12:25 pm



Saving

If there is one thing Kenya definitely needs to improve on is its saving culture. Kenyans have a poor saving culture with a majority of Kenyans in debt and always working to pay the debt and take another.

Clearly, developing that saving culture is not easy. As an individual, it takes discipline, sacrifice, and focus to even start saving; you can only imagine what it would take for a whole nation to develop a saving culture.

However, there are various hacks that have helped many develop a saving culture with a little more ease. Here we look at some of these hacks that will help you to start saving and perhaps even enjoy doing it.

Set a Saving Goal.

Before you even start saving, you need to have a goal. Whether you are saving to buy a car, a piece of land, a house, a business; you need to get the goal clear because it will motivate you. This will get you to keep saving until it becomes routine.

If you just try to set a general goal to save more, you will likely fall short. Setting achievable and realistic goals makes the savings process much more likely to succeed.

For households, it is advisable to have an emergency fund goal, save at least three to six months of expenses in a cash emergency fund. Job losses and layoffs happen, as do injuries, illnesses car accidents, and home repairs.

Make Saving a Norm

Many Kenyans have made the initiative to start saving but only a few of them keep the saving habit going. Remembering to put some money aside every payday is one of the hardest parts of saving. For this generation, it can be easier since there are many ways to make your saving automatic with modern online banking and mobile banking tools.

You likely already have automatic savings built into your bank account. You just have to log in and turn it on. With this, you will rest assured that at every payday, there will be money going into your savings account.

The money going into your savings should be excluded from your expenditure planning.

Split your Direct Deposit

If you work for a large employer and get paid via direct deposit, you may have an option to split your direct deposit into multiple deposits. This way, a certain amount of your salary will be automatically saved.

You will then know which bank receives your expenditure money and which one gets your savings. If you get used to this, then you would have already developed a good saving culture.

Save cash windfalls

Work bonuses, tax refunds, and cash gifts are all money sources you regularly live without in your monthly budget. When you get a big cash infusion all at once, use that cash exclusively for savings (or debt payments, if you have any high-interest debt).

If your salary is enough to pay your bills and take you through the month, then you don’t need the extra lump sum of money you get from time to time, so save that money.

Use a savings app

Lastly, if you’ve tried all of the above and still are not motivated to save then perhaps you can let technology step in and give it a try. Take advantage of the many new saving apps showing up on your phone’s app store.

These apps allow you to save using a range of flexible rules.







More Articles From This Author






Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2021
  • January 2021 (110)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (334)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (188)
  • 2019
  • January 2019 (253)
  • February 2019 (216)
  • March 2019 (285)
  • April 2019 (254)
  • May 2019 (272)
  • June 2019 (251)
  • July 2019 (338)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (319)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (278)
  • April 2018 (225)
  • May 2018 (238)
  • June 2018 (178)
  • July 2018 (256)
  • August 2018 (249)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (284)
  • December 2018 (185)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (165)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (248)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (108)
  • May 2015 (116)
  • June 2015 (120)
  • July 2015 (148)
  • August 2015 (157)
  • September 2015 (188)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (207)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950