How do you start to save?

More often than not we range our accomplishment and success by what we are able to achieve within our set goals. In every second all over the world someone is investing. The key investment currencies are money and time .Anonymous ’Time is Money’ this concludes the matter that money is the most valuable resource on can ever have it’s the worlds medium of exchange. That ‘s why an employee will spend a whole month working for an organization and in return he/she gets a salary at month end.

The Bible declares that money answereth all things whether good or evil as we read in the book of Timothy that records love for money is the source of all evil.

Money is so powerful that even the illiterate of the illiterates’ can’t compromise on it. That’s why even people who aren’t schooled get to handle money as if they were in class .Through life one acquire knowledge about money but mostly it’s mostly about addition and subtraction.

With all this in mind there are very few people who understand the concept of money management in this and other series of articles we will tackle money management.

Today we tackle the saving aspect…………………………………

Why save Money?

ü  To acquire an asset maybe land,house,TV set,car,etc

ü  To start a business e.g buy a camera for planned photography enterprise,start a home business.

ü  As a precautionary measure due to life uncertainty i.e Emergency fund

ü  To undertake personal advancement projects such as pay school fees, wedding and other gatherings

ü  To  access a loan, mostly in SACCO’s (One get 3 times of what he /she saves as a loan)

ü  Vacation or Family bonding.

How to start saving?

For starters start saving by saving 10 % of your total income.We start here for easy transition as we slowly embraces the aspect*ROME WAS NOT BUILT IN A DAY*

Modes of saving?

Bank accounts

This can be either an savings account pr a fixed deposit account .Determine the best bank to open an account with depending on their interest rates.

Home Bank

Get a small box container or determine the best way to keep the money saved where it’s safe.

N/B: Determine the cost of what you want to purchase i.e the priority need. Ensure that you consider time value for money in that a house that costs 2 million today may be priced 3 million in 2 years to come.

More to follow……………………………………