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Money Saving Techniques Made Easy

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As the year’s activities and resolutions are worked into our schedules, many struggle to make them a reality. If you are among the many who have planned to save and invest more in the new year, there are some techniques to help you get over the hurdles of saving for a rainy day.

 

READ ALSO: Chris Kirubi Shares Tips On How To deal With Njaanuary Blues

 

The 52-week challenge borrows from the basic principles of saving. Starting the year off, with just 50 shillings, one could easily end the year with 68,900 shillings in the bank. The table calculates how the weekly amount deposited doubles over the span of the year; leaving the depositor with a large sum of money.

 

With the weekly saving challenge; it is important to be accountable and better still automate your savings with a weekly transfer to ensure you keep up with the habit. The savings are said to come from spending money and not money set aside as monthly savings, ensuring you keep track of other saving schemes. This simple chart could be just the thing to finally get most Kenyans onto the benefits of saving.

 

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Ivy Mang'eli
Ivy Mang'eli is a graduate of Daystar University. She is passionate about youth affairs and social development