How Can an Individual Develop the Discipline of Saving ?

 

Developing the discipline of saving is a process that requires time and effort, but it can be done with the right mindset and a few key strategies. Here are some steps you can take to help develop a saving habit:

1.      Set specific savings goals: Decide what you want to save for and how much you need to save. Having a clear goal in mind can help motivate you to save.

2.      Make a budget: Determine how much money you have coming in and going out each month. Look for ways to reduce your expenses and free up money to save.

3.      Automate your savings: Set up automatic transfers from your checking account to your savings account so that you save a certain amount of money each month without having to think about it.

4.      Find ways to increase your income: Look for opportunities to earn extra money through side hustles or by asking for a raise at work.

5.      Avoid impulse purchases: It can be tempting to buy things on a whim, but these purchases can add up and eat into your savings. Try to think before you buy and only make purchases that are necessary or that align with your savings goals.

6.      Stay motivated: It can be easy to get discouraged when trying to save, especially if you have a lot of expenses or financial obligations. Find ways to stay motivated, such as reminding yourself of your savings goals or rewarding yourself for meeting saving milestones.

Remember, developing the discipline of saving is a process and it may take some time. It's important to be patient and keep working towards your goals.

Why You Should Join a Sacco

Saccos, or savings and credit cooperatives, play a significant role in individual wealth creation in East Africa by providing access to financial services for individuals who may not have access to traditional banking services.

These cooperatives are owned and controlled by their members, who are typically from the same geographic area or share a common bond such as their occupation.

Saccos offer a range of financial services, including savings accounts, loans, and insurance. Members can save money with the cooperative and earn interest on their savings, which can help them build their wealth over time. Saccos also offer loans to members at favorable interest rates, which can help individuals invest in businesses or other income-generating activities. In addition to financial services, saccos often provide education and training to their members on financial literacy and entrepreneurship, which can help individuals develop the skills and knowledge they need to create and grow their wealth. Overall, saccos play a vital role in fostering economic development and promoting individual wealth creation in East Africa by providing access to financial services and resources to underserved communities.

Here is a list of some of the savings and credit cooperatives (SACCOs) operating in East Africa:

1. kimisitu sacco(Kenya)
2. Stima Sacco Society Limited (Kenya)
3. Police Sacco Society Limited (Kenya)
4. Ushirika Sacco Society Limited (Kenya)
5. Kenya Plantation and Agricultural Workers Union (KPAWU) Sacco Society Limited (Kenya)
6. Thika United Sacco Society Limited (Kenya)
7. Sidian Bank Sacco Society Limited (Kenya)
8. Mumias Sugar Company Limited Sacco Society (Kenya)
9. Kenya Posts and Telecommunications Corporation (KPTC) Sacco Society Limited (Kenya)
10. National Bank of Kenya Sacco Society Limited (Kenya)
11. Kenya Teachers' Sacco Society Limited (Kenya)
12. CRDB Bank Sacco Society Limited
13. (Tanzania) Dar Es Salaam Teachers Sacco Society Limited (Tanzania)
14. TIB Sacco Society Limited (Tanzania)
15. National Social Security Fund (NSSF) Sacco Society Limited (Uganda)
16. Uganda Cooperative Savings and Credit Union (UCSCU)

This is not an exhaustive list and there are many other SACCOs operating in East Africa. It is important to research and compare the different SACCOs in order to choose the one that best meets your financial needs and goals.

Plan ya Kuomoka - One strategy that has always worked

If you live in Nairobi eastlando, there is one word that you know too well; Kusota. Kusota or being broke is not a state you would like to be in. Kusota means you have a sick child and you don’t have money to take her/him to hospital. You have no health cover. Kusota means you have not paid your house rent and you live with anxiety because you do not know if the property owner will kick you out today. Kusota is to be dead broke. 

Kusota is a state that many people have walked out from over time. People that once walked long distances to find casual jobs in in industrial area now drive Toyota - Passo’s.  People that survived on air burgers during lunchtime can now take friends for snacks amid tête-à-tête  at the highland restaurants in the Nairobi CBD. People have overcome their early humble beginnings, we can now learn from their stories.

How do people walk out of Msoto? Differently put, how do you Omoka?

When you observe people who have Omokad,  three different  patterns surface:

1. They started a business that performed well
2. They got better Jobs. 
3. All the above
   

But what is common in these three  patterns?

Capacity. Capacity  is the underlying strength behind people that got better jobs or started flourishing business ventures.They acquired new capacities. Capacity here means capability or the ability to do more.Why would Munene hire you to lead a sales campaign to push his new product line  into the market? Because he has confidence that you can do it. You have capacity. Munene is not in the business of loosing money, so are all well paying cooperates. They engage and  pay people who can deliver. You deliver if you have capacity.   

How do you acquire capacity ?

People acquire capacity through many means; the most common one is formal education. Let me explain, if you never got an opportunity to go beyond high school,  you may not for example be able to advice a firm on tax compliance issues. You don't have this capacity. Firms pay handsomely for this kind of advice. But say you get an opportunity to go  back to school at the KCA university in Nairobi and obtain a CPA K qualification? You definitely will be able to offer this service and be paid well for it. Your parents or guardians were right; education is the Key, you earn more if you have a skill.

You can acquire capacity through online classes. Our generation is lucky in that there exist credible online courses offered by reputable universities on platforms like the COURSERA.  Today I was checking the COURSERA website and I saw this course on Android App Development from Vanderbilt University, you agree with me that the ability to write android apps can surely, really pay well.  Imagine this is a capacity that can be acquired through online tutorials in under  6 months depending on your dedication.

The internet revolution has advantaged our generation; it is easier to walk out of poverty now than ever was. 

Besides formal education, one can also acquire capacity through apprenticeship and through mentorship. Apprenticeship and mentorship is when an experienced person takes hold of your  hand and helps you waddle through the mucky mud of life that often wares off many ambitious but naïve starters. 

So you want to Omoka? there is one practical thing that you can do to get started: Explore 1600+ online courses from top universities. Join Coursera today to learn data science, programming, business strategy, and more.

People Sota because they don't have a skill that can enable them offer a service to the public and in turn receive value that would enable them lead dignified fullfilled lives .

Usisote, get a skill.

Money-An Ointment of the Soul

“Money is the ointment of the soul; “so the saying goes. Enough of it can give you the attention of the world and your wildest dreams.

 In my society people laugh loudest at jokes told by people with money. Personally, one of the five objectives of all my efforts in life is to accumulate enough of it to buy the whole of New York.