Saving money gives you a way out of the uncertainties of life and provides you with an opportunity to enjoy a quality life. Savings are the most powerful solutions for the future. Like Ants, they teach us the necesity to plan and look ahead The problem is that most people are just thinking for the now happiness and forget about tommorow and they will end-up drawning into deep debts for the rest of their lifes.
The first thing you need to do is have a budget and stick to it. This includes being realistic about your household financial situation and setting honest and attainable numbers corresponding to your spending so that you can save. Saying you will save and thinking about saving is not enough. You will have to be intentional about what you do with your money.
You need to understand cash flow: what it is, how it works, and what your personal household outgo looks like. Review your income and expenses and see where your spending habits lay. Be intentional about making changes to things you can in order to have money available to save.
Understand the differences between needs and wants and identify yours. Be able to say no when something doesn't align with your financial goals, today and in the future.
Remember that, whatever your goal is, start now. Something will always come up and compete for your resources. Saving for the future should stay in the forefront of your mind, and your finances, regardless of whatever else comes around.
These are non-withdrawals savings minimum (E200.00) per month
These are withdrawable savings minimum (E200.00) per month withdrawable 3 times a year.
Withdrawable Savings once a year, minimum (E200.00) per month.
Lump sum deposit that is withdrawable on maturity. Maximum must not be above Share Capital of the SACCO.