When you set specific savings goals, it will help you to begin saving money towards achieving your dreams and aspirations. So, how can one set and achieve saving goals?
- Identify your dream; what you are saving for. You could be saving to buy something, to invest, go back to school, for a holiday treat, retirement, to start a business.... Have a specific thing you want to achieve with your savings.
- Determine how much you need to save to reach your goal/dream. E.g. I want to have saved KES 500,000.00 in the next 24 months towards my child's education fund.
- Determine the amount you need to save in within shorter specific times e.g. daily, weekly, monthly. For me to save 500,000.00 in 24 months, I need to save at least KES 685 daily or 20,834 on a monthly basis.
- Put a timeline on your goal. e.g. in the next 6 months or 12 months etc. up to June or December 2014. This will enable you to evaluate how you are faring savings as time lapses and when you get to the deadline you had set for yourself.
- Find the right type of savings Account for your goal. Unaitas has a set of Savings accounts set for every Unique savings needs that you may have. Visit a branch Unaitas Branch to open a savings account and start saving. The savings account should not eat on your savings (through charges) but should earn you some interest.
TIP: You can put a standing order from your transactional account to your savings account. This will ensure that you do not have to make the direct deposit to the savings account yourself which you may forget, plus it helps you save with less effort. e.g. You can put a standing order from your transactional account to your child's Jolly Junior Account at Unaitas.
Remember: Even the longest journey starts with one step. Make your first step and you will get there before you know it.
Written by Simon M. Ng'ang'a