Tempted to use up your savings? Smart ways to keep your savings locked till end of the year

It’s a new year. Okay, it is the second week of the year 2018 but still, it is a new year!!! So, this is the period where we are all about making new year’s resolutions and even those who drafted them earlier, are yet to implement them.

 One thing for sure, it is everyone’s dream to successfully save some amount of cash. Those with resolutions and those without alike. We always dream of putting aside some amount and in most cases we start realizing the dream but somewhere along the way, we kill it.

This has been most people’s challenge. They start the saving journey with so much discipline (mostly in January) but along the way the discipline leaves us and we spend our cash (not necessarily on important things) before hitting our targets. Mostly this is because we can easily access our monies. Here are some tips to help you control your ‘little greed’:

Save for something

First things first, have something in mind that you are saving for. This will keep you motivated as opposed to saving without any goal in mind. Once you meet your target, let the savings go to the particular thing you were saving up for. Do not digress.

Sacco savings account

If you are looking for your savings to earn an interest, open a savings account with a sacco. We have so many saccos across our country. But before you hop into the next sacco on your way, do some background research and know the sacco’s terms and conditions and history. This will save you some heart ache. Once you open an account, decide the duration in which you want to save before making withdraws.

Lock it up in your phone:

You can tame your spending by saving up on your mobile under Mpesa, Mshwari account. We also have the KCB- Mpesa and Equitel accounts where you can set your target and the duration you want to save for. They are all locked accounts.

Joint Savings account

Open a joint savings account with your close relations in a bank or a sacco where you all need to sign before making withdrawals. You all have to agree on the date to withdraw and therefore, one member cannot withdraw without the consent and signature of the other signatories.

Merry-go-rounds

These are basically chamas where you contribute cash amongst yourselves and you are only given the cash when it is your turn. It is an old way of savings but very effective when it comes to discipline.

Follow any of these easy saving tips and watch yourself achieve the target proudly.

Do you like giving or receiving?