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Savings Culture

Have you always wanted to save but never got to it due to one reason or the other? Well, its never to late or early to start saving. What you do today with your money will determine how fast it will grow.

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SAVINGS CULTURE
INTRODUCTION
Culture is defined as a way of thinking,
behaving or working that exist in a society.
Here in Kenya we mainly have a spending
culture as opposed to saving culture. Savings
is always ideal but never easy as it entails
starving oneself off some needs and
pleasures.
• Many people often give excuses for not saving;
Maybe due to commitments like school fees,
feeding large family etc.
• However, it has been found that your children
completing school will not get you save more nor
getting older, bigger profits from business, paying
off your mortgage, paying off your mortgage will
not make you save more.
• Bigger salary will definitely lead to bigger
spending.
WHY PEOPLE DON’T SAVE
• Whatever we are earning is never enough. We
need to start saving with any amount even
500/= or 1000/=. a month. Nothing is too
small.
• Do not wait to feel you can afford to save just
do it and after taking this leap of faith you will
develop confidence that you can do it and you
will then start finding it easier to start
increasing the amount.
IT’S NEVER TOO LATE TO START SAVING
• Savings is the doorway to wealth creation.
Once you have money accumulating you will
start looking out for information about how
best to utilize your savings.
• Culture of savings tames the beast of instant
gratification because you start to understand
the value of money.
ADVANTAGES OF SAVING
UNDERSTANDING VALUE FOR MONEY

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Savings Culture

  • 2. INTRODUCTION Culture is defined as a way of thinking, behaving or working that exist in a society. Here in Kenya we mainly have a spending culture as opposed to saving culture. Savings is always ideal but never easy as it entails starving oneself off some needs and pleasures.
  • 3. • Many people often give excuses for not saving; Maybe due to commitments like school fees, feeding large family etc. • However, it has been found that your children completing school will not get you save more nor getting older, bigger profits from business, paying off your mortgage, paying off your mortgage will not make you save more. • Bigger salary will definitely lead to bigger spending. WHY PEOPLE DON’T SAVE
  • 4. • Whatever we are earning is never enough. We need to start saving with any amount even 500/= or 1000/=. a month. Nothing is too small. • Do not wait to feel you can afford to save just do it and after taking this leap of faith you will develop confidence that you can do it and you will then start finding it easier to start increasing the amount. IT’S NEVER TOO LATE TO START SAVING
  • 5. • Savings is the doorway to wealth creation. Once you have money accumulating you will start looking out for information about how best to utilize your savings. • Culture of savings tames the beast of instant gratification because you start to understand the value of money. ADVANTAGES OF SAVING
  • 7. • Developing a savings culture will extend to our children and their offspring as children do what they observe. If you have a spending culture in your family then that is what they will do. As critical subject of money is not taught in school, children will look at your action to learn how to handle money. ADVANTAGES OF SAVINGS
  • 8. CHILDREN DO WHAT THEY OBSERVE
  • 9. • Record your expenses • Make a budget • Plan on saving money • Choose something to save for i.e vacation, retirement etc. • Decide on priorities • Pick on right tools i.e. short or long term goals. • Make saving automatic i.e. standing order • Watch your savings grow, periodically i.e. monthly HOW CAN ONE SAVE?