Setting And Reaching Your Saving Goals

Most of young men have dreams and have set goals, and determining even the specific objectives to be achieved after a period of time. Setting the specific savings goals is one thing and implementing them is another thing. Most of us we have been caught debating whether to save or spend everything from the meager salary we get. However, it requires commitment, consistency and discipline to achieve your Savings Goals. Also, it is important to note that, savings never starts tomorrow, it starts now. There is no enough to save always, but you have to set a shilling aside to save for tomorrow.

So, how can you set and achieve saving goals?

• Identify your objective; 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. Saccos nowadays have created saving plan for almost every target you can think of and also loan products for such. For example; Jienjoy loan, Development loan, Gadget loan, Elimu loan etc. Let your objectives be SMART i.e. Specific, Measurable, Achievable, Realistic and Timely.

• Establish the amount you need to save to reach your goal. For example; I want to have saved Ksh. 365,000.00 in the next 12 months towards my post graduate education fund. Having the end goal in mind, break it to smaller and specific action points. e.g. daily, weekly, monthly. For me to save 365,000.00 in 12 months, I need to save at least Sh. 1,000 daily or 7,020 on a weekly basis.

• Having the goal and action plan, the next thing is to determine evaluation times, e.g. after every 3 months, 6 months etc. This will help you analyze the progress and take corrective measures where and when necessary before it is too late. This will show whether you are in the right track or you have veered away and if on the track, how you can do to improve best or if out of track what shall you do to be back on the track.

• Find the right type of savings Account for your goal which shall give you the benefit of what you are looking for. At UBUNIFU SACCO we have unique products for unique needs you have. Our saving plan is such flexible that upon registration, you can deposit regular and irregular savings. Visit: http://ubunifusacco.com/ for more information about the Sacco and its product and services.

You can issue a standing order from your operational account or from your employer to your savings account. This ensures that you do not have to make the direct deposit to the savings account yourself which you may forget while you saving with less effort.

Authored by:
Fednarnd Chikira
Accounting & Marketing
Ubunifu Sacco Society Ltd.
http://ubunifusacco.com/