How To Forcibly Save Money

General
1

Every month set aside some amount of money which you shall treat as House Rent even if you already own your own house. This amount can be any amount as long as it is within the range of the neighborhood you are currently living. Mimi ni mtu wa outskirts. I tried this idea back in 2017 January while tipsy I decided to save a minimum of 15K every month. Its now 4+ Years and the amount has already crossed the 720K mark and it is now time to get another toy into the parking with no loans, after topping up to cover for duty, shipping and misc, total should not exceed 1.4M.

A Mazda toy is on the high seas.

2

investing 15k is better monthly… i dont like saving for a long period to buy something and the money ends… i would rather have a project buy that thing for me

3

To each their own

4

Financial people say that you should pay yourself first ukipata any income.
For salary income una budget as follows:

  • Rent
  • Shopping
  • Fees (always set aside a monthly amount for fees. Usingojee beginning of next term kuanza kukopa)
  • Miscellenous (pombe, ya bibi, ya harambee, etc)
  • Loan repayments (96.5935% of salaried Kenyans are servicing a loan!!!)
    - Actual salary income (This is what you pay yourself. You can save it, put it in a project or reward yourself with a good machine)
5

Electrician, na stima ikikuchapa shock utawache iyo Mali.

6

I am not the richest person in the world. Prince Charles Philip alizikwa kwa shimo ya acre ngapi? Mimi si maskini tu compared to such dons yet they still die.

7

Vunja mifipa, utawache Mali bure

8

Good
Usitumie yote….weka kidogo ya emergency.

9

You’re a fool to save that kind of money and not invest. A money market fund would give you at least 7% p.a.

Your idea is good but it’s basic and needs a follow through. Hakuna ‘to each their own’ . You’re just not as brilliant as you thought.

Cc. @Lordsavegery

10

Hii ni dead capital, sindio mturamdom

11

Nani amekwambia si invest? Hiyo 720K has also been earning interests as it grew. Channeling such money to buy a car means I have already sorted out any other primary needs and wants.

12

Huyu ni mgani na alikufa lini?

13

:D:D:D
Philip!!

14

Hapo umenena kama Chief Accountant.

Reward yourself first! And you can only archieve this through serious financial Discipline. Mimi hushangaa watu sana. Jamaa anaishi kwa rental flats za Ksh 45,000 per month, ako na loan ya gari Ksh kama 12K per month, ako na 62" Curved Samsung Smart TV ya 70K which he paid cash from Salo.

Why not talk to financial advisors ununue ka 50x100 ujenge nyumba ukiishi. After 2 years you will have completed at least 3 bedrooms ubakishe finishing. Vitu kama wardrobes zitakam baadaye.

Kenyans live beyond their means simply to please their peers. Hii mambo ya Social media inatesa watu sana

15

And also gentlemen remember even if you are married and with kids once they are independent you will be alone ,the kids will take their mother ubaki peke yako as they wait for you to kick the bucket so that they inherit your possessions ,so have a secret old age account and remember to put the next of kin as a ophanage so that God blesses you in your grave.
The best way to invest cash is thru shares ,you earn devideds and accumulate your cash,also spread this across many institutions to mitigate the risk

16

Shares ni noma. Nairobi stock exchange hakuna tofauti na kamaree pata potea.