In Kenya it’s either you save your money in a SACCO, a Bank or purchase real property with your surplus cash.

Two decades ago, there were few banks in the country, those which existed only operated from major towns only.

This led to emergency of SACCOs in small towns to cater for the services of farmers and few individuals who wanted to save their little cash.

Over time, it has become increasingly important to have both SACCOs and Banks because people never trust their neighbors with money anymore. One worrying trend emerging from the Kenyan population,

A kids savings account is a great way to teach your children about money and saving right from the start, but in order for you both to save efficiently, they need to have their own account a good example is little angles account for Kimisitu Sacco . With kids saving accounts offered by most banks/Saccos, they're easy to sign up for and take your children through the process of saving money. Here are five reasons your kids should have a separate savings account:

1. Gives Them Freedom When your children have their own savings account, they feel like it's their responsibility. This helps them feel freedom from the uncertainty of sharing an account with you. When children are learning to save, they want to know they have the freedom to do what they want with their account without you hovering over them.

When you borrow money, you might end up with more cash than you actually need. This is especially common with student loans and auto loans (whether it happens intentionally or by accident). When that happens, what can you do with the money – are you allowed to spend it on anything you want?

To find out what's allowed, check your loan agreement. In some cases, there are restrictions, but other loans allow you to do whatever you want with the money.

Vacations are supposed to be relaxing, but it’s hard to unwind when you’re constantly stressing about how you’re going to pay for it all. With a little creativity, you can bulk up your account and be ready to hit the road or beach in style, without going into debt to do it.

Here are 6 strategies to save for your next vacation.

  •  Open a Dedicated Vacation Account One easy way to save for a special trip is to open a dedicated Holiday savings account.-You can set up automatic payments into the account, and with a little restraint, leave that money there until it’s time for your trip. If you choose an interest-bearing account, your money might even grow while you’re looking forward to your trip e.g Kimisitu Sacco has a holiday saving account  that offers competitive rates of interest and has no ledger fees.

Sometimes the hardest thing about saving money is just getting started. It can be difficult to figure out simple ways to save money and how to use your savings to pursue your financial goals. This step-by-step guide to money-saving habits can help you develop a realistic savings plan.

Record your expenses

The first step to saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, newspaper and snack you buy. Ideally, you can account for every penny. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Consider using your credit card or bank statements to help you with this. If you bank online, you may be able to filter your statements to easily break down your spending.

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