Saving without a target is like leaving the house without knowing where you are going. At least that’s how I have always treated my savings. I plan my journey with a target destination.
If you are in Kenya with a safaricom line, you have 2 options to save under M-PESA loans and savings.
- M-SHWARI: Select the options as follows: Lock Savings – Open Account – Choose source of savings (M-Pesa / M-Shwari) – Indicate period you would like to save (e.g. 1 month) – Enter Amount – Enter pin. With an account now created, all you will need to do is select “Save” under the lock savings every time you need to top up your savings account. Should you require to withdraw the money before the maturity date, it will take upto 2 days to get the money back. So urgent miscellaneous spending will no longer mess up your savings account.
- KCB M-PESA. Select the options as follows: Fixed Savings Account – Choose between Fixed deposit or Target Savings account and open an account. You get an option of saving for 1 month, 3 months or 1 year. Say you set a target of KES 20,000 for a period of 3 months, you will have the flexibility to move any amount of money till you hit your target. You cannot withdraw that amount, till the period runs out. This is a good way to train yourself, start small and keep growing.