One of my resolutions this year is to save more. All the financial books, tv shows and advisors mention that if you want to have a successful life, you have to learn the at of saving. Of course, am not just following financial advice from books, am doing this out of my own innate desire to have some cash kept away for a rainy day or for something really special that I may want.
I have seen several yearly plans that focus on saving a little cash every week for a whole year. However, most of these plans are in dollars and are not streamlined to fit a Kenyan with low to middle-income.
So, I came up with a plan that is in Kenyan shillings and is also attainable. I thought about this for almost two weeks, and I was especially finding it difficult to come up with an amount that would suit my needs and those of others like me who want to save.
I wanted something ambitious, (because an amount too low will soon become boring), but I still wanted it to be achievable. I initially wanted to replicate a saving plan I had seen in one chama I used to be in where everyone contributed 100 bob everyday. However, I remembered how I struggled on some days to come up with the 100 bob and to have it delivered on time.
To conquer this, I decided that in my savings plan, I would save 500/= bob every Friday for the next 51 Fridays. This translates to 100 bob every weekday, while weekends are rest days. Every Friday, I will make it a habit of depositing 500 bob on whatever saving platform I choose, be it M-Shwari Lock Savings account or my bank account. I will just have to make sure I have no access to the funds, lest temptations come along.
To keep you motivate, you can choose a specific goal that you want to accomplish using the money saved. For me, the ultimate goal is to cultivate a saving culture within myself and my family, and there might be a few things I want to buy at the end of it all. Halfway through, I might withdraw the saved amount and transfer it to my investment kitty to ensure am maximizing interest.
I would love it if you would join me in this challenge. I will attach a picture of the plan, as well as a link to the PDF version of the plan. You can print it and hung it on your wall. Every Friday, I will be ticking one box (on the column titled deposited yes/no) once I make the deposit. By making this plan public, am not only showing my commitment, but am hoping that my readers can keep me accountable.
Fun fact: There will be 53 Fridays in 2016. My challenge started 2 weeks late, hence I will be saving for 51 Fridays. You can send me a message via my Facebook Page, so that we can keep each other accountable.
Print the picture above for more info. Link to PDF version below.
2016 Savings Plan pdf