Savings
June 11, 2021

5 practical ways to start saving today

Koa

5 practical ways to start saving today

Why is it so easy for other people to save money without giving in to the temptations of spending their entire month’s salary on things that don’t really matter? Why are some people willing to starve themselves just to follow the latest fashion and gadget trends? Does the former know something that the latter fails to identify and live by?

Lets face it, saving is hard. You need discipline, sacrifice and commitment just like an Olympian training for the big day. As we watch the Olympics this year we will see many athletes fail but they won't give up. They will go back home, identify their mistakes, work harder and try to get the gold during the next game.

To help you get started and motivated to get saving and crushing your financial goals, check out these 5 practical steps. Let's go!

1. Set your financial goals.

The first thing that you should do is, know what you actually need, financially. Being very clear on what you want to accomplish by a certain time, is crucial in forming a clear and effective strategy to start saving. Ambiguity is the enemy of progress. When you are not clear on where you need to go, it’s unlikely that you will make any progress. Koa, helps you visualize your goals, and pen down how long it will take to achieve them.

2. Make a list.

Making a list is an effective way of organizing your thoughts and keeping track of the things that you need to do before you achieve a fulfilling outcome. Make a list of the things or dreams that you can only achieve if you start being financially responsible. What do you want and what is your ultimate goal? How far are you from achieving them and what else do you need to do? Checklists are important to motivate yourself and let you have a clearer picture of your money-saving strategy.

3. Change your lifestyle.

Most young people live a financially demanding lifestyle and this is one of the main reasons why it is difficult for them to save and set aside enough money for the future. Changing one’s lifestyle and getting over the need to spend on fleeting fashion and gadget trends are two signs of financial maturity.

4. Stay focused.

Sometimes we feel the urge to give up and spend whatever we manage to save and just have fun. It’s tempting to spend an entire year’s savings and buy our dream gadget or that fancy bag at the store but remember that if you do that, you’ll also waste an entire year of effort – and you’re going to disappoint yourself at the end of the day.

Staying focused means having enough self-discipline and personal motivation to pursue a goal no matter how long or how hard it is.

5. Believe in yourself.

Most people who have never tried saving money in their life would readily accept that they are not the type of person who would have the discipline and initiative to be responsible with their finances. They would easily accept that saving up for a brighter future is a hopeless option and is only done by special people who are ‘mature’ and meticulous enough to follow a long-term goal.

What if I tell you that most people who succeeded in their personal finances were once skeptics like you? They, too, did not believe that properly saving, budgeting and responsibly spending their monetary resources is possible – until they took the first step.

The bottom line

There are several ways to save money and be a champion in managing your personal finances. Most of these steps are easy to follow, however, the most important thing that you have to keep in mind is consistency. Koa is here to help you stay consistent, by sending you top up reminders and celebrating your wins with you! Download the Koa app today and start saving towards your goals, with as little as Ksh 100.