For those who are subscribed to the Safaricom network, we can attest that is the most loyal of texters, never letting you go more than two days without reminding you that you are still their valued customer and that you should pay up that Mshwari loan or spend your bonga points on the latest phone on offer.
I am always getting texts from Safaricom, challenging me to save Ksh 200 every week for 52 weeks. I decided to take it up and when I calculated the total amount that would be saved at the end of the year, it came up to 10,400Kshs. That is no mean amount and it got me thinking of ways I could put that money to good use. These were my ideas. Finances: Tools To Enable You To Save More This Year
Invest in shares or bonds
For those with a good understanding of the Nairobi Stock Exchange then this would be a viable option for you. It has good returns when proper research is put in before buying shares. If you’re interested but do not feel confident enough to delve into it then, playing the Nairobi Stock Exchange Investment Challenge which runs for 3 months will give you a simulation of what happens on the securities exchange allowing you to invest virtual money as you speculate and trade the stock market in real-time.
Government bonds are also another option. They are low-risk securities and products such as M-Akiba have now made them available for as little as Ksh. 3,000 with a return of up to 10% after the maturity period.
Finances: Tips On How To Invest In Stocks
Join a SACCO
Still not feeling the Security market vibe? No worries. SACCOs are a great low risk savings and investment option with numerous benefits such as being able to earn dividends on your shares, group investment projects and one can also borrow on their savings and pursue their financial dreams such as starting a business or beginning to own a home.
Finances: 10 Pros And Cons Of Joining A Sacco
It might have been a rough year, you just want to relax or maybe you suffer from a case of chronic wanderlust. Whatever the case, Naivasha is a great spot for a camping trip. Oloiden, Crayfish, Fisherman’s camp and Hell’s Gate National Park are some of the popular spots. One can view wildlife or enjoy the scenery and stay active, most of them offer swimming and cycling as part of their packages.
Start a business
James Mwangi, founder of Equity Bank started the now well-known bank with a capital of only Ksh.1000. Makes you wonder what it is that you are still waiting for when it comes to attaining your financial freedom.
A viable business option could be something you are passionate about. You could also sell clothes, a bale of mitumba clothes can go for Ksh. 10,000. If you have a social media account, you can sell them online without having to pay for a brick and mortar establishment. It is a good way to make money on the side to boost your income or even jump start it. However, as with all business ventures, one needs to be aggressive and creative in order to make good returns on their investments.
Business: How To Start A Side Hustle
Pay for a Centonomy class
Centonomy is a financial management course that teaches you how to capitalise on the financial resources that you have in order to propel you into the path of wealth creation. Once completed, you will be able to better understand your expenses and separate those driven by the need to conform to a certain lifestyle or ‘flossets’ as they are called and those that are essential. You will also be able to make an effective budget plan and know the investment options available in the Kenyan market. Or you could talk to a financial planner – Reasons To Have A Personal Finance Adviser
If you would like to find out more about how you can create wealth check out this post Want to be wealthy? Investment tips 101.