The following are some of the benefits of saving in Saccos. All these can be found at Investobrain, giving you the ease as a member, to save and get a loan anytime you want clearing any inconvenience that may be experienced along the way.

• You get your money to work for you: You earn dividends from your money.
• If you want an emergency loan, it is available and the amount is as good as your savings.
• Some Saccos write off your loan in case of death and give your next of kin some percentage on top of your savings.
• Most Saccos encourage members to own property. They do this by buying huge chunks of land, subdividing it into smaller units and selling it off to members.
• At the end of the day, if you want your money back, you will receive a clean cheque with all your money intact.

If you were undecided, go ahead and start saving today, a little at a time.

Quoted from Standard Media

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In terms of emergencies, it is so important to be saving money. While no one likes to think about the possibility that they will lose their job, become disabled, or have some other sort of disastrous financial crisis, the fact of the matter is that it happens to people all of the time. Even much smaller emergencies, such as needing car repairs, are better handled by having saved money along the way, as opposed to having to scrape money together during a crisis. Saving money is so important for these types of situations. If at all possible, you should have a savings of three months worth of your expenses to help in case of emergencies.

Saving money is important for planning ahead, too. Almost every parent would like to see their children go to college, for example. However, many children will not be able to go to college on scholarships. Those that do not will either have to find a way to pay for college or to take out student loans. Student loans may not even cover all of their expenses. Saving money is an important part of providing for your child or childrens’ education. Education is not the only area that parents should save for, in regard to their children. For example, in the same way that parents save money as an important part of education, they may also save money for their childrens weddings, or to help their child buy their first car, or even their first home.

Finally, saving money can be an important part of just enjoying life. Taking a trip to Disney World is a lot more enjoyable when you know that you have paid for the trip with money from savings, as opposed to using credit cards and having to pay for the trip for years to come.

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2. Distinguish and automate your savings.

Create a dedicated savings account for your small business, and de-link it from your checking and other accounts so you’re not tempted to dip in.

3. Try lowering your “fixed expenses.”

The phrase “fixed expenses” implies they’re just that: fixed. On the contrary, items such as utility bills and credit card interest rates are often negotiable. First, make a list of your regular recurring expenses (usually charged monthly). You can do this by highlighting them on a printed account statement.

4. Make your money work for you.

When you do build up a savings stash, it’s important to make sure you’re storing it in the right place. For example if you know you won’t need your savings stash for at least one year, you can store it in a certificate of deposit (CD) — a savings certificate with a fixed maturity date, on which you can withdraw your deposit and the interest it’s accrued.

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Here are five money habits you need to adopt today if you want to build wealth.

1. Don’t always pay for convenience

With technology at our fingertips that can deliver us a fully cooked meal or even an in-house massage, our generation has become accustomed to paying for convenience. Thing is, that convenience will always come at a hefty price. For example, if you’re a big coffee drinker you should buy whole coffee beans and make your own at home instead of going to Starbucks every morning. If you can create a budget and be disciplined about it you’ll be able to easily identify where you need to make cuts. Remember, every little bit counts.

2. Live below your means

You may equate fancy cars and big homes to success and happiness. Sometimes it’s true, however even some of the richest individuals in the world live modest lifestyles. Warren Buffett for example has lived in the same home since 1958 and drives a 2006 Cadillac. That’s pretty modest for a man worth over $70 billion.

Regardless of your income it’s always good to live below your means. You’d be surprised how many individuals may appear to be wealthy on the surface but have little saved up. It’s okay to buy yourself something nice once in a while but try to stay modest you’ll be happier (and wealthier) in the long run.

3. Avoid debt at all costs

If you want to build substantial wealth you need to do whatever it takes to avoid debt. Even if disaster strikes you should explore every other option before taking on debt. For example, try and borrow from friends or family if necessary you can even offer to pay them back with interest. The difference is your credit won’t be affected nor will the interest compound if you miss a payment.

I use my credit cards as a way to build credit rather than a means of borrowing money. I recommend setting up automatic payments on all your credit cards and be very diligent about making sure your pay-to account has enough funds.

4. Sell things you no longer need

Everyone has a little bit of “hoarder” in them. Especially in America individuals accumulate a ton of, for lack of better words, crap throughout their lives. Instead of letting all that stuff sit in your basement why not sell it? There are plenty of online marketplaces for used goods that make it a breeze to sell your unused items. In Steve Job’s words it’s always good to clear out the old to make way for the new.

5. Start a side hustle (or two)

Regardless how secure you think you are at your current job it’s always good to put a couple more irons in the fire. If you think you don’t have time then you aren’t spending your time wisely. There are plenty of ways you can start your side hustle. It doesn’t have to be a part-time job, rather a project that you can manage on the side of your full-time job. You can use affordable automation tools instead of doing all the legwork yourself. If you want to truly get ahead financially you need to have multiple sources of income. A side-hustle is a great place to start.

NB: In all honesty there is no single solution or way to become rich. Many of us assume you just need to lock in a cushy job at an established company. Truth is, you need to develop certain habits around your money if you want to build wealth regardless of your paycheck (to an extent). If you become disciplined early on then you’ll give yourself a huge leg up when the real bucks start rolling in.

Article by Entrepreneur

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