#SolutionSaturday
Get Serious About Saving! 🧵
If you ever doubted the importance of saving, the #Covid19 pandemic made it clear just how necessary a financial cushion can be. Many people had trouble paying their bills since the pandemic began & couldn't build emergency...
>>2
Get Serious About Saving! 🧵
If you ever doubted the importance of saving, the #Covid19 pandemic made it clear just how necessary a financial cushion can be. Many people had trouble paying their bills since the pandemic began & couldn't build emergency...
>>2
...savings by mid this year. That’s why we should get serious about saving - even if you think you are already in a comfortable financial position.
@TheAbojani often encourages people to follow a 50-30-20 rule when dividing up their take-home pay, with 50% of your income...
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@TheAbojani often encourages people to follow a 50-30-20 rule when dividing up their take-home pay, with 50% of your income...
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...going towards living expenses like rent and groceries, 30% for recreation or entertainment, and 20% going into savings.
But for people who are just starting to save, jumping from zero to 20 can be a daunting task & sometimes an impossible fete.
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But for people who are just starting to save, jumping from zero to 20 can be a daunting task & sometimes an impossible fete.
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That’s why it helps to set incremental goals, according to Robert Ochieng, CEO @TheAbojani
Saving money affords you new opportunities in the future.
It's never too late to put some money aside in a high-yield money market fund account or treasury bond.
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Saving money affords you new opportunities in the future.
It's never too late to put some money aside in a high-yield money market fund account or treasury bond.
>>5
He recommends starting with a number you can actually commit to, even if it’s just a few shillings & gradually adding more as you get comfortable.
You may start by saving 10% of your monthly income in October & then increase that amount by one percentage point each month.
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You may start by saving 10% of your monthly income in October & then increase that amount by one percentage point each month.
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By September 2022, you will have tripled the money going towards an emergency fund account each month.
“Saving is a long term game, and it’s a situation where the tortoise wins every time,” says Robert.
Plan for @TheAbojani October Personal Finance & Investments Masterclass 📚
“Saving is a long term game, and it’s a situation where the tortoise wins every time,” says Robert.
Plan for @TheAbojani October Personal Finance & Investments Masterclass 📚
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