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I was looking up on how to save, and then I stumbled on a Bank of America website talking about saving. It highlights eight steps on how to save. I read up on them, and I got so inspired I felt I should write it out for you; of course with some changes.

I picked only seven tips for this piece. I felt the eight one was not that important since it had already been highlighted in the other seven steps. So here are the seven steps that will make you a Successful saver, and guarantee you less money problems.

  1. Record your expenses.

Figure out how much you spend daily, or monthly or yearly, and record it. To be more accurate, you can reference your MPESA receipts, your bank receipts, your friends who know how much you spend.

Do this, make a list, and there, you have your rough budget.

  1. Budget for savings.

As you make your budget, do not forget to include your savings. It could be the 20% of your income, or 10% depending on your general expenses and your income of course.  For example, if you earn around 10,000 shillings per month and you decide to save 20%, you have to make sure every month, after you earn your salary, you deposit 2000 shillings into your savings account.

  1. Cut on your spending.

Let us be honest, there are some things that we just do not need yet they appear in our budget. Luxuries we can do without. Like, is it really necessary you eat out? Or buy that lipstick? You already have the same shade that is not quite finished yet. So do away with unnecessary expenditure and put that money into your savings.

  1. Set saving goals.

You have to have something you are saving up for. Might be that new laptop, or a new pair of shoes, or that bag, or even your children’s school’s fees. Set these goals and record them somewhere, so you be motivated to achieve them.


Also, it is advisable to set small goals as you reach for bigger ones. For example, you can save up for that bag first, and once you reap the fruits of your savings, you will be more psyched up to save more.

  1. Pick the right tools.

Here, it all depends on the type of bank you feel will take care of your needs well. For a student, I suggest the KCB bank app. With it, when you save money in your target savings account; let’s say your goal is 6,000 shillings for 3months; prior to those three months, it does not allow you to withdraw any money from your savings account. This kind of forces you to save, which you will appreciate once you reach your goal.

  1. Make saving Automatic

It is going to be difficult at first, especially since you will have to cut much of your expenses. But once you get the hang of it, you will not even need a second to think about putting that extra cash in your savings account.

  1. Watch your savings grow.

This is perhaps the most fun part. Watching your money grow and knowing you are steps away from achieving your goal. It feels really good, and once you reach this step; all the sacrifices you made suddenly seem worth it.

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