Savings | Viva Business

Why You Should Join and Save in a SACCO

05/20/201811/08/2019 by Shanda Laporte

Financial needs are here with us each and every day, and you cannot avoid them completely. Sometimes you need money, and you need it urgently, but not even your bank can lend you. You visit the bank, and all they tell you is the request cannot be granted at the moment. Feeling heartbroken, yes, but worry less. SACCOs are here to be your savior in your financial needs.

Saccos have become an option for people who are struggling to get money to push their projects. For instance, if you are a business person and you want money to run the business, the Sacco will be an ideal lender. On the other hand, in case you are employed on contract, a Sacco will be much ready to lend you money as compared to a bank. Joining and saving in a Sacco will benefit you in many ways as highlighted in the article.

You Will Save For Retirement

If you are thinking of saving, but you don’t have an idea yet on where and how to save, now you know, consider saving in a Sacco. You should consider saving your retirement money in a Sacco as compared to banks. This is because Saccos can give higher percentages of dividends annually. When you save more, this will translate to more earnings per year when you receive your dividends.

You Can Acquire Housing

Investing in a Sacco will benefit you because you can easily find a property to purchase. This is because some Saccos decide to invest in land. That means, the Sacco will buy a piece of land and then later their clients can purchase the land. The Saccos can also buy the land and build houses which customers can buy. You will buy the property and repay at a lower interest.

You Will Make Savings

One of the greatest advantages of joining a Sacco is that you will be able to save. Once you join the Sacco, you will be required to contribute money which will be geared towards your savings. Saving when you don’t have a goal is pretty hard. But once you have a commitment towards the Sacco, you will be able to save successfully. The Sacco will have you commit to a particular saving plan until the time you find something constructive to do with the money.

Access to Loans

When you compare Sacco’s to other financials, Saccos are …

How To Make A Difference With Your Finance

07/27/201704/18/2021 by Shanda Laporte

Every day you make financial decisions and whether they are good or not; you can tell if you look where you are financially right now. It is always a good culture to plan for the future. However, you must have financial discipline before you can make sound decisions for now and the future.

Are you ready to learn more about how to make good financial decisions? Here is how you can make that difference:

Do Not Make Rushed Financial Decisions

There are times when you come across financial deals, and you want to spring on them immediately. Take it easy and think about it once more. Always keep in mind that right decisions are never made in a hurry. If possible, sleep a night before you can make anything progress. It will pay to wait and ascertain that this is the decision you should be making.

Have A Budget & A Spending Plan

It does not matter how much money you have or make; you need a spending plan. Set out your money and allocate to each expense. Make sure you give priority to deserving things. Start with the most pressing needs as you go to less priority. Moreover, with all the expenditures, do not forget to set aside some portion for your savings.

If Possible, Stay Out Debts

Staying out of debt is asking so much of you. However, it is possible that you can be debt free. If you save and budget for every money you make that is the key to a debt less life. Spend what you have wisely. Always fit all your needs into what little you have in your hands. You will be amazed that you could manage all financial obligations without having to borrow.

Making Savings A Priority

If there is something that is hardly done, then it is saving. In fact, people live for the day they no longer save. As we all know, rainy days come, and if you have nothing for an emergency, it could be a disaster.

Therefore, make saving a must-do thing. It does not matter how much you make; set aside a small fraction and save it. You will be surprised how fast your saving kitty can grow from those small portions.

Take Moderate Risks

You probably know what the financial rules say: risk more expect more. While risking is something you should be ready to take …