Friends Want You to Spend More? Beat FOMO and Stay on Budget with SACCOs in Kenya

saccos in kenya

Your financial situation changed, and you have to be thriftier now. But what if your friends don’t plan to cut back on pleasures and invite you to join? How to keep up with friends if you are on a budget and don’t suffer from a fear of missing out (also known as ‘FOMO’)? Without an automated saving plan, it will be hard to resist the temptation to overspend and stay within your budget limits. We will tell you how SACCOs in Kenya can help you to keep up with both your friends and savings goals. And, what is more, without feeling upset that you miss something important in life.

Mary’s story… before she knew about SACCOS in Kenya

Mary Nket, 24, just graduated from college and landed her first job in the translation agency. She dreams of spending her vacation in Europe polishing her language skills. With her modest salary, she realizes that she should cut back on certain expensive frills to set aside a portion of her every paycheck for her dream.

Everything would be great, but here is a concern. Amy and Joy, her close childhood friends she was studying in the college with are well-off. They love shopping and fine dining in expensive restaurants and going out. Mary feels torn between her desire to be with friends and her worries. She sees that such lifestyle makes a huge dent in her savings and drives her further and further from her dream. Frequent impulse overspending makes it impossible to be consistent in saving up.

Mary wonders if it is possible to have fun and save up at the same time without a depressive feeling like she is missing: either a dream or friends. How can people like Mary retain a balance between friends and financial stability? Here are our

Tips how to tame FOMO and stick to your savings goals

Detect FOMO in you. Do you tend to transcend your budget limits? Have no healthy saving practices? Can’t say no to friends? Beware, you are in the FOMO zone. The ‘fear of missing out’ is nourished by social media and their cult of a successful life. It is a quite real thing that gets real people into enormous debts that are unreal to get out of.  If you don’t tame FOMO, it is capable of bringing havoc and even devastation to your financial life.

Talk to your friends honestly about your financial situation. Saying no is important. However, explaining what this ‘no’ means for you will help your friends respect your position, find a compromise and eventually save the friendship. Real friends will understand. After all, none of them is going to repay your debts. So stick to what you know is important to you.

Track your budget and prioritize savings. Trace where your money usually goes and define your priorities. After you get a paycheck, pay your bills, set some money aside for your emergency fund or a savings account. Then define and set aside the portion for your regular needs. What is left is your ‘fun budget’.

Yes, the ‘fun budget’ is important. Let it be small, but it’s crucial to have extra money for pleasures. Absolutely legal pleasures you won’t feel guilty about.

Open a savings account at one of the registered SACCOs in Kenya. Why are savings and credit cooperative societies better than banks? If you open an account at a regular brick-and-mortar bank, you get a low yield rate and a big set of fees that suck up from your saving efforts. Registered SACCOs in Kenya set no maintenance fees and offer unparalleled interest rate as high as 6%.

How to save up for your dream with SACCOs in Kenya?

Mary was wondering if there was an opportunity to deposit small portions of money and grow them at a high-interest rate and keep it automated. Her colleague told her about savings and credit cooperative societies. She enrolled with MOMBO App a year ago. Since then, she has already saved up almost KES 40,000 (3,000 monthly plus 6% yield annually) without even noticing it and without any harm to her social life. She keeps saving and considers getting a 5-fold low-interest loan to fulfil her amazing dream.

Easter: 5 Tips to Save When Everybody’s Spending + 1 Tip on Savings Account in Kenya

savings account in kenya

Easter is almost here! Not all of us have already recovered from Christmas overspending, and now another one is around the corner! Weekend trips, entertainment, gifts, chocolates, pricey food and drinks… Is it possible to have a great Easter fun with family and friends without breaking the bank? We will tell you how to save while everybody’s spending during this Easter. And even more, how to build up a fund for things that really matter – with a savings account in Kenya.

Tips for saving during Easter

1. Set your budget. Many of us anticipate Easter to officially indulge our cravings for chocolate and fun. But beware, this time is tricky. Small things like coffee, taxi, expensive treats, Easter-style décor and accessories stack up into a significant sum of money.

Marketers agitate the spending culture during religious holidays making a huge dent in our wallets. Can you resist this mania? Yes, if you stick to your budget. Before Easter rolls in, define your budget limits and stay within them.

We don’t recommend relying too much on credit cards and putting yourself in the red. Credit cards are bad for long-term loans.

2. Shop wisely – before and after. While grocery shopping before Easter, always have a shopping list with you and stick to it. You know, deals here, deals there… It is always a big temptation to spend lots of money on things you don’t actually need (at least now).

 The best time to look for deals is after the holiday – on Easter clearance. On post-Easter sales, you can buy gifts or Easter-related things you’ll need the next year.

 

3. Home-made treats and entertainment. Treats, food and drinks stretch the budget if you buy them. Consider looking for recipes online and preparing dishes on your own. You’ll save a TON. Inviting friends and relatives to your place instead of dining out will also save you lots of cash. Especially, if you guests will bring a plate.

 

4. Get creative on entertainment, and the fun won’t cost you big money. Color real eggs (boil them hard first) and make Easter-themed crafts with kids instead of pricey chocolate egg mania.

 

5. Staycation instead of expensive travels. Maybe you want some new sensations, but prefer to keep your money for a BIGGER trip in the future. Here are some Easter getaway options for you. Consider exploring your city’s surroundings, renting a cottage, going on a camping trip or just taking your family for a walk in the park. You’ll be able to spend some great time with your beloved people without flushing your savings down the drain.

A savings account in Kenya: how to save when everybody’s spending?

When Easter rolls into your city, it is easy to get carried away with expensive frills and forget about your saving goals. If you want to have more than chocolate eggs in your pockets as Easter rolls by, you need to start saving now and do it wisely.

Opening a savings account in Kenya will help you devote a bearable amount of money from your every paycheck to your dream. And what is more, do it automatically. This ensures that your savings grow regardless of the time of a year and holidays that come and go.

Opening a savings account with MOMBO: benefits and terms

Savings accounts differ a lot in terms of benefits and requirements. Registered SACCOs in Kenya are the best option for savings accounts. As a member, you get access to the credit facility. Most of the registered SACCOs in Kenya offer loans equal to 2 or 3 times your savings.

MOMBO not only increases this credit limit to 5-fold your savings but also offers 6% interest on savings. The last feature is unparalleled among registered SACCOS in Kenya. As a member, you also earn dividends on your shares.

To start saving with MOMBO Sacco, download the app and enroll. After paying the nominal entrance fee, you can start growing your account with monthly instalments.

Devoting as little as KES 3,000 monthly, you’ll be able to survive any holiday without losing the saving perspective.

Big Wedding or a New House? Here Is How High interest Savings Account Helps You Have Both!

High interest Savings Account

Starting a new family in an own, new house sounds like a dream. However, many couples are far from this dream financially. The wedding theoretically comes before a new house. But it often eats up tons of money, and newly-weds start to save for a house from scratch. Such scenario makes these two important events quite separate in time. Does it mean there’s no chance for a dream to come true? Of course not! If you both dare to be so wise and calculating, you can have both a wedding and a house and fast! We’ll tell you how to save up for two events simultaneously with a high interest savings account.

Are you ready for the adventure? Great! But first, you’ll need to stop and do some heart-searching to check if you both are on the same page.

Analyse your Dreams and Means

You both have to be honest about your goals and financial means with each other. It’s one of the pillars of harmony in the family. So start practising it early. Have a sincere talk about your goals and priorities. Which event do you want first? What kind of property fits you both? Do you want to have a honeymoon and how lavish you want to be on your first trip as a family? Discussing it now prevents you from unpleasant arguments down the road.

Even if you decide to save up for both a wedding and a house, it’s important to agree on your top priorities. Sometimes life makes its amendments to your saving plans. If circumstances change and you have to pause one of two saving activities, which one would it be?

Some Ideas How You Can Save on a Wedding

Both a wedding and a house can be as expensive as you want them to be. It’s up to you to decide what your upper limit would be. There will always be a temptation to overspend. But you don’t want to get into a big debt and start a new life completely broken. Here is how to reduce the wedding cost.

  • Make a wedding list. Include things or activities you want to have on that big day. Then strike out unimportant things you added just to impress others. Isn’t it better to use this money for your new house instead of blowing the budget? Don’t look at other people, but think what will work best for you two.
  • Shortlist guests. Invite only the closest relatives and friends. Don’t be afraid to insult others as long as you honestly explain why you keep your wedding smaller.
  • Ask friends and relatives for help. Such things as a wedding cake, photography and video can be handled much cheaper by somebody you know well.
  • Postpone your honeymoon. There is no crime in having it later, after you become house owners. The vacation will be even sweeter after that.

How to Open a Savings Account for a Wedding and a House?

Start with defining your budgets for both. The time you need to save up for these 2 events can differ a lot depending on the saving account you choose. The point is in the interest rate. You need a high interest savings account to reach your goals faster. Next, if you opt for a no-fee savings account, you also avoid maintenance fees. It means everything you save up goes towards your future family pocket. With Mombo App, you can open a savings account in Kenya that will be both high interest and no-fee. You get 6% annual yield on your monthly instalments (minimum 3,000 KES). But the biggest benefit is that after 3 months you can take a loan worth 5-fold your savings. What does it mean? You can have the wedding and buy a new house 5 times faster! Then you just pay off comfortably at lowest possible 12% interest rate.

Tip 1: We recommend opening two separate accounts. One for a wedding and another for a new house. This way you can take loans separately and decide how fast you want one or another event to happen.

Tip 2: Another idea how to speed up your saving for a house. Consider creating a fund to which your relatives and friends can contribute money instead of bringing a wedding gift. Use money from this fund to grow your “house” savings account.

What’s Your Travel of a Lifetime? Open a Savings Account to Make It Come True

Everyone has a place they dream of appearing in one day. Or maybe you belong to those nomads who buy a one-way ticket and roam the world farther and farther… until they come back home from another side of the globe. You may imagine yourself hitting Australian waves with your surfboard. Or starring at Mona Lisa in Louvre. But you are still far, far away from your dream… without a budget. Travels cost a pretty penny, and you need a realistic saving plan to fulfil your travel of a lifetime. (Something more realistic than winning the lottery or inheriting a fortune from an uncle you didn’t even know existed.) We’ll show you how to open a savings account that helps you save up for your dream adventure 5 times faster. But first,

Where to take money to save up for a trip?

Tip number one: become an ascetic. We don’t mean giving up pleasures of civilization totally and living in a tent. In our situation, it means understanding the real value of things and buying sensibly.

Every single day, we fork out lots of money on things marketers impose on us. For example, you are going to buy one more pair of fancy flip-flops or jeans… Measure how much it costs in terms of travel. Maybe you are just going to blow a day trip budget of your future journey.

Everyone has their own cash suckers. Car, nights out, smoking, impulse buys, dining out, services like washing, taxis and so on. We don’t suggest you must cut them out totally… But limiting your pleasures can save you lots of cash. Do your own washing and walk or cycle instead of driving. Take meals and snacks from home or take a roommate to reduce your rent and bills. You can continue the list.

The blogger Rebecca Foster (who is a marketer herself) suggests giving up a pricey “coffee habit”. In a monthly perspective, it may cost us a plane ticket.

You don’t have to stint yourself forever. Think of these limitations as like you just postpone them until you get to your destination. Your efforts will pay back powerfully when you will be savouring your cup of coffee at the gourmet coffee house in, say, Vienna. Or enjoy a crazy night out in Thailand. Or bring a pair of exclusive flip-flops from, say, Hong Kong.

Of course, such measures won’t make the whole trip budget. You will need a sound saving plan and probably even financing to reach your travel budget. But it’s still an opportunity to save up for more entertainments out there.

Tell others about your dream

Saving up for a trip will be easier if your family and friends know about your goal. Real friends will understand why you refuse to have a night out in an expensive club and maybe even compromise choosing a cheaper option. Or perhaps your parents or friends will consider giving you money for your next birthday instead of presents.

Open a savings account with a loan feature

Savings accounts aren’t all the same. The interest rate differs from bank to bank and so do other features. Your most winning option would be to open a savings account that features no maintenance fees and offers a high-interest rate. Also, check out an opportunity to borrow against savings while searching for your best online savings account. You can find all these features in MOMBO’s savings account in Kenya.

How to open a savings account with MOMBO?

Download the MOMBO App from your OS store and become a member in minutes. After enrolling, you start growing your monthly deposits at the 6% annual percentage yield. We ensure you never lose a penny on maintenance fees and other hidden discharges. After three months of saving, you can request a loan worth 5-fold your accumulated savings. With the MOMBO’s high-interest savings account, you don’t have to wait until you gather the whole amount needed for your trip. You can set off once your savings reach one-fifth of your travel budget.

Want to Buy Your Dream Car 5 Times Faster? Check out Our Best Saving Plan

Best Saving Plan

For most of the young people in today’s busy world, a car isn’t a whim but rather a necessity. Just to settle more things during the day and give your family a comfort of travel it deserves. Whether you are looking for a new or a used car, prohibitive prices may really discourage. But the good news is that a car doesn’t have to literary cost you “an arm and a leg”. We are here to suggest the best saving plan that has already got many Kenyans behind the wheels of their own cars… And 5 times faster! No drastic measures like selling your organs, no scams. Just pure math.

So, first, check out our car buying tips:

Pick a model of a car you dream of buying

This step will help you to figure out the amount of money you’ll need to save up. Will it be a new or a used car? High-performance one or a fuel-saving option? Decide on a make, model and a year, the type of transmission and other details. Don’t be guided by the official stats only. If you want to find a safe and reliable car that fits your needs, make sure you check out customer and professional reviews. Listen to what real people say about this make and model and about how it cost them in 3 or 5 years after the purchase. Remember that while saving for a vehicle, it’s crucial to save on the vehicle as well!

Got the picture? Of course, you can change your mind later… But this first “visualizing” experience has a great power to get you through the whole process of saving.

Decide on the payment method

Many people skip this step thinking it’s unimportant. But if you are going to make the purchase through financing, it is mega important. A couple of percent difference in the interest rate can obscenely increase the price of your car in the long run. So if you cannot buy the car in full and have to rely on a loan, start shopping for the lowest possible interest rate now. Do your research and compare rates at different dealerships or consider searching for low-interest loans online.

Define a budget and the pace

Now that you already know the type of the vehicle you need, you can decide on how much you can spend on it without feeling guilty. Now ask yourself how much money you can set apart from your every paycheck. Then, do your math and find out how many months separate you from your dream car. Or the opposite, if you need a car in a specified time frame, calculate how aggressive you have to be in your monthly savings.

Save on a consistent basis with a savings account in Kenya

The math can sound really simple, but saving up the required amount month after month isn’t simple at all. We, people, are lazy creatures that easily get distracted and demotivated. That is why we need a system that would keep us faithful to our goals and make savings happen automatically. The best trick to guarantee such consistency is to open a savings account and get your savings deposited on it on a monthly basis.

If you want to get the best boost for your savings, opt for a high-interest savings account with a low-interest loan feature. Check out Mombo saving account that enables you to grow your monthly instalments (minimum KES 3,000) at the annual interest rate of 6% and then take a fivefold loan just after 3 months of membership. So once your savings reach one-fifth of the car price, you can buy a car right away and continue to pay off the loan at the lowest possible 12% interest rate. No dealership or bank ever offered such favourable terms.

Become a car owner 5 times faster!

A 25-year-old lady who just graduated college asked us if we could finance her purchase of a car if she saved with us. She enrolled in MOMBO and started saving in July 2015. By March 2017, she had saved KES 150,000. We financed her to get a car worth KES 750,000. She is still paying comfortably and is even considering disposing it and upgrading to a better car.

Saving up for a car can be tricky and painfully long unless… Unless you leverage the 5-fold loan feature that gets you behind the wheel of your own car 5 times faster!

Short on Funds before St Valentine’s Day? Check out Instant Online Loans in Kenya

instant online loans

St Valentine ’s Day is probably the second most expected holiday after Christmas. Why? Because all of us expect love. And when everyone around you is in a romantic mood, you can’t help expecting this day to be very special for you too. Maybe you have a person you’ve got tender feelings for and wait for an opportunity to make a declaration. Or maybe you are looking to refresh romance in your worn-out marriage… Or you just want to hearten your nearest and dearest and say they mean a lot in your life… In any case, feelings are not enough. You’ll need some tangible evidence such as flowers, sweets or jewellery. But what if you are low on funds before the holiday? Financial difficulties don’t mean you must stay outside the celebration of love. Sometimes, it’s not a bad thing to get some extra cash in such unromantic way as taking a loan. We’ll tell you about instant online loans in Kenya that take only a couple of hours to get!

Some St Valentine’s Day stats. How can you stay outside after that?

Do you know that over $13 billion is being spent on the most romantic day of the year? According to StatisticBrain, 180 million Valentine cards are bought to exchange love. And now some food for thought. 14% women decide to send themselves flowers on this day in order to not look unattended. Do you still think your favourite person has to buy flowers for herself? Just asking… Because 53% of women decide to quit the relationship if they don’t receive a gift for the St Valentine’s Day.

The truth is women take this holiday seriously. Even if they tend to behave like they don’t care. They do care.

Maybe you belong to those people who treat this holiday sceptically. Like it will humiliate love if we celebrate it only one day in a year. The idea is really weird. But we cannot change the fact this holiday exists. We can only change the way we spend this day.

This holiday has a great power to impact our relationship in a better way. Why? Because we all are tuned and ready for love weeks before the holiday arrives. Thanks to media, malls’ decorations and global excitement. The scenery is already set. All we need is to step up and take the prize. If you want to start a relationship, there is no better time like the St Valentine’s Day.

Unromantic question: should I apply for a loan to buy a present?

Many guys buy expensive presents just to impress their girlfriends. There is no wise reason you should do the same. Think what would work best in your situation. Think of things (or activities) your beloved one likes most of all. They can be quite inexpensive and plain things. Flowers and chocolates won’t cost you a lot and you won’t have to borrow too much. Looking for something extravagant? Then you can consider dining out in a restaurant or even a romantic escape to a beautiful place.

Tip: Look for instant online loans in Kenya if you want to get a fast approval and enjoy the lowest interest rates.

Where to get a loan online in Kenya?

If you need quick money against your next paycheck, search for payday loans online. With Mombo App, you can quickly borrow up to half of your net salary. All you need to do is to enrol with Mombo using the App and provide your valid chequebook. The requested amount is yours in less than 2 hours, and you can be off shopping for romantic stuff. The interest rate is only 12%, and you can comfortably pay out the loan within 6 months.

What if your romantic scenario requires a more substantial financing? Mombo can lend you the money quickly against your personal assets such as a car.

Where can I get a loan with bad credit?

Conventional brick-and-mortar banks don’t give loans to people with poor credit. But you can always use services of online lenders such as Mombo. Moreover, even win on a much lower interest rate (12%) than that of traditional banks (approx. 20%). With the Mombo App, you can get a loan with bad credit. You just need to provide collateral and honestly explain the reason for your bad credit.

You know people who want to achieve something, look for opportunities. Those who don’t want, look for excuses. We at Mombo work hard to create opportunities to make your boldest romantic dreams come true this St Valentine’s Day!