How to Save Fast and Automatically With a High-interest Savings Account?

free-savings-account-hight-interest-mombo

Let us admit: not all of us are savings gurus. We visualize the goal, figure out the amount of money needed, and make a resolution to set aside some cash for it every month… But then, our determination gradually dies down, we lose consistency and soon find ourselves far behind our saving goal. You know the story.

Does it mean you are doomed to yield your goals to your inconsistency every time? No! All you need is to get your savings automated. Opening a savings account will keep you on track until you reach your goal. But the good news is that you can get there even faster if you choose a high-interest savings account. Follow us to find out how you benefit from automating your saving habit and a higher interest rate.

Why is automating savings so important?

Making savings for a long-awaited event, emergencies or, say, a retirement is a wise strategy. It helps us to always be ahead of the game. But when we are looking to cover the distance from point A (zero money) to point B, it’s crucial to decide what speed we are going to move at. A high and steady speed wins the race.

Your saving challenge is like a race. Are you moving at a steady speed or make deposits randomly, when you “feel like making a deposit”? A volatile mood is not the only hindrance on our way. Our everyday needs can eat up most of our earnings. So if you don’t secure a certain amount of money right after the payday, you have near-zero chances to cut through those needs and make a decent deposit later.

If you belong to those who easily fall into the trap of inconsistency, automating savings is your best saving plan.
mombo-free-saving-account

Benefits of automated savings

  • Official means mandatory. When you automate your monthly deposits, you “officially” refer them to your monthly expenses. This commitment greatly reduces your temptation to skip the payment.

Still unconvinced? How about

  • Peace of mind. Once you step into a monthly contribution program, you no longer ask yourself questions like “How much do I have to deposit this month?” or “When do I reach my final goal?” Because you know the answers.
  • Lots of time saved. Once automated, “making a deposit” can be struck off your to-do list. You can focus on other tasks.
  • More money saved. Making a deposit from your paycheck, not your leftovers, guarantees that more money hits your savings account every month.
  • Reaching goals faster. When you decide to automate your savings through a savings account in Kenya, you can always go for the one with a higher interest rate. This means your money is not just being accumulated but also growing.

While developing your best saving plan, it’s important to define the pace that will be comfortable for you and your family. It’s up to you to decide how aggressive you want to be on your way to your savings goal.

There are several ways how your savings can be automated

  • You can stay with your current bank and set up a deposit or a savings account there. Be aware of the bank fees (maintenance fees and minimum balance fees) and ensure the interest rate isn’t too low.
  • Leverage your employer’s deposit (if any): this way, a pre-defined fraction of your salary goes directly to your deposit.
  • Open a savings account at one of your local savings and credit cooperatives (SACCOs). The benefits here include higher-interest rates and a superior fee-free service.

How to open a savings account with a high-interest rate?

The rule of a thumb says that you find higher-interest rates online. So if you are looking for a real speed-up for your savings plan, consider opening an online-only account. MOMBO SACCO offers the most competitive interest rate of 6% on your monthly deposits of minimum KES 3,000. No maintenance fee is applied, so you can be sure no shilling is lost from your savings. Enrollment is simple using the MOMBO App or through the website.

Automating your finances, start with modest feasible monthly deposits. Later on, you can increase your monthly commitment once you are doing well. Usually, 10% of your paycheck is a comfortable and efficient pace of saving.

How to Get Same Day Cash Loans – How Do They Work?

Getting a same day cash loan could be the answer to all your money problems… or it could end you in serious financial difficulty if you’re not careful. It’s all about finding a reliable lender, using that cash wisely and repaying it sensibly!

In this short article, we’re going to cover all that you could possibly need to know about same day cash loans, so you can manage money like a pro.

What are same day cash loans?

A same day cash loan is a loan that arrives in your Bank account the same day that you apply for it.

In other words, it’s an instant loan that deposits the money into your account without all the waiting, paper forms and interviews you’d face at the bank.

Generally, same day cash loans in Kenya are small amounts (see what kind of emergencies they can cover in Same day cash loans can save the day! below) that can be secured against your salary, assets (like a car) or savings.

Like nearly all loans, you’ll have a set period to pay it back in with interest and there may be penalties and fees for not paying it back in time.

How to find the best same day cash loans

Finding the best same day cash loan for you really depends on your circumstances. Here are some of the things you need to think about before getting a cash loan:

  • How much you realistically need.
  • How long it will take you to pay it back.
  • If you can pay it back early or in a lump sum.
  • If the money isn’t for an emergency, is the loan really worth it or can you save up the money yourself?

Once you know that, all you need to do is find a reputable lender who has a loan that meets your requirements.

What you need to apply for same day cash loans

Requirements will vary from lender to lender, but most lenders need to see proof of identity, either from driving license, passport or national ID. Some may also need to see your recent bank account statements and others may run a credit check on you.

Online and mobile lenders, like us at Mombo, can do all of this via an app or over the telephone. We want to make same day cash loans as quick as possible, so once you’ve applied with us we can have the money in your Bank account in as little as 10 minutes with the Insta Loans service.

We can deposit money into your bank account or M-Pesa account, whichever is more convenient.

Same day cash loans can save the day!

Here are some examples of how a same day cash loan can really save the day:

  • Emergency car repairs if you break down and need to travel to work.
  • Health care if you or a relative is in an accident.
  • Home repairs if the boiler or electrics break.
  • You need to pay a deposit on a holiday or other item and need to pay it quick before it’s gone!

What could you do with an instant loan? These same day cash loans are small amounts of money that can really save you in an emergency. But if you need some cash for non-emergencies (like your wedding day, a new TV, redecorating the house) you will be better off with a different kind of loan. One that offers you more money and easier repayment terms.

3 tips for repaying same day cash loans

  • Write on the calendar or in the diary when each repayment needs to be made – the last thing you want to do is forget. Late payments can have hefty fees. Our app will notify you if you’ve got a Mombo loan that needs repaying.
  • Work out how much the interest is going to cost you so that you always have enough money to make each repayment and keep the lender happy. Ideally, you should never take a loan that’s difficult for you to pay back without cutting down on living expenses (e.g. food, fuel etc.).
  • Finally, try and balance repaying loans with savings. Some people may tell you that repaying the debt should be ALL that you’re doing, but here at Mombo we really believe that repaying same day cash loans doesn’t mean you shouldn’t be able to save money too! You can read more about debts vs savings in this article.

Same day cash loans are a great way to get instant cash when handled sensibly! Keep checking back to our blog for more great tips and articles on managing your money.