Kenya has a culture of spending rather than saving. Saving requires sacrificing needs and pleasures, but it is never too late to start. Many people make excuses for not saving such as family commitments, but bigger salaries or payoffs will likely lead to bigger spending without a savings culture. Children learn money habits from observing their parents, so developing a savings culture can extend to future generations as well. The document provides tips for starting to save such as budgeting, automating savings, and watching savings grow over time.

1. SAVINGS CULTURE

2. INTRODUCTION
Culture is defined as a way of thinking,
behaving or working that exist in a society.
Here in Kenya we mainly have a spending
culture as opposed to saving culture. Savings
is always ideal but never easy as it entails
starving oneself off some needs and
pleasures.

3. • Many people often give excuses for not saving;
Maybe due to commitments like school fees,
feeding large family etc.
• However, it has been found that your children
completing school will not get you save more nor
getting older, bigger profits from business, paying
off your mortgage, paying off your mortgage will
not make you save more.
• Bigger salary will definitely lead to bigger
spending.
WHY PEOPLE DON’T SAVE

4. • Whatever we are earning is never enough. We
need to start saving with any amount even
500/= or 1000/=. a month. Nothing is too
small.
• Do not wait to feel you can afford to save just
do it and after taking this leap of faith you will
develop confidence that you can do it and you
will then start finding it easier to start
increasing the amount.
IT’S NEVER TOO LATE TO START SAVING

5. • Savings is the doorway to wealth creation.
Once you have money accumulating you will
start looking out for information about how
best to utilize your savings.
• Culture of savings tames the beast of instant
gratification because you start to understand
the value of money.
ADVANTAGES OF SAVING

6. UNDERSTANDING VALUE FOR MONEY

7. • Developing a savings culture will extend to our
children and their offspring as children do
what they observe. If you have a spending
culture in your family then that is what they
will do. As critical subject of money is not
taught in school, children will look at your
action to learn how to handle money.
ADVANTAGES OF SAVINGS

8. CHILDREN DO WHAT THEY OBSERVE

9. • Record your expenses
• Make a budget
• Plan on saving money
• Choose something to save for i.e vacation,
retirement etc.
• Decide on priorities
• Pick on right tools i.e. short or long term goals.
• Make saving automatic i.e. standing order
• Watch your savings grow, periodically i.e.
monthly
HOW CAN ONE SAVE?

10. WATCH YOUR MONEY GROW