You can only grow your wealth by setting aside some of your income in savings. If you’re worried about your financial future, you can use the FlexSako online savings platform to help you save money for your investment. Joining is as easy as dialling the ussd code which is 38467# and fill in your personal details. We also offer a variety of flexible and convenient payment alternatives.
Importance of saving with FlexSako
Saving is important for several reasons:
Emergency Fund: You can utilize the money you save for things like medical costs, auto repairs, or if you get laid off from your job. Having a savings account set aside for unexpected expenses can help you avoid using credit cards or getting into debt. As a FlexSako member, you are eligible for an emergency loan after saving for three months.
Bonus: The money you put into a savings account will accumulate interest, and grow over time. While the interest rate may not be fixed, it certainly beats the alternative of leaving your money in a checking account where it will earn nothing. The annual rate of interest we offer ranges from 5% to 10%.
Financial Goals: Putting money aside over time might help you reach your long-term financial objectives, including buying a home, taking a trip, or starting a business. One’s ability to save money dictates whether you should do it on a daily, weekly, or monthly basis. To engage as many individuals as possible in our saving loop, FlexSako offers plans with minimum monthly contributions as low as 500 shillings and as high as 100,000 shillings.
Retirement: It’s crucial to put money aside for your golden years so you may live well without working. The sooner you begin putting money down for retirement, the more time your investments will have to grow. Even though FlexSako is a 12-month savings plan, there is no requirement to withdraw the funds after 12 months; instead, savers can roll over their funds for purposes like retirement or just continue saving.
Financial Security: The ability to save money can provide you peace of mind and financial stability. Having a savings account can help alleviate tension and worry about money by providing a cushion for emergencies or long-term goals. With Flexsako, you can rest easy knowing that your savings are in safe hands; We have collaborated with National Bank and Choice microfinance, both of which are regulated by the Central Bank of Kenya.
How to save money
Saving money is not a walk in the park. It requires some discipline and commitment. Here are some tips on how to save money:
- Set a Budget: Start by creating a budget that outlines your income and expenses. This will help you identify areas where you can cut back and save money.
- Track Your Spending: Keep track of your spending to see where your money is going. This will help you identify areas where you can make changes to save money.
- Automate Your Savings: Set up automatic transfers from your checking account to your savings account. This will help you save money without even thinking about it.
- Cut Back on Expenses: Look for ways to cut back on expenses such as eating out, entertainment, and subscriptions. Consider negotiating bills, switching to a cheaper service, or cancelling unnecessary expenses.
- Use Coupons and Discounts: Look for coupons and discounts when shopping for groceries, clothing, and other items. This can help you save money on everyday expenses.
- Avoid Impulse Buying: Before making a purchase, ask yourself if you really need it. Avoid impulse buying and take time to consider if the purchase is necessary
- Consider a Side Hustle: Consider starting a side hustle to earn extra income. This can help you save more money and reach your financial goals faster.
How to get started
Creating a FlexSako online account is easy. You only need to follow the following procedure.
• Dial our ussd code which is 38467# and fill in your personal details • Choose a monthly savings plan • Registration requires a payment of registration fee which is ksh 1000 bob. However, you can pay the registration fee in instalments as you continue to save • Strive to hit your 12 months target and access your savings and bonuses
Saving money typically requires discipline and determination. Adopting these saving habits could put you on the path to financial stability. At FlexSako, we encourage our customers to save towards an investment and create a saving culture. Savings not only aids in the achievement of long-term investments, but also provide a cushion against unforeseen costs.
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