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Nairobi, Kenya – September 17, 2024 – Renowned financial expert and Founder of Jijenge Credit Limited, Hon. Peter Macharia Kamau, has shared valuable insights on the importance of saving and how it contributes to long-term financial stability. Speaking on the role of savings in wealth-building, Mr. Macharia, who also serves as the Managing Director and Honorary CEO of the leading credit-only microfinance institution in Kenya and East Africa, emphasized that saving is essential for navigating life’s uncertainties.
“Saving money gives you a way out of the uncertainties of life and provides an opportunity to enjoy a quality life. Setting aside money systematically can help you overcome hurdles and support your family during challenging times,” Macharia remarked.
He elaborated on five key reasons for saving money, highlighting how it provides long-term security, supports financial independence, enables calculated risks, and reduces stress. According to him, the more one saves, the better prepared they are for unexpected events, ensuring peace of mind.
Key Reasons to Save:
- Long-Term Security – Savings act as a financial safety net, allowing individuals to meet future and unexpected expenses.
- Financial Independence – Saving helps achieve self-sufficiency and allows for spending according to one’s comfort and preferences.
- Calculated Risk-Taking – Adequate savings provide the financial confidence to take risks such as starting a business or exploring new career paths.
- Reduced Stress – With savings in place, individuals can focus on future goals like retirement or emergencies without the pressure of immediate income.
Practical Tips for Effective Saving
To support those who struggle to save, Mr. Macharia offered practical advice on developing healthy savings habits:
- Limit Credit Card Usage: Reduce reliance on credit cards to avoid accumulating debt and interest, which can undermine savings.
- Track Expenses: Recording monthly expenses helps identify unnecessary purchases and focus on saving more.
- Create a Budget: Planning a budget at the start of each month allows for targeted saving and controlled spending.
- Invest Long-Term: Consider putting savings into long-term financial tools to grow wealth, benefit from interest, and safeguard against inflation.
Peter Macharia’s advice resonates with many Kenyans seeking financial independence and stability in an unpredictable economy. Jijenge Credit Limited, under his leadership, continues to offer flexible financial solutions aimed at helping individuals and businesses achieve their savings and investment goals.
