Story Book

#MyPaperChase: Do We Save Out Of Fear?

“When you are young, save!save!save!”

It’s the gospel we hear every other day. And enyewe it is important to save money. You just never know when an emergency may come up. But isn’t that saving out of fear? Is that what saving is all about? I’ll be honest, sometimes saving feels like a task. Like that job you HAVE to do because if you don’t, someone will eventually make you feel bad that you didn’t. And I hate guilt trips…lol. I have had to look for ways to make saving bearable. Almost enjoyable and to stick to it. See how you can save when money is tight:

Saving money is worth the effort. It gives you peace of mind, it gives you options, and the more you save, the easier it becomes to accumulate additional savings.

Saving also helps you get out of debt. How? Well, see that amount you put aside instead of spending it on takeout everyday? Imagine putting that extra 200 bob aside, from the kawa amount that is deducted from your pay check into repaying your HELB loan. You will end up clearing it sooner than later.
What will you do if your kitchen sink or instant shower needs some major repairs? Do you have 6 thousand bob on hand? It is much better to anticipate a worst case scenario and have some money saved. Don’t you think?

If you want to have a good, relatively stress-free financial life, you also need to save for annual expenses. These may include money for gifts, vacations, vehicle maintenance etc. The best way to manage these types of expenses is to save for them in advance. Ukitaka vacation at the coast in December, start saving for it at the beginning of the year. Do your research and find out how much it will cost you for the entire trip. This will not only save you money, but it will give you peace of mind.

When we are young and have your job, you feel invincible. Like nothing could go wrong. But as we have seen from recent cases of banks suddenly shutting down, the likelihood of losing your livelihood is real. Should we lose our jobs, we need to have savings that will sustain us as we look for another one.

So yes, we might conclude that fear is what drives us to save. For that rainy day, for the unseen… but I say it’s the good type of fear. The one that keeps you alert, sharp and focussed. And as hubby tells me every now and then, it is better to have and not need that need and not have.

Love. Live. Learn.

Mwalimu Rachel


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