UNIT PRICES

Balanced Fund:

Buying Price: 6.3784

Selling Price: 6.1926

Money Market Fund:  9.0% pa

Personal Pension Fund

Price: 17.2202

Guaranteed Pension Fund: 8.5% yield

 WHEN SAVING, BETTER LATER THAN NEVER APPLIES 

Quote of the Week: ““It is never too late or too early, you are never too young or too old. You can do what you want to do.” ~ Israelmore Ayivor

Saving money is the foundation for financial success. It is the root of what separates the rich from the poor. For most people saving money is not easy, it is much easier to spend money than save it. Thus, saving is something we must learn to do and work at if we are to attain financial freedom. Saving money over a lifetime requires conscious effort and continued awareness so that it becomes a habit.

One of the most common things most people say about saving is, “I wish I started this sooner.” Although it is not possible to turn back the clock,  it is always better to start now than to simply give up. If your dream has been to have a healthy savings account in 2015, then don’t let anything stop you from starting a savings plan as the year is still young. Stop the procrastination; it is never too late to start. 

To help you get started, consider the following tips:-

Pay yourself first

Most people spend first and try to save what little they have left over. The best plan is to save first and then spend what you have left over. Having a non-negotiable percentage (at least 10%) of your income automatically going towards your savings works better. Keep your records well .File them so you will be able to easily find the items you need in the future.  Consider a computer based financial program so you can keep track of every cent you spend. This essentially helps you evaluate and understand your spending patterns and spot leakages early enough.

Avoid Unnecessary Debt

It is crucial to ensure you distinguish between good and bad debt. Business loans can be classified as good debt as they eventually increase your assets. In contrast, personal loans and credit cards increase your liabilities and should be avoided as much as possible. For instance, it is better to apply goal-based saving for depreciating assets like laptops instead of borrowing. Scrutinizing your bills and ensuring they are accurate can help you avoid paying for utilities you have not consumed.

Financial freedom will be worth everything you put into it.  Do not choose to work forever to pay debts, choose to save instead.

Stay on course!

Saving money is hard work. It is easy to get distracted by an ever increasing number of needs. For most people, getting rich quickly is a low probability event. Instead of waiting for a windfall, put your effort into a strategy with a proven track record of success. Do not worry about where to save the money and what to invest in. Get the savings habit in place then research about how to maximize your returns.

 You can send your comments or questions to This email address is being protected from spambots. You need JavaScript enabled to view it. , or visit our offices at Ecobank towers, 7th floor, Muindi Mbingu street for more information on personal financial planning. You can also follow us on our facebook page- Zimele Asset Management ( Kenya)