Sunday, April 2, 2023

Leah Muthoni: What I have learned from saving money through Sacco

Leah Muthoni is a real estate consultant based in Nairobi, Kenya.

A business is only as strong and stable as it structures. When we started this business, establishing structures was my primary objective. I have been able to set these up by ensuring that I have built a team of workers around the business who identify with the business objective, have the ability to connect with our target customers, and are willing to go that extra mile to achieve customer satisfaction. Whether you’re in business or lead a team under employment, your results will always reflect the strength and abilities of your team.

Your team can make you earn or lose money. Get your team right and the right results will be delivered. Get the team wrong, and your customers will flee to your competitors.  When I started out, I mistook cheap labour for cost efficiency. This cost me good results as the cheap labour always fell short of the targets I wanted to meet.

The importance of having a budget and sticking to it cannot be emphasized enough. This is because creating a budget is one thing, and sticking to a budget is another thing altogether. I used to create a budget then end up spending money on things that I had not budgeted for. In the end, this would always leave me making money mistakes, and losing money on unnecessary expenditure or expenditure that I had not planned for.

Njoro: I went broke after wasting Sh. 4 million on alcohol and parties

I had a major weakness of spending too much money on relatives. Looking back, I have learned that while it is well and good to financially assist relatives, there is a limit to which you can go. It will be a bad money move to leave yourself bankrupt in the name of helping others. if you can teach them how to make a fish hook, they’ll be better placed to go fishing than when you constantly give them fish.

I save money on a monthly basis. I save any extra income the moment I get it. In most cases, I save my money either through the bank. I also save money through a Sacco. This money goes to a lock account which I usually unlock based on my goals and whether the budget for investment goals has been achieved.

I also save money through insurance covers. Since I started saving money through Sacco and these other avenues, I have found that my financial discipline has improved tremendously. I am now able to compound my income through investments and savings. Previously, I used to save money through chamas and merry go round groups. This was not effective at all in comparison to the interests and goals I am now able to achieve.

Focus has always been my best shot in life. Whether you have a small, medium or large project, staying focused is what ultimately takes the idea from paper to reality. When it comes to money, I have learned that the only way to create wealth is by having a good relationship with my finances. This involves being strict and disciplined in the way I handle my income. 

In business, I have learned that failure and mistakes are sometimes part of the game. Even the best businesses in the world can fall or report reduced earnings. But the trick is to never lose focus no matter how hard you fall. Master the art of picking yourself up. Failure isn’t falling down, but falling down and refusing to get up again.

This feature on Leah Muthoni was first published in the Saturday Magazine. The Saturday Magazine is a publication of the Nation Media Group.

Did you love the story? You can also share YOUR story and get it published on Bizna Click here to get started.

Connect With Us




Comments are closed.


error: Content is protected !!