Money saving habits that will help you become a millionaire in Kenya at age 30


There are money saving habits you should adopt in Kenya especially if you are under 30 for you to become a millionaire. The most shocking thing in Kenya is that young people don’t believe in saving, they say that there is still time. It’s only after reaching age 40 that they discover that they needed to save money. But the fact of the matter is, those who start saving early have an easy life afterwards.

Before you start saving, here are the habits you should stop if you want to progress financially.

  • Stop gambling

Gambling can eat into your finances and deny you the opportunity to save money. Gambling can be addictive, you can find yourself spending up to ksh20, 000 per day and losing all the money.

  • Limit the number of girlfriends

The more the girlfriends the more money you’ll be spending. You should limit the number of girlfriends you have if you wish to save decent money. If possible marry and avoid women.

  • Regulate/stop alcohol intake

One of the things that can ruin your life is alcohol. You should regulate alcohol intake. Excessive consumption of alcohol can consume a lot of finance, it can even make you lazy and less productive.

  • Don’t buy a personal car if your income is not enough

If your income is low, don’t buy a personal car. If you own a car, you will be spending at least Ksh5, 000 extra per month, money could otherwise save.

  • Avoid mobile loans

Mobile loans can mess you. You will develop the habit of borrowing, get addicted and spend the money carelessly. Mobile loans should be used for boosting business.

In general, avoid debts.

  • Don’t have many children

If you don’t have enough money to spend on your children avoid giving birth to many children. Imagine if your salary is Ksh100, 000 and you have 7 children, will you manage to save anything? If possible, get 1 or two children and close the chapter. It’s easy to feed and keep 2 children, even the house you will rent won’t be big.

  • Don’t be too generous

Many tycoons are very stingy. They are stingy not because they were born so but due to the circumstances surrounding money. They realized that most people were taking advantage of their generosity to exploit them.

In order to be able to save, you must avoid giving money to anyone, just give to needy cases only—selective ones.

  • Avoid living with relatives in your house

Don’t be fond of living with relatives in your house. Most of these people won’t appreciate that you helped them. When living with them in the house, they will add more expenses to your budget.

After making the above adjustments, follow these saving habits in order to become a millionaire:

  • Join a Sacco

Join a reliable Sacco and start saving part of your monthly income. In a Sacco you will save in Savings account, you will invest in shares and earn dividends. Through your savings you can buy and build on your land. Most Saccos buy land for their members.

Saccos also offer loans. You can save for a couple of years, take a loan and invest the money.

  • Save money in Fixed Deposit Account

Instead of saving money in savings account, open Fixed Deposit Account and instruct your bank to credit the account every month. You will only withdraw the money after a certain period of time, hence instilling financial discipline.

KCB, Stanbic Bank, Cooperative Bank, NCBA, Housing Finance and Standard Chartered Bank are among the best banks to open Fixed Deposit account in Kenya.

Fixed Deposit account by most banks pay 3% to 6% interest on savings.

  • Save your money in Money market Fund

Nowadays people are joining Money Market Fund in droves, because they have realized it’s very profitable. Money Market Fund pays up to 10% on the savings.

Immediately you get employed, register for Money Market Fund and save as little as Ksh 1,000 monthly.

  • Live within your means

If there is something good you can do to your life is to live within your means—don’t spend beyond your financial limits. Living within your means helps you to avoid debts.

  • Marry someone who can boost your finances

Don’t marry someone whose only work is to consume, marry someone who can also work and contribute to the growth of the family. You will grow faster when each one of you brings something to the table.

  • Don’t rely on employment only

Relying on employment only will make you not to grow faster. Set up a small business that’s profitable and hire someone to work for you. Money from the business can be used to run your home as you save your salary.

  • Buy shares in profitable companies

Invest some of your income by buying shares in companies like Safaricom.You will be earning dividends annually.

  • Save before you spend

Develop the habit of saving before you spend. If possible, instruct your bank to debit the savings before you touch the money.This habit will help you to save as much money as possible.


Please enter your comment!
Please enter your name here