In 2021, Belinda Gladys Kagaju’s finance discipline underwent a significant transformation when she embarked on a Straight Forward Financial Growth course. As an expert in workplace learning, TVET Inclusion, and Gender, she developed a strong desire for saving. To further explore this idea, she engaged in discussions with her friends who shared the same passion and had also completed the course.

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The group of 11 opened a bank account and are each putting aside Rwf20, 000 monthly. According to Kagaju, by next year, the group anticipates investing in real estate and partaking in investment schemes like the Aguka Fund, and others. She, however, noted that they anticipate increasing their savings as they keep the discipline.

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Kagaju believes that everyone should develop the passion and discipline for saving because when emergencies such as accidents, loss of a job, and others occur, one can’t opt for a loan or get stuck.

For her, anyone can start saving from as little as Rwf100. In order to emphasise the importance of saving for the future, October 31 each year is observed as World Savings Day. The theme set up by the International Savings Bank Congress is "Conquer your Tomorrow” through savings!

In this article, financial experts weigh in on innovative ways to personal saving;

Marie Paul Dusingize, a finance lecturer at Institut Catholique de Kabgayi (ICK), said personal saving should be the mind-set.

She explained that people should prioritise saving as one of their basic needs. By doing this, they will include savings in their plans just like they do with other essential needs such as food, healthcare, and housing.

This means that saving should be part of ‘consumption’ and not what remains after consumption, she added.

Dusingize also highlighted that the change of mindset will generate new habits like preparing food at home instead of eating in a restaurant, with time, people will learn to live proportionally to their incomes.

"Keep saving from any kind of income, not necessarily stable and regular salary, and keep a list of priorities that require money and possibly schedule when to buy, and keep separately saving money for unplanned issues like an accident or sickness,” she emphasised.

Alternatively, she urges saving free time for self-training and investing in assets like land, cars, livestock, houses, and others.

According to Teddy Kaberuka, an economic analyst, saving is the next step towards achieving objectives such as investments, trips, and other goals.

He also pointed out that saving should not lose value, emphasizing that money can lose its worth due to inflation, making it unable to purchase what a person wants.

"Innovatively, learn a good practice to save, to generate profits, for example by buying bonds, having deposit accounts that can produce interests, or save in assets instead of having cash in hand as this can gain value with time,” Kaberuka stated.

He also encourages saving by investing in businesses, for example, people in agriculture can have seasonal investments by planting agricultural produce and selling them after a few months.

Kaberuka urges saving via capital market, or foreign currency like dollars, euros, and pounds, as they don’t lose value.

Himanshu Arvind Kapadia, a business consultant at Jali Partners, said saving increases peace of mind and offers one a sense of security to cope with life’s uncertainties.

He added that the best way of saving is to set goals, make a budget, cut down on expenses, pay off debt, automate saving, and try to work extra hours to get some additional income.

To save electricity bills, Kapadia advised using a fan instead of air conditioners whenever possible or opening windows and doors for fresh air.

"Switch off all electric devices when not in use. Every electronic device keeps drawing power even when they’re not in use. Start using energy-efficient light bulbs. LED bulbs usually consume 70 per cent less energy whereas last up to 25 times longer as compared with traditional bulbs.”

To save on groceries, Kapadia encourages cash back credit cards, highlighting that this will not only give you cash back on specific buying but also offer an individual 30 to 45 days before settlement of dues.

He further noted that another way to save is to prepare a list and budget before going shopping, plan your meals in advance, and stick to the list.

Kapadia advises canceling subscriptions like doing exercise at home rather than going to the gym, and reducing streaming options if not in use.

"Try to live below your means so that there is money to invest and understand this cycle as that way, money will pull more money.”