Savings, how to Guarantee Successful Savings Plan

Hello dear readers, it is our hope that you are doing fine…………….

As we learn new ways to deal with this pandemic that is facing us, let us also continue learning ways how to ensure we save, and also make saving a habitual culture in our lifestyle,

Last week we talked about the need to have a meaningful purpose for saving as step one to a successful savings plan, if you have not seen it please go through it (on the right-hand side if on a laptop or bottom if using a phone of this blog is a calendar click on the 5th date it will take you to the article) enjoy that read then come let’s continue with this series……………….

We agreed that the goal is to make saving an enjoyable and fun experience, but most importantly to make it a habitual commitment, we started by ensuring that the reason as to why we’re be saving will be aligned with our life goal or purpose whichever word you choose is okay, after ensuring that, the next step is where we start this week………..

Need for an accountability partner, this is however not a must if you’re among the people who are very disciplined and can stick to a commitment without any push or need for a reminder from 3rd party, but if you’re among the group of us that need that extra help, well no problem, let us figure out how to handle that with today’s article……………….

Let’s start by understanding who or what this accountability partner thing is.

Who’s an accountability partner?

This is someone who you can trust with your vision, to not only know it but also help or ensure that you actualize it, they will hold you accountable to the commitment, and push you where need be.

Who should be an accountability partner?

This is a tricky question, so we will not name a person, (since it is not possible) but we will share some qualities that your accountability partner should have.

These include but not limited to:

ü You can be your own accountability partner, this you achieve by opening a savings account than from your primary bank account have a standing order that automatically deducts the savings amount and deposits to the savings account on a certain fixed date or on the agreed intervals.

üAn accountability partner should be someone whom you respect, someone whose opinion means a lot to you, someone who has a stake in your well-being, this in the case you choose an individual. This is most cases works if the two of you are working towards the same goal, if that’s the case the best option is to have a joined savings account, that way each of you is accountable to the other.

üAn accountability partner can be a company or an institution, this in most cases works if you go the investment way, that way you chose on the investment option you want, then identify the company that has the best terms, have a meeting with them, that way you get your investment manager (we’ll discuss investment details next month as promised) then after that your journey to actualizing the investment plan starts.

After you have established which accountability partner option works for you, it’s time to actualize your savings plan.

Now we have to emphasis on the fact that savings are a commitment that you have to make with your mind and soul 1st before you can even start these steps, that is why in our last week’s article we suggested that intertwine the savings plan goal with your life goal or purpose so that it is at the core of your being.

You know I try to share the lessons I’ve learned, so on this particular topic, I went with a company option as my accountability partner, unfortunately I didn’t do good due diligence about the investment options I wanted, this ended up costing me money in ways more than one (we’ll discuss this in details in our investment analysis month) all I will tell you is make google your friend before you can put your money in any venture, read as much as possible, ask around for advice from peers, meet with as many investment analysis professional as you can, then make an informed decision.

If you need help on developing a savings plan or even choosing an accountability partner talk to us, we will for sure guide you on how to start, we can also be your accountability partner, and help keep the commitment you’ll make to yourself.

Take-Home: If you have the personal discipline to stick to a plan, then no need for an accountability partner, if you need help there is no shame in asking for guidance it will not cost you anything, but arrogance or ignorance may end up costing you.

Mbugua & Associates.


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