This post talks about how to save money in Uganda.
According to a study carried out in Uganda, 43 percent of people said a savings account is their greatest financial need,
compared to 31 percent who cited credit — gatesfoundation.
Simply put, saving is income not spent. Or just, deferred consumption. Why would one save? Well, saving can be a lifesaver in case of emergencies like bills, breakages, etc. You can also use your accumulated savings to invest in a business, and so on.
Related: Best money lending loan apps in Uganda
How does one then save? Read on to find out.
Contents
a) Using MoKash
MTN’s MoKash is a service that provides customers the ability to borrow and save using their phones. Customers can save while earning interest or take out short-term loans at a reasonable fee.
To use MTN MoKash to save money, you have to be an MTN subscriber. This means your Sim Card has to be registered with MTN and also Mobile Money.
To use MTN MoKash on your phone, dial *165*5*1#. There you can deposit the amount of money you want to save, withdraw it, you can request a loan from there, you can also check how much money you have saved so far, and lastly, you can set automatic savings whereby a specified amount of money you choose is deducted from your Mobile Money account at a certain recurring time.
b) Using AirtelMoney
With Airtel Money, you can just deposit the amount of money you want to save there.
Some people usually use their mobile money accounts to frequently withdraw and receive money from different people or organizations. It is very hard to save on such accounts since the temptations are high.
It would be better if you had one specific Sim Card for saving with limited receiving or withdrawing activity.
To use AirtelMoney, you have to be an Airtel Uganda subscriber. In case you already are, dial *185# and follow the prompts accordingly.
c) Using MTN Mobile Money
Similar to AirtelMoney, you can deposit your savings on MTN MobMoney.
To use MTN MobMoney, you have to be an MTN subscriber. In case you already are, dial *165# and follow the prompts accordingly.
d) Using a savings bank account
To save with a bank account, open up a savings account with any bank of your choice.
In case you already have a different type of bank account with the same bank, you can link them such that whenever you receive money, a portion of it is automatically deducted and placed in your savings account.
Those are some of the ways to save money in Uganda.
Conclusion
The first three methods are a bit easy to maneuver. After all, you are using your phone to save. And chances are, you regularly use your phone. And these days, there are a lot of Mobile Money vendors who are easily accessible. So you might get tempted.
So, what you have to do is be disciplined when it comes to saving. You decide I’m saving this. And you get it done!
Whereas using a savings account, is tighter. You have to go to a bank and fill in the paperwork to withdraw the savings. By the time you do all this, your mind would have already changed about withdrawing it.
All in all, it is a good habit to save.