Achieving Financial Freedom with Your Career

Saving Techniques For Employees

By Detricia Pamba

In this article I compile for you a few techniques for employees to be able to save some money while working on a 9 to 5:

Play With The 60/40 Rule

vice versa is true. Playing by this rule will ensure that you always have something that is saved up in your bank account regardless of your spendings. The money you earn can help you start a side business or even invest the money in other things like the stock market or real estate.

Open A Savings Account

There are a lot of banks a savings account, what’s more interesting that that they are account for savings, this will help you not to spend the money you save, and with the interest in the picture, you will be able to save more money freedom you want.

Don’t Spend Your Paycheck Before Receiving It

This is the code word for debt. Spending your paycheck before receiving it is when you take loans or buy things that you may not even need, promising to pay after you receive your salary. This will set you back from your way you get your salary, you will have to pay for debts instead of saving your money.

Never Spend More Than What You Earn

If it is possible, you are advised income. Since this is highly impossible for most workers, at least try not to spend more things that are not important, minimize your budget for luxury things and live within your budget by keeping track of your spendings. Remember that spending impulses won’t freedom.

The art of making and saving money is one that needs so much discipline. As an employee, they major advantage you have is knowing how much money you earn in a day or month, hence helping you to make a clear budget within your means. With patience and discipline, freedom.

Picture Courtesy of Ali Hamisi

WHY BUSINESS SHOULD USE M-PESA PAY BY PHONE?

THE POWER OF M-PESA

•Vodacom M-Pesa Customers: 7.4 Million •Balance in customers wallets: TZS 440 billion •Monthly Transactions: TZS 2.6 Trillion

Lipa Kwa Simu is an opportunity for businesses to share customers wallet & M-Pesa ecosystem.

EXCELLENT FEATURES AND BENEFIT OF PAY BY PHONE

1) Pay by Phone is fully interoperable. (you can receive payments from all Mno’s and Banks) 2) Real time Settlement to Bank (Merchant can send money Instantly to Bank) 3) Auto roll up from multiple stores to main till for medium & Cashless merchants 4) Auto sweep to the bank account (funds transfer themselves to the bank) 5) Free bank transfer (if merchant banks with

NMB, NBC & CRDB only) 6) QR code for errorless scan-and-pay 7) High security Solution, no risk of fake notes or cash robbery/theft, no hassles for change 8) Better record-keeping as all transactions are digitally logged and accessible via web application. 9) Digital records can facilitate loan facilities from banks/MFIs 10) Lipa Kwa Simu transactions cannot be reversed by payer, unlike P2P’s transactions 11) Merchant can collect fund and pay to other merchants or perform bill pay transactions 12) Merchant can cash-out at M-Pesa Agent 13) Web portal is available for reporting and visibility people is available

KYC REQUIREMENTS - WHAT YOU NEED TO BECOME M-PESA MERCHANTS

Any business person/merchant is entitled to get Lipa Kwa M-Pesa solution but must have below list of valid KYC documents; 2.Business License 3.Entrepreneur TRA ID 4.National ID 5.*MOU or Extract from Registrar's and or

Introduction letter from respective authority 6.Settlement Number and or Bank Account

For more information on M-Pesa pay by phone, Contact Vodacom at 0754-711791 or email to chuls001@vodacom.co.tz