Saving money is a big deal. This fact is rarely disputed. You might wonder why most financial institutions in Kenya are always sending you notifications on why and how you should save to make your life better. They are not just looking for you to make a deposit with them, they understand the importance of saving and how it can empower or get you out of a rut on the day.
Saving is a valuable skill that can improve your financial situation at any stage of your life:
- Childhood- You can save money to buy toys, treats etc.
- Adolescence- We usually receive pocket money when you are in College or university, this amount can be saved to help you buy a car, start a business after you graduate.
- Early adulthood- Money can be saved to put a down payment on a house, wedding or your kids’ school fees.
- Middle age:- You can save money for your retirement package.
Despite the knowledge on the importance of saving, many Kenyans are still not saving. When it comes to doing the right thing financially, just knowing you should save is not enough. This is understandable. It’s difficult to do something you are not used to, especially if you do not have enough money to spare.
We face so many economic challenges in Kenya that the thought of saving is quickly brushed aside in preference to the day to day expenses that affect us. When you talk to a financial adviser, they will tell you that you can save any small amount no matter what amount you are earning. This is true, but it is tough to do something consistently without understanding why you should save money and struggle to do this in the first place.
We all have different ways of doing things and this also applies to our saving plans or strategies. It is however important that we have a clear goal or purpose for the money that we are saving. I am going to jot down a few farming ideas that can act as saving strategies and used by farmers in Kenya or anyone in a position to follow these examples.
Buying one sheep or goat every month at a low price and resell after one year.
If you are not vegan then you know how tasty roasted mutton tastes like. The demand for mutton in Kenya has been growing as the tastes of the urban population becomes more diverse. As a result, the Dorper breed has become the sheep of choice to many sheep farmers in Kenya. The Dorper can turn your idle land into profits just within a year. Sheep farming will not just save your money, it will put it to work and generate income through the following ways;
- Selling of meat (Mutton).
- Selling milk (Not so common but there is a niche market).
For saving and fast income generation, you will focus on raising sheep for meat (mutton). Sheep farming is not demanding. It requires less space and the feed requirement is low. You need one ram for 20-25 sheep, so factor this in your purchase plan. You can get two lambs a year under good management. This means your investment/saving plan will double. For in-depth Sheep Farming analysis please check our guide.
Goat meat is perhaps the most loved meat delicacy by Kenyans. You can find it in nearly all butcheries and restaurants. If you are travelling you will see roadside restaurants branded with the name “Mbuzi Choma Available” meaning you can find roasted goat meat there. GOats can also be kept for milk and sold to hospitals.
The goat is an easy animal to keep. Like its counterpart the sheep, it is not demanding. They can eat low-quality roughages and fetch a good amount of money when sold. The goat, however, needs to be put in an enclosed space because they can cause damage to nearby crops and trees. They are quite the little rascals.
Goats can give birth multiple times in a year. You can get 2 kids per kidding or even 3-4 kids. This means your flock will multiply fast in a short time. For in-depth Goat Farming analysis please check our guide.
You can buy one sheep or goat between Ksh 2,500 – Ksh 5,000 (This price depends with where you are) and resell at Ksh 8,500 – Ksh 20,000 (Depending on the weight). You can find buyers by asking around butcheries, restaurant and hotels.
Buying one bee-hive monthly
When bees have flowers, water and a comfortable to live they will supply you with gold. Liquid gold to be precise. These are the only factors bees need to make honey. The good thing about this is that you will incur close to zero expenses while tending to your beehives.
The potential of Bee-Keeping in Kenya has not been fully realized despite the high demand for natural honey by consumers. This is one market where you cannot go wrong. Don’t hear people who tell you that honey is difficult to sell. This mostly happens to brokers (guys who buy honey from bee-keepers to resell in supermarkets). If you are the bee-keeper, I assure you, your honey will sell within your neighbourhood.
The price for one hive costs between Ksh 3,000 – Ksh 5,000. It is, however, cheaper to build your own hive. It can save you nearly half the total purchase amount.
One modern Langstroth bee-hive can produce up to 40 Kgs of honey per year. One Kg of honey costs between Ksh 500 – Ksh 800 (Depends on your location etc). Do the math. You can save while earning.
Well, there you have it. These are just a few of many saving/investing ideas you can do to take care of yourself in various stages in life. Saving money is at the heart of all healthy financial strategies. Learn how to save money consistently…even when you feel broke.
If you have any other working ideas/thoughts that you would like to share with us, please write them down in the comment section below. I am sure we would all love to benefit from your wisdom 🙂