Finance Expert Shares Tips To Meet Savings, Investment Targets In 2024: "New Year Resolutions"

• The personal finance and insurance expert said that one needs to have a suitable savings target before the end of the year
• He advised Kenyans to save their money through market money funds, and once they reach their targets, re-invest in other assets
• Money market funds often invest in treasury bills and are managed by the Communications Authority of Kenya

Elijah Ntongai, a journalist at TUKO.co.ke, leverages more than three years of expertise in financial, business, and technology research, providing insights into both Kenyan and global economic trends.

A personal finance expert has offered advice on how individuals can achieve their savings goals in 2024 and avoid regressing before reaching the halfway point, a common trend among those passionate about saving.

According to his post on X, one needs to adopt a saving strategy that will allow them to reach a set target, adding that if they hit the target before the set time, they need to pump the money into a viable investment option by the end of 2024.

"To keep up the resolve, set a personal target like 100K, 200K or 300K by December 2024. It depends on your situation. Once you have accomplished that, you can start investing in other assets," tweeted @cheruiyotkb.

He further recommended that savings are best done through money market funds.

"If seeking to get started on savings or investments, money market funds are a good start, as you learn other options," he added.

What are money market funds?

The Capital Markets Authority (CMA) in Kenya oversees the regulation of money market funds.

A money market fund, offered by investment companies, banks, and brokerage firms, is a mutual or unit fund specialising in short-term, low-risk debt securities, providing investors with a stable option to save their money and achieve modest returns.

They engage in investments across diverse instruments, including government Treasury bills, commercial paper, certificates of deposit (CDs), repurchase agreements, and short-term corporate debt.

When to invest in a money market fund

Investors frequently utilise money market funds as a cash management tool or a temporary repository for funds not required immediately.

These funds provide convenient access to invested capital, enabling swift redemption of shares and quicker access to funds, often yielding superior returns compared to bank-fixed deposit accounts due to compounded interest.

Kenyan author shares savings tips for 2024

Earlier, TUKO.co.ke reported that most Kenyans on social media have disclosed that they join money-saving groups or apply new financial literacy skills to boost their income and increase their wealth.

Kenyan content creator and author with a penchant for financial growth, Llewellyn Ouya, shared some of the tips he believes will help his fellow citizens increase their income and stabilise their economic status in 2024 as 2023 draws closer to an end.

Ouya took to his Facebook account to share ten tips he hoped would help Kenyans amass more money and grow financially in the coming year.