From your everyday person’s point of view, and it almost always is, financial freedom is deemed a life set aside for the ultra-rich.
Many people have entertained the thought that in order to be able to save properly, a good salary that can comfortably settle all bills, finance indulgences and still have some to spare is the only way.
That no lower or middle class salary is enough to meet even the basic of needs leave alone have some on the side for the future.
For a while, the explanation accompanying the somewhat bizarre belief sufficed but only in ways to make its believers comfortable.
But not anymore.
Today, with a simple inspiration dubbed #52WeekChallenge by M-Shwari, anyone from the self-employed to salaried citizens can start amassing their own wealth and grow it with a goal of securing their future.
How it works
The challenge is a fun way that can help you save money while constantly pushing yourself to double your savings week by week and as time has attested, a year, which consists of 52 weeks, flies by unawares.
It has been estimated that by the close of the final week of the challenge, a loyal and honest saver will have Ksh 68,900 - you can have more it you chose to save more.
The participant makes a deposit of Ksh50 in the first week of the challenge, then a Ksh100 in the second week and Ksh150 in the third week.
The catch is to keep adding Ksh50 every week until the final week where the total amount saved is expected to average at Ksh 2,600.
The advantages with this kind of challenge are quite plenty.
First, the account created for the challenge is a savings account locked until the target amount is reached and/or all the weeks in the challenge have been completed. This, therefore, means that there are no temptations even in the most needy situations.
Secondly, all the amount saved in an M-Shwari account is subject to a 6 percent interest per annum. In this, you get rewarded for securing your future or that of your loved ones.
Finally, since the challenge kicked off in the first week of January, M-Shwari periodically tops up to those who successfully finish a certain round of the saving challenge. For instance, at the end of March, M-Shwari rewarded the first 2,000 people who hit their three-month target with a top up.
The good news is, you can hop onto the challenge at anytime and with whatever amount you want to start with.
