The best money saving apps 2020 have made it possible for individuals in Kenya to manage their finances effectively, save money, and achieve their financial goals. With the rise of digital banking and mobile payments, saving money has become easier and more accessible than ever.
Understanding the Importance of Budgeting
Budgeting is the foundation of saving money, and it’s essential to create a budget that suits your needs and financial goals. A budget helps you track your income and expenses, identify areas where you can cut back, and make informed financial decisions. In Kenya, where the cost of living is high, budgeting is crucial for managing expenses and ensuring financial stability.
According to a survey conducted by the Central Bank of Kenya, the majority of Kenyans struggle with budgeting and saving money. The survey found that the top reasons for not saving money include lack of income, high expenses, and debt. However, with the help of budgeting apps, individuals in Kenya can now manage their finances effectively and achieve their financial goals.
The Benefits of Using Budgeting Apps
Budgeting apps offer numerous benefits, including increased financial transparency, improved budgeting, and enhanced savings. These apps allow users to track their income and expenses, set financial goals, and receive alerts and notifications to stay on track. In addition, budgeting apps often offer features such as bill tracking, investment tracking, and credit score monitoring.
Some of the popular budgeting apps in Kenya include M-Pesa, Equity Bank’s Eazzy Banking, and Lipa Later. These apps offer a range of features, including mobile banking, bill payments, and savings accounts. By using these apps, individuals in Kenya can manage their finances effectively, save money, and achieve their financial goals.
Popular Budgeting Apps in Kenya
Here are some of the most popular budgeting apps in Kenya:
Pesalink – A mobile banking app that allows users to send and receive money, pay bills, and save money.
Kopo Kopo – A mobile wallet app that allows users to store cash, send money, and pay bills.
Branch – A mobile banking app that offers financial services, including savings, credit, and insurance.
OkHi – A mobile app that provides financial services, including savings, loans, and insurance.
Features to Look for in a Budgeting App
When choosing a budgeting app, there are several features to look for. These include:
- Simple and user-friendly interface – A budgeting app should be easy to use and understand.
- Financial tracking and analysis – The app should allow users to track their income and expenses, and provide analysis and insights to help them make informed financial decisions.
- Goal-setting and reminders – The app should allow users to set financial goals and receive reminders to stay on track.
- Budgeting tools and templates – The app should offer budgeting tools and templates to help users create a budget and track their expenses.
- Security and encryption – The app should have robust security and encryption measures to protect users’ financial data.
Using Budgeting Apps to Save Money in Kenya
Using budgeting apps is a great way to save money in Kenya. By tracking your income and expenses, setting financial goals, and receiving alerts and notifications, you can stay on track and achieve your financial goals. Additionally, budgeting apps often offer features such as savings accounts, investment tracking, and credit score monitoring, which can help you save money and improve your financial stability.
For example, M-Pesa’s savings account allows users to save money and earn interest. Similarly, Equity Bank’s Eazzy Banking app offers a savings account with a competitive interest rate. By using these apps, individuals in Kenya can save money and achieve their financial goals.
Top Picks for the Best Money Saving Apps of 2020
In a year where saving money became more crucial than ever, numerous apps emerged to help users achieve their financial goals. Here are some of the top-rated money saving apps of 2020, categorized for easier comparison.
| App Name | Rating | Features | Monetary Savings Potential |
|---|---|---|---|
| Qapital | 4.8/5 | Automated savings, spending tracking, budgeting | $1,000/year |
| Digit | 4.7/5 | Automated savings, round-ups, savings goals | $500/year |
| Acorns | 4.5/5 | Micro-investing, savings goals, retirement planning | $300/year |
| Empower | 4.6/5 | Budgeting, expense tracking, savings goals | $700/year |
| Wally | 4.4/5 | Budgeting, expense tracking, savings goals | $400/year |
In conclusion, these top money saving apps of 2020 offer a range of features and savings potential to suit various financial needs. By choosing the right app and staying committed to your savings goals, you can make significant progress in achieving financial stability.
Ready to start saving? Try out one of these top-rated money saving apps today and take the first step towards a more secure financial future!
FAQs: Saving Money in Kenya with the Best Budgeting Apps of 2020
Q: Which budgeting apps are suitable for Kenyans in 2020?
The best budgeting apps for Kenyans in 2020 include M-Shwari, Lipa Na M-Pesa, and Kopo Kopo. These apps allow users to manage their finances, create budgets, and save money efficiently.
Q: What are some common features of budgeting apps in Kenya?
Common features of budgeting apps in Kenya include bill tracking, expense management, savings goals, and investment options. These features help users stay on top of their finances and achieve their financial goals.
Q: Can I use budgeting apps for free in Kenya?
Yes, some budgeting apps in Kenya are free to download and use. However, some apps may charge fees for certain services, such as transaction fees or interest rates on savings accounts.
Q: How do I choose the best budgeting app for my needs in Kenya?
To choose the best budgeting app for your needs, consider factors such as ease of use, features, fees, and customer support. You may also want to read reviews and ask for recommendations from friends or family members who have used similar apps.
Q: Can I use budgeting apps on both Android and iOS devices in Kenya?
Yes, many budgeting apps in Kenya are available on both Android and iOS devices. This allows users to access their accounts and manage their finances on the go, regardless of the device they use.
Conclusion: Putting Your Money Saving Skills to Work
In this article, we’ve explored the importance of budgeting and saving in Kenya, highlighting the benefits of using the best money saving apps of 2020. By adopting these apps and adopting a more mindful approach to finances, Kenyans can make significant strides in securing their financial futures. According to a report by the Central Bank of Kenya (CBK), the country’s savings rate stands at 14.3% of GDP, leaving much room for improvement (CBK, 2020).
Key Takeaways and Quick Tips
* Set clear financial goals and prioritize needs over wants
* Regularly review and adjust your budget to stay on track
* Avoid unnecessary expenses and fees
* Consider using online loan platforms like Kopacash for emergency funding
Clear Next Steps
1. Download and start using one of the best money saving apps of 2020, such as M-Pesa or Kasha
2. Review your current budget and identify areas for improvement
3. Set aside a small portion of your income each month for savings and emergency funds
Kenya’s Financial Landscape
Here are some key statistics to keep in mind:
| Statistic | Year | Value |
|---|---|---|
| Savings rate as a percentage of GDP | 2020 | 14.3% |
| Population living below the poverty line | 2019 | 38.5% |
| Unemployment rate | 2020 | 7.1% |
Don’t let financial uncertainty hold you back. Visit kopacash.com today to apply for a fast and secure online loan, and take control of your financial future.
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