It really is a must do to start building your wealth fund!
Hazina is the way to go...
It has become increasingly common to lose one’s source of income. The impact of losing a job or business is still devastating, if not more so, despite its frequency.
It's smart to start building a fund when things are going well. Begin by creating an emergency fund, which involves setting aside money to cover your living expenses for at least 6 months in case you lose your source of income.
Hazina is an excellent method for building your emergency fund. Once you have a sufficient emergency fund, you can start building a wealth fund, which is an investment fund. This can help you start earning a passive income.
Imagine if your passive income makes up more than 90% of your income! You wouldn't need to work for a living. However, building passive income usually takes years.
This is where Hazina comes in!
Features of Hazina
Wealthy people invest first then spend what is left.
| Product | Hazina |
|---|---|
| Suitable for | For individuals |
| Savings goal | Save part of your salary for use at a later date. |
| Minimum saving at a time | Kes. 5 |
| Availability of savings | Minimum period 1 year |
| Interest rates | Prevailing market rates, depending on the period of investment. |
| Functions of the product | Build a wealth fund |
| Build an emergency fund |
Projecting and Creating Your Hazina Goal
We start with creating a goal. What is the end you have in mind? That is your starting point; is it an emergency fund, retirement fund or wealth fund? Each of them has a different timeline. We help you project where you will be in your plan in the next 1 year, 3 years and 10 years if you were to save 10% of your income.
See below how to do your financial projections and then create a Hazina goal in Givva
Step 1
Identify your earning cycle
Step 2
Project your future savings if you put away 10% of your income
Step 3
Now that you know where you want to go, create your saving plan
Step 4
Would you like to receive your cash in Mpesa or bank? Create your account
Step 5
Congratulations, you have completed creating your goal, review and deposit!
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