Succeed in saving and realize your project in Cameroon
You dream to open your restaurant in two years but you don’t know how to make your dream comes true by saving? You will like to open your hair salon but you don’t know how to keep some money for it. Read this article.
In terms of savings, all is about objective, specific project. Your project can be the purchase of your taxi to no longer depend on someone. Opening your store etc. No matter what your project is, it will require investment and therefore saving. It is proved that most of the people who have saving in addition of loan as financial income source of their personal projects have more chance to succeed (Josh Martin, David Myhre, Nisha Singh, 2013. ”saving as the cornerstone: set the basis of financial inclusion”).
In fact, saving is the start point of the financial life of an investor. It must be part of his/her financial lifestyle. However, many believe that in spite of their problems, challenges of daily life and economic context in Cameroon in particular and in Africa in general, it is impossible to save.
Though, a good saving strategy is essential to ensure the sustainability of his/her current and future living standard and therefore realize his entrepreneurship project. That’s what this article is all about whose objective is to present you the tips to succeed in your savings project despite many challenges of daily life.
How to succeed in saving and realize your entrepreneurship project despite of the financial difficulties in our Cameroonian context?
Saving is good, know how to do it is better. Before any savings action, it is important to examine your financial situation, your income status, but also your debts in order to determine the duration and the type of saving to realize according to your project. Once this analysis is done, implement your savings projects by respecting the following steps:
- Define your project start-up budget : it’s to determine the minimum amount of money you will need to launch your project ;
- Evaluate your savings ability: it’s depending on your project to define a monthly savings amount of money. That is the amount of money which you could save every month after you have paid all your monthly charges (rent, nutrition, electricity etc);
- Set the duration of your savings project : determine a deadline to achieve your savings objectives. This deadline is generally function of your project’s start-up budget. It can be 6 months, 1 year, 2 years etc depending on the project that you want to realize and your need. For example, if you save 10 000 Fcfa each month for a project of 200 000 Fcfa, You will realize your project after 20 months of saving equals to 1 year and 8 months.
It is important to keep in mind that time flies when you start your saving project. So, don’t look at the time when you want to save. Get started.
Now that you have all the keys in your hand to start your savings project, don’t wait any longer, start now. The LTN Cameroon’s savings account for example is a secure way for you to get started.
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To get more information on LTN Cameroon’s savings offers, click on the following link http://latontiniere.com/portfolio-item/comptes-depargne/ or contact us by call or whatsapp at 698 08 11 11 or 671 71 72 72