The decision to get yourself out of debt is a life changer if you are willing to make the necessary commitment that goes with that.

We all know that “aaahhh”, feel-good sensation that comes with clearing a loan that has been weighing you down.

Paying off debt can be very frustrating and therefore should be done as fast as possible but also not blindly in a way that it can cripple your finances.

A major reason why a majority of Kenyans end up not clearing their loans and get auctioned in the process is that they still want to live large or maintain their lifestyle despite committing to a huge loan.

Some of the best strategies to pay off your loans faster include:

1. Make additional payments

If you can afford it, make larger payments to cut the principal more quickly and reduce the total payoff time.

By reducing the principal balance, you’re minimizing the duration of the loan period and the interest accrued.

2. Have a budget

Not knowing how to manage finances properly can prevent you from paying off your loans quickly. 

You need to have a budget and stick to it.

By planning and understanding your monthly cash flow, you can make some necessary sacrifices and avoid falling off the budgetary wagon.

This will ensure you move faster in clearing your loan.

READ ALSO: ‘Pesa Kidogo Kula Yote’ And 6 Other Crazy Money Myths Pulling You Down

3. Don’t overthink it

As we mentioned earlier, don’t overwork yourself because it might lead to more trouble.

Pay what you can and try to go the extra mile but don’t overstretch yourself too much because it might lead to a collapse of your finances.

4. Talk to an advisor/ Financial expert

The best way to understand finances is to seek help from an advisor. Like we normally say here at Marketcap Trainers, the knowledge you have got you where you are, and if you need to go to the next step, you need an extra set of knowledge.

Speaking to a financial advisor might show you more ways you can clear your loans, stop the small financial leakages weighing you down and finally, make sobber financial decisions.

5. When income increases, keep expenses the same

If you earn a pay raise or accept a new job with more money, congratulations but stay calm!

Increasing your income is a great way to set yourself up for long-term financial success. But there’s a catch: Earning more money only helps in the long run if you can keep your expenses the same, thus allowing you to save and invest more money each month than you were previously.

Think of it as a bonus each month that can be used to fund your savings goal or pay off high-interest debt. If you can keep your lifestyle at the same level, you can build significant wealth over the course of your career.

READ ALSO: Jipange! Budget For A Road Trip Like A Pro With These 9 Secrets From Market Cap Trainers

6. Create automatic payment plan

Having the discipline to pay your loan on time is a sure way to move fast. Automate the payment and avoid skipping remittance to avoid fines.

Ideally, the money should be pulled the same day you receive your paycheck, so it never even touches your hands, avoiding temptation entirely. Remember “idle” money will always get “a job” there you should pay off your loan before anything comes up.

These are just but a few examples. At Market Cap Trainers, we offer personal finance education, Investment opportunities and other financial services. Just reach us through our contacts: Info@marketcap.co.ke or 0765 093983 for any inquiries.

60 Replies to “6 Habits That Will Help You Pay Off Your Bank, Sacco Loan Faster In Kenya”

  1. This is the right website for anybody who wants to find out about this topic. You understand a whole lot its almost tough to argue with you (not that I personally would want toÖHaHa). You definitely put a new spin on a topic which has been written about for years. Excellent stuff, just excellent!

  2. May I just say what a comfort to uncover somebody who truly knows what theyre talking about on the internet. You actually know how to bring a problem to light and make it important. More and more people should look at this and understand this side of the story. Its surprising you arent more popular because you certainly have the gift.

  3. Useful information. Fortunate me I found your website accidentally,
    and I am stunned why this twist of fate did not came about in advance!

    I bookmarked it.

  4. It’s hard to come by knowledgeable people on this
    subject, however, you sound like you know what you’re talking
    about! Thanks

  5. I have been surfing on-line more than three hours as
    of late, yet I by no means found any attention-grabbing article like yours.
    It’s pretty value sufficient for me. Personally, if all
    webmasters and bloggers made just right content material as you did, the net
    will likely be much more helpful than ever before.

  6. At this time it appears like BlogEngine is
    the preferred blogging platform available right now.
    (from what I’ve read) Is that what you are using
    on your blog?

  7. I absolutely love your blog and find nearly all of your post’s to be just what I’m looking for.
    Does one offer guest writers to write content available for you?
    I wouldn’t mind creating a post or elaborating on a lot of the subjects you write about here.
    Again, awesome website!

  8. Hey there! I know this is somewhat off topic but I
    was wondering if you knew where I could get a captcha plugin for my comment
    form? I’m using the same blog platform as yours and I’m having difficulty finding one?
    Thanks a lot!

  9. Fantastic beat ! I wish to apprentice while you amend your web site, how could i
    subscribe for a blog web site? The account helped me a appropriate deal.
    I have been a little bit familiar of this your broadcast provided vivid
    transparent concept

  10. I’m curious to find out what blog system you happen to be
    working with? I’m having some small security issues with my
    latest blog and I’d like to find something more safeguarded.
    Do you have any solutions?

  11. My family members always say that I am wasting my time here at web, but
    I know I am getting familiarity all the time by reading thes nice
    content.

  12. Its like you read my mind! You appear to know
    so much about this, like you wrote the book in it or something.
    I think that you can do with some pics to drive the message home
    a bit, but instead of that, this is excellent blog.
    A fantastic read. I’ll definitely be back.

  13. Hi, I do believe this is an excellent web site. I stumbledupon it 😉
    I am going to revisit once again since I
    book marked it. Money and freedom is the greatest way to change, may you be rich
    and continue to help other people.

  14. Your style is unique compared to other folks I have read stuff from.
    I appreciate you for posting when you’ve got the
    opportunity, Guess I will just book mark this site.

  15. I visited many web pages however the audio quality for audio
    songs current at this site is in fact fabulous.

  16. What’s up, everything is going perfectly here and ofcourse every one is
    sharing information, that’s genuinely fine, keep up writing.

  17. I’m more than happy to uncover this page. I want to to thank you
    for ones time just for this wonderful read!! I definitely savored every part of it
    and I have you saved as a favorite to see new information on your
    web site.

  18. Spot on with this write-up, I actually believe that this site needs far more attention. I’ll probably
    be returning to see more, thanks for the advice!

  19. I was suggested this blog by my cousin. I
    am not sure whether this post is written by him as nobody else
    know such detailed about my problem. You are amazing!

    Thanks!

  20. Thanks , I have recently been looking for info approximately this topic for a while
    and yours is the best I’ve discovered till now. But,
    what concerning the conclusion? Are you certain in regards
    to the source?

  21. I’m truly enjoying the design and layout of your website.
    It’s a very easy on the eyes which makes it
    much more enjoyable for me to come here and visit more often. Did you hire out a designer to create your theme?
    Great work!

  22. Wow, awesome weblog format! How lengthy have you been running a blog for?

    you made blogging look easy. The full look of your website is magnificent,
    let alone the content material!

  23. Pretty section of content. I just stumbled upon your weblog and in accession capital to assert that I
    acquire in fact enjoyed account your blog posts. Any way I will be subscribing to your feeds and
    even I achievement you access consistently quickly.

  24. I constantly emailed this weblog post page to all my
    contacts, for the reason that if like to read it afterward my
    links will too.

  25. I do not know if it’s just me or if perhaps everybody else encountering
    issues with your site. It appears as though some of the text on your posts
    are running off the screen. Can somebody else please comment and
    let me know if this is happening to them as well? This
    might be a problem with my web browser because I’ve had this happen before.
    Cheers

  26. Link exchange is nothing else however it is simply placing the other person’s webpage link on your page at proper place and other person will also do same in support of
    you.

  27. Hello to every , for the reason that I am really eager
    of reading this webpage’s post to be updated on a
    regular basis. It carries fastidious data.

  28. I like the valuable information you provide
    in your articles. I’ll bookmark your blog and check again here regularly.
    I’m quite sure I’ll learn lots of new stuff right here!
    Best of luck for the next!

  29. I do not even know the way I finished up here, however I thought this post used to be great.
    I do not recognise who you’re but definitely you’re going to a famous blogger should you aren’t already.
    Cheers!

  30. Very great post. I simply stumbled upon your weblog and wished to mention that I
    have truly loved surfing around your blog posts.
    After all I’ll be subscribing to your feed and I’m hoping you write once more soon!

  31. When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added
    I get four e-mails with the same comment. Is there any way you can remove people
    from that service? Cheers!

  32. Excellent site. Plenty of helpful information here.
    I’m sending it to several friends ans also sharing in delicious.
    And certainly, thank you on your sweat!

  33. Howdy! I understand this is kind of off-topic but I needed to ask.
    Does building a well-established blog such as yours require a large amount of work?
    I am brand new to running a blog however I do write in my diary daily.
    I’d like to start a blog so I can share my personal experience
    and views online. Please let me know if you have any ideas or tips for new aspiring bloggers.
    Appreciate it!

  34. Wow that was unusual. I just wrote an extremely long comment but after I clicked submit my comment didn’t show
    up. Grrrr… well I’m not writing all that over again. Anyways, just wanted
    to say excellent blog!

  35. Superb site you have here but I was wondering if you knew of any
    user discussion forums that cover the same topics discussed in this article?
    I’d really love to be a part of online community where I can get comments from
    other experienced individuals that share the same interest.

    If you have any suggestions, please let me know. Cheers!

  36. You really make it seem really easy with your presentation however I
    find this topic to be really something that I feel I’d by no means understand.
    It sort of feels too complicated and very broad for me. I’m looking forward on your subsequent post, I’ll try to get the hold of it!

  37. Write more, thats all I have to say. Literally, it seems as though you
    relied on the video to make your point. You obviously know what youre talking about, why
    waste your intelligence on just posting videos to your site when you could be giving us something enlightening to read?

  38. I relish, lead to I discovered exactly what I was looking for.
    You’ve ended my four day lengthy hunt! God Bless you man. Have a nice
    day. Bye

  39. I delight in, cause I found exactly what I used to be taking a look for.
    You’ve ended my 4 day lengthy hunt! God Bless you man. Have a great day.
    Bye

  40. I blog often and I seriously appreciate your information. This great article has truly peaked my
    interest. I’m going to book mark your website and keep checking for new
    information about once per week. I subscribed to your Feed too.

  41. Hi there, the whole thing is going sound here and ofcourse every one is sharing data, that’s really good, keep up writing.

  42. This is a topic that is near to my heart… Cheers! Exactly
    where are your contact details though?

  43. Hello there, You’ve done a fantastic job. I’ll certainly digg it and personally suggest to my friends.
    I’m confident they’ll be benefited from this web site.

Leave a Reply

Your email address will not be published.