5 Places To Keep Your Money

One Christmas, my parents bought my siblings and I, brightly-coloured piggy banks to keep any money we got as gifts or from odd jobs. These containers came with keys to open them up, but wisely, my parents held onto those. We were only ever allowed access the money when we had been “good”. So, we behaved like little cherubs, and were rewarded with the privilege to spend that money as we saw fit – usually, we bought ourselves treats. This simple reward system was my first experience with saving, and it taught me about discipline, self-control, delayed gratification, and intentional spending. To this day, I still keep a piggy bank, and it has helped me more times than I can count – particularly when I require some quick cash.

We all know that saving means you’re putting money aside as a safety net and to fulfil future goals. It isn’t a one-off decision, but a habit. One that requires a mindset change from YOLO (You Only Live Once) to “future me says – thank you”. That’s why, any time time I use some of my savings, I deliberately replenish them to ensure they never get depleted.

It goes without saying, we all want our money in a safe place that is accessible to us, if or when we need it. Here are 5 different places you can save your money:

  1. A money box or piggy bank. Some people still prefer informal methods, such as keeping money in envelopes at home, hidden in containers, old coats, handbags, or under the mattress, whatever works. This is an easy way to build consistency, despite the glaringly obvious security risk – money kept at home can easily be lost, stolen, or destroyed.

    However, by emptying your pockets at the end of each day and saving that loose change is a great way to start the habit of saving regularly. In order to make this more effective, use a sealed box or container, and give the key to someone you trust to keep you from temptation. As your savings grow, consider safer and more secure alternatives.

  2. Mobile money savings. A popular alternative to banking in Africa is saving money with your telecom provider. Many service providers offer savings sub-accounts where you can set aside a portion of your income and earn interest. The challenge here is accessibility, because the money is so easy to withdraw – having discipline becomes all the more important.

  3. A bank account. An oldie but a reliable and secure goodie. The most effective approach is open separate your accounts – one account for daily transactions, and another high-yield account, strictly for savings. Some banks set limit withdrawals with high fees on savings accounts, while others restrict easy access options to help you stay committed. While these accounts have minimum balance requirements and/or fees, they reward consistency with interest.

  4. Collective savings groups. These include: Savings and Credit Cooperative Organisations (SACCOs), Village Savings and Loan Associations (VSLAs), and other formal or informal collective savings groups. These encourage disciplined saving because withdrawals are not immediate – they require planning and unanimous group approval. As a bonus, members may also receive dividends based on the savings amount they put in.

  5. Unit trusts or money market funds. As your savings grow, consider the money growth options provided by unit trusts. These offer accessibility, security, relative stability, and returns. Although they require a set minimum deposit, they provide you with the opportunity to grow your savings, while limiting your temptation to spend your money frivolously.

No matter which method you choose, the principle remains the same: small, consistent efforts build meaningful money wins and financial security, over time. A wise man once said, “Do not save what is left after spending, but spend what is left after saving." Choose to build better money habits, whether you use a piggy bank, money account, or collective savings schemes.


So, where are you keeping your money, and why? Share and tag it in the comments, or DM me – @KagoTMD on TikTok, Instagram and LinkedIn. I really want to know.

If you're interested in watching full video essays of this and other topics I've discussed here, visit and subscribe to my YouTube channel.

Let’s build your future, together.

Image courtesy of FreePik

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