4 ways to save as financially unforgiving back to school season beckons ▷ Kenya News

The August holiday season is fast wearing away. In few days, schools will re-open for third term.

As it is the norm for every new term, anxiety is already being felt especially by parents whose children will be seating for national exams later this year.

Traders are also in a haste to restock stationery, uniforms among other supplies purchased by students as they head to school.

For most parents and guardians, this period usually brings them to their knees financially as a result of huge expenses on school fees.

What, however, remains to be aspiration of parents, learners and traders is the need to cut down on expenses and capitalise on returns.

But how can this be achieved when need for spending is inevitable?

1. MCo-op Cash

This is an application from Co-op Bank that allows a user to make financial transactions.

It is available on Google Play Store and what is exciting about it, is that it does not charge anything when you send cash between MCo-op Cash accounts.

Parents and teachers are highly encouraged to embrace its use as the former can conveniently send pocket money to their young ones using it.

It also allows the bank's customer to access up to KSh 200,000 as salary advance and KSh 500,000 as business loan.

2. Co-op Cards

This is a universal method for making payments at any Visa accredited merchant.

It can either be in Co-op Bank credit or debit card which a parent or guarding can as well use to pay school fees and shopping in supermarkets.

Business players can use it to keep money and only spend when need arises.

Since it requires security authentication before use, it cushions the money from thieves even when it is lost.

This cards does not levy any tax or deductions when swiped.

3. Kwa Jirani Agent

Parents can use Co-op Bank agents to pay school fees and they will be provided with a slip as proof of payment.

They can also send pocket money through Kwa Jirani Agents to avoid traveling to school every now and then. It reflects immediately.

For business people, Kwa Jirani Agents enable them to pay suppliers as well as safely bank their daily proceeds.

4. M-collection services

M-Collection is highly recommended for organisations or institutions that collect money from clients or customers.

The following are some of the categories available at Co-op Bank:

• M-Karo for school fees
• M-Bima for insurance schemes
• M-Sacco for collecting money in Saccos
• M-Sadaka for offerings and tithes in churches
• M-Chama for collecting contributions from chama members
• M-Kodi to help real estate firms collect rents among other charges from tenants

Any player in need of a till number for such purposes should visit a Co-op Bank Branch near them they will be opened for them.

Depositing cash in till numbers is cost effective as it does not require a customer to travel to the firm, school or organisation to make payments.

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Source: Kenya Breaking News Today