Here’s Why Every Teacher Should Be Part Of A Sacco
- Their savings
- Their amount of shares
- Duration of their membership
- Their guarantors.
Why Should Every Teacher be Part of a SACCO?Now, if you have been a little skeptical and/or are having second thoughts on whether you should or shouldn’t join a Sacco, here are the profound benefits.
1. Savings.During this period, it’s really hard to get at least a tenth of your income and save it in a piggybank or on your bank account. As such, you must have some kind of authority that will force you (make you feel the need) to save as insurance for your own future. There are different types of Sacco’s and you can always choose the one that works for you.
- Given both types of Sacco’s, you stand at a higher ground as far as saving is concerned, because either way, you get all your saved money back in one piece.
2. Access to loans.Now, we have seen with both the DT and Non-DT Sacco’s that you can easily save. However, we all know how hard it is to start or maintain a business without a little loan somewhere. This is why a great number of people risk losing the assets they worked so hard to achieve as collateral security. With a teacher’s Sacco, you shall have saved up enough money to work as your collateral security.
- One other bit I love about Sacco’s is you can always increase the amount of money you borrow when you pay your loan in time.
3. Don’t have to downgrade your lifestyle.Now, if there’s something else I like about Sacco’s, it is the fact that you can maintain your lifestyle, and if anything, you don’t have to be overly frugal with your money. When you take a loan from a Sacco, you have to pay back in small installments, which are generally convenient, and to tell you the truth, you shall have enough to keep your business running, and you are still entitled to your lifestyle.
4. Less risk and pressure compared to the banks.
- Members back up.
- No compound arrears.
5. Helps your business life.I bet this is one thing that you are certain of. Right?
- Starting up a business.
- Developing your business.
6. Financial intelligence.Now, you are in this kind of thing where you have an absolute opportunity to harness financial tips that you will learn from the other members of the SACCO. Also, here is the chance that you will learn how to wisely invest because it is hard and hectic to pay back for the money you haven’t used or profited from.
7. Connections and networking.I always love to talk about networking as far as making money and ensuring your financial stability is concerned. In Sacco’s, you shall meet and make friends and acquaintances with people that do the same job as you, and others that work in different fields. With good cooperation and unity with these people, you stand a great chance of winning new friends that can potentially take you to another level as far as business is concerned. Before looking at the core reasons why every teacher should join a Sacco, here is the list for some of the Teachers’ SACCO in Kenya and Uganda.
List of Teachers SACCO in KenyaThe following are some of the Teachers’ Saccos found in Kenya.
- Mwalimu National Sacco Society Ltd
- Metropolitan National Sacco Society Ltd
- Kitui Teachers Sacco Society Ltd
- Nakuru Teachers Sacco Society (Cosmopolitan Sacco Society)
- Mentor Society Sacco Ltd-18,000 Members
- Bondo Teachers College
- Imarisha Sacco Society Limited
- Kilifi Teachers Sacco Society Ltd
- Narok Teachers Sacco Society Ltd
- Rachuonyo Teachers Sacco Society Ltd
- Wareng Teachers Sacco Society Ltd
- New Fortis Savings And Credit Co-Operative Society
- Mwingi Teachers Sacco Society Ltd
- Gusii Mwalimu Sacco Society Ltd
- Elgon Teachers Sacco Society Ltd
- Marsabit Teachers Sacco Society Ltd
- Lamu Teachers Sacco Society Ltd
- Kwale Teachers Sacco Society Ltd
List of Teachers SACCO in UgandaThe following are some of the Teachers’ Saccos found in Uganda.
- WALIMU Cooperative Credit and Saving Society
- Hoima municipality teachers Sacco
- Olio Walimu Sacco
- Uganda Teacher’s Cooperative Savings and Credit Union
- Tororo municipal teachers
- Greater chesower teachers SACCO
- Budadiri primary teachers Sacco
- Bukooma teachers Sacco
- Nasuti secondary teachers Sacco
- Busia Walimu teachers Sacco
- Iganga municipality council
- Moroto high teachers Sacco
- UNATU – Kampala
- Budduda teachers’ Sacco
- Katakwi district teachers Sacco
- Kasubi army primary Sacco
- Madera Walimu Sacco
- Pangisa Sacco
- Ntungamo municipality teachers Sacco
- Mubende mityana teachers Sacco
- Lira Urban teachers Sacco
- Mayuge town council Sacco
- Amuria teachers at work
- Kaberamaido teachers Sacco
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