{UAH} Opening hardware shop building materials accounts: How it works

By Zuurah Karungi

We all wish to build at some point but are always limited by funds as building is costly. Did you know that you can open accounts in hardware shops and deposit any amount you have until you are ready to build? Here is how it works.

Find a trustworthy hardware

John Mukisa a hardware dealer notes that before investing your money, make sure  the hardware shop is genuine. How long has it been in existence? what is the owners reputation? After  getting all the answers you need and the place is okay, you can go ahead and open an account.

Opening the account

Just like any other account opening there should be a written document to show you have opened an account with them, the amount of money agreed on that you will be depositing and how often, eg per week, per day, per month or whenever you get money.

"You should have a witness and this could be your next of kin who will take your place in case anything happens to you," Mukisa notes.

Transparency

Never make any verbal agreement even if the hardware owner is your friend or relative. Mukisa notes that he has seen so many good friends turn enemies just because they trusted each other too much. For transparency make sure you receive a receipt fully signed by the hardware shop owner which you should keep well and produce it in case you want the materials.

An easy mode of saving

Its an efficient mode of saving as you get to buy the materials directly and wont retrieve the money in case of a problem.

How long should you save

Mukisa notes that you can save as long as you want, from two to 10 years depending on the rules of the hardware shop. However its better you save for less than 5 years.

How to save

You can choose to save at once for all materials or save for item per item. for example you can start with nails, then iron sheets, cement, iron bars.

"Its better to save for items that are costly to buy at once first for example iron bars, Cement among others," Mukisa advises.

What are the rules

If you have space at home and are saving per item, you could take the materials home and start on saving for another until you are fully ready, this saves because as time passes, prices change and taking off items could save you a big deal. however you can also leave them there and pick them at once.

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"When a man is stung by a bee, he doesn't set off to destroy all beehives"

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