13 Easy Tips On How To Save Money In Kenya
Financial freedom is what everybody aspires to have and saving money is just one among the many ways of achieving financial freedom.The ability to save money is not an easy one; for some it comes naturally but for some it has to be learnt.This article looks at 13 ways on how you can save money as a Kenyan and thus assist you towards your journey to financial freedom.
1.Use cash as opposed to Credit cards: Most of us have credit cards, but one thing that you should about credit cards is that the money is not yours, you have to repay it back eventually if you use it.Try as often as possible to use cash when shopping and rely less on credit cards.
2.Avoid hidden charges: In case you decide to use a credit then make sure you do not incur other charges that you could have avoided altogether e.g.
3.Create a Budget: Get into the habit of making a budget before you start spending your hard earned money.The only way to track your expenses is to come with an effective budget that caters for all your necessities and even leaves you with a little extra for that uncertain future.
4.Learn the art of saving: Always strive to leave a certain percentage of income to go towards your savings kitty.We live in an uncertain world and emergencies usually occur like job lay-offs and the impact of such occurrences can mainly be mitigated by savings.Another good reason to save is retirement.We must strive to put aside some money for our sunset years.
5.Do not keep up with the Joneses: You cannot save money if you keep on buying stuff just because your friend, colleague has just bought something.Live according to your means and purchase only the things that you deem necessary and useful to you and not just because your neighbor has purchased something!
6.Compare prices first: Always try to compare product prices before you decide on buying anything first, because you may just find a place where the product prices are heaving discounted for the same product.
7.Cook at home: Many people just don’t know how cooking at home can save you some money.Always try to prepare your own food as much as possible unless you cannot avoid it.
8.Carry Packed Lunch to Work: If you can carry packed lunch to work then do it.This will save you the costs of eating out or ordering for lunch.
9.Shopping in bulk: Whenever you prepare that shopping budget, try to make bulk purchases as this will save you money as opposed to buy things in smaller quantities.Bulk items are very often cheaper than several smaller packages.
10.Go slow on the beer drinking: Most people spend more over the weekends on beer than the rest of the days combined! Why save your money only to drain it all over the weekend? Not a wise move at all.Try to reduce the quantity of beer that you drink and you will just realize how much money you can end up saving in a year.
11.Cut down on your Smoking: If you smoke, then please cut down on the number of cigarretes that you smoke.This initiative will not only save you some money but it will also ensure you live a healthy life.
12.Save on Water: Saving on water can also help you to save your money because you will pay less water bills and have more cash to save.Just make sure to tighten all those loose taps and never leave running taps.
13.Cut down on electricity costs: The cost of electricity has risen in the past few years and people are finding themselves with enormous electricity bills which could have been easily avoided with a few energy saving measures.
The art of saving money does not come easily, but with constant practice and a little devotion, you will eventually get it right and eventually be on the right path towards your financial freedom.