Everyone is looking for money saving tips in 21st Century during this harsh economic times. The living standards to most of the middle income earners is costly. This may leave them with nothing to save for future investment or even to organize for a family vacay somewhere in Diani.
Below are quick and easy ways to managing your personal finances and expenses.
- Avoid transactional charges. If your current bank account charges you fees, you might consider switching to a bank or an account that offers you ways to keep your account hassle free.
- Create a budget. By creating a budget, you’ll be able to see where you can cut back your expenses and save money each month.
- Making a shopping list and stick to it. Instead of going to the supermarket without a plan, try creating a shopping list and not straying from it. This way you won’t be tempted to buy things you don’t absolutely need, more so on the cookies and ice creams.
- Save loose change. Save money by storing those coins in a jar. Once the jar is full, you can cash in the change at your bank and deposit the money into a savings account.
- Cancel unused memberships. I get it, you got psyched up in the beginning of the year that you decided to join your local gym, which you faithfully attended the first 3 weeks then your consistence went up to the sky, but you still faithfully paying for the membership?
- Avoid dining out. Dining out is expensive. You can save a ton of money each month by simply eating at home. And if you have to eat out for an event or because you’re running low on time, you won’t feel guilty spending the money because you’ve been saving all month.
- Cancel subscriptions that you don’t need. Honestly you cant be paying for DSTV plus Netflix, then Internet. It make no financial sense
- Make coffee at home. Spending more than Ksh 600 bob in Java twice or thrice in a month translates to Ksh 14,400
- Take advantage of warranties. These service contracts offset the costs of expensive home or car repairs. With established monthly or annual costs, you and your budget won’t be caught off guard by an unexpected bill.
- Shop generic. This may sound not logic but hey, generic items are just as good as their name brand counterparts. and most of generic items function even better than the original and they are very cheap.
- Take a Matatu. I get it, you have a ride, but sometimes the gas be gassing up your money just do the calculation, then adding on it the parking fees.