Savings tips

Saving culture is not usually taught nor practised by people when growing up. Majority of households, finances are discussed between spouses or the decision lies with the breadwinner of the house. But you are not late to learn a few tips and tricks to manage your finances for more investment opportunities in the forthcoming days. Here they are:

?Ensure that you Keep track of your spending. If you know where your money is going it will be easier to make changes if you need to and adjust accordingly. Endeavour to use apps that assist you to find out where your money is going mostly. It can help you save costs.

Ensure you ? Separate wants from needs. Do you really need a double-sized refrigerator? When money is tight it should not be spent unless absolutely necessary.

Do not use your credit to pay your bills. While it may make things easier now, using credit only increases your monthly payments in the forthcoming days.

?Save regularly. Have some of your paycheck directly deposited into your savings account or set up an automatic transfer each month from your checking to your savings account.

??Check your insurance policies. Review the coverage for all your plans. You may have too much and be wasting money or too little and not be adequately covered.?

?Be very prudent about spending a significant amount of money on occasional purchases, like gifts and vacations. While you may feel good while you are spending the money, you may wish you had the money later.

Make an effort to cut/reduce your services. Install a cheaper cable package or have no cable at all? If you have a cell phone consider cutting your landline and saving some costs at the end of the month.

Endeavour to lower your energy bill. It is important to switch off appliances and lights when they are not needed in lieu of using them unsparingly.

Cut down on take-out ordering. Even if the meal is not expensive, doing it frequently can really add up. I know this is observed in bachelors but they can store food and cook at home, thus saving a dime on Pizza, chicken wings, chicken breasts etc you could save up to forty thousand shillings a year when you cut off food orders/takeaways.