Times have been tough on everyone for the last couple of years. Well, almost everyone. Some never noticed any difference, while others (those who found COVID to be a blessing in disguise) have been laughing all the way to the bank.
Ever since COVID happened and affected the whole world in one way or the other, I feel like saving became a foreign concept.
For people who are struggling to pay basic bills, or even put three meals on the table, leave alone raise enough money to comfortably put kids through school, any extra coin saved could go a long way.
Even though saving money is one of those things most people really struggle with- including myself- I decided to share a few tips on how you could cut on expenditure, play a few “tricks” here and there and manage to put away something for a rainier day.
- Create a Budget
Creating a budget is one of those things that so many people overlook but one that goes a really long way. Everybody needs a budget. Start by creating a budget that outlines your income and expenses. It’s important to track your spending habits and identify areas where you can cut back. Allocate a portion of your income towards savings and most importantly, stick to your budget otherwise all the efforts of making one will be in futility.
2. Automate saving
If you are able to (especially those on salary) Set up an automatic transfer from your checking account to a savings account each month. This ensures that you consistently save a portion of your income without having to remember to do it manually.
- Reduce Unnecessary Expenses.
Take a close look at your expenses and identify areas where you can cut back. This could include dining out less frequently, canceling unused subscriptions, or finding cheaper alternatives for certain products or services.
Fun fact, I have realised I don’t need *insert giant toilet cleaner name* to clean my toilet lol. I’m now saving upto 400 on that product alone. I stopped purchasing soap when I realised I could make mine at home. Maybe I’ll write a different post about that. Why would I purchase kitchen soap, tile cleaning soap, hand wash, purchase fabric softener, bleach, all these potentially running into Millions while I could make all of them at the comfort of my house, to my liking and save so much!
- Practice Smart Shopping.
Supermarkets are lately on a roll competing against who could give the biggest discounts. Carrefour and Naivas are especially well known for the crazy offers they regularly give. Before making a purchase, compare prices, look for discounts or sales, and consider buying second-hand or used items when appropriate.
Every coin saved could go a long way. With a thousand bob only getting you one packet of unga and a 2kg packet of sugar, let me tell you Maina, if there are no offers I ain’t going. Mama mbogas have also become pretty expensive. So weigh your options well. Gone are the times when I could shop just anywhere at any moment. Now I plan for my shopping schedules. Additionally, make a shopping list and stick to it to avoid impulse buying.
Like everything we do in life, saving is all about discipline and consistency. It’s important to set achievable goals, stay committed to your budget, and make it a priority. Over time, these habits will help you build a solid financial foundation.
- Cut Down on Utility Costs.
Find a way around reducing your utility bills. Simple actions like turning off lights when you leave a room, using energy-efficient appliances, not leaving you shower running while soaping up, partially opening taps when washing utensils and clothes (as opposed to opening the tap at full pressure point) can significantly lower your expenses. You’ll be surprised when your water bill reduces by almost half and realise that there is so much you can do to reduce some of these bills.
6. Meal Planning and cooking at home.
This is mostly self explanatory. Eating home cooked meals has so many advantages. As you grow you suddenly understand why our parents used to tell us there is food at home and not take us to whimpy or wherever after church. Home cooked meals are delicious and they help you save on so much; including calories. Plan your meals in advance and prepare them at home. Make a timetable if you need to. Also, Consider batch cooking and meal prepping to save time and effort.
7. Negotiate and Compare Shop.
As Africans, bargaining is in our DNA. My mom used to bargain so hard she’d make me feel sorry for the seller and sometimes want to hide my face. I’m sorry mom, I now understand everything. Life….life is coming hard at us in this thing we call adulthood.
Don’t be afraid to negotiate prices or ask for discounts, especially for larger purchases like electronics or furniture. Additionally, when shopping for goods or services, compare prices from different vendors to ensure you’re getting the best deal.
- Embrace Frugal Habits.
Adopt a frugal mindset and incorporate money-saving habits into your daily life. This could include bringing your lunch to work instead of eating out, finding free or low-cost entertainment options, using public transportation or carpooling instead of driving alone, and repairing or repurposing items instead of buying new ones. Most of the things that we sometimes look at as someone being stingy are actually good ways of spending less money.
Remember, saving money is a continuous process, and small changes can add up to significant savings over time. Stay committed to your financial goals and regularly review your expenses to identify areas where you can further cut back and save.
1 Comment
by Beatrice
Great tips. Chamas are also a great way to save yearly 🙂