This archive report was first published on 15 July 2020.
Breaking the Cycle of Overspending ¶
According to recent statistics, a significant majority of the youth in Kenya have no savings at all. However, saving money is essential, and it's never too late to start.
One of the key steps to saving money is to become aware of your spending habits. Take a close look at where your money goes, and identify areas where you can cut back. This will enable you to make informed decisions about how to allocate your resources.
Here are 10 practical ways to save money:
- Cut down on your grocery purchases by planning your meals and making a shopping list before you go to the supermarket.
- Practice automatic saving by setting up a direct deposit from your paycheck to your savings account.
- Use bank accounts that earn you more interest and perks, and opt for a bank that offers great interest rates.
- Cancel any automatic subscriptions that you don't use regularly, such as Netflix or gym memberships.
- Implement the 30-day rule, where you wait 30 days before buying something non-essential.
- Use lists to avoid impulse buying and unplanned purchases.
- Minimise energy costs by using energy-efficient appliances, fixing leaky pipes, and turning off power when not in use.
- Invest in quality goods that will last longer and save you money in the long run.
- Stay in instead of going out by choosing activities that don't require you to leave the house.
- Bargain and ask for discounts on every item you want to buy.
Remember, saving money is a journey, and it's essential to be patient and consistent. Start with small steps, and you'll be on your way to achieving your financial goals.
