This archive report was first published on 25 September 2021.
Cost Saving Tactics to Survive Harsh Economic Times ¶
Published on September 25, 2021
As economic hardships intensify, households are forced to cut on spending, leading to the adoption of cost-saving tactics. One such tactic is using public transport, which is becoming increasingly popular due to its affordability.
For Anne Mureithi, a resident of Mwiki, using the train is a no-brainer. She pays Sh40 to travel to town, whereas taking the bus would cost her Sh80. The train journey takes about an hour, and she is certain that the bus would take more time, especially with the crew calling out for passengers at every stage and getting stuck in traffic jams.
Another tactic is buying cheaper alternatives. Mary Mwangi, a marketer, prefers to buy cheaper cooking oil instead of the more expensive option. She believes that the small amounts saved here and there could be significant for purchasing something else.
However, some people believe that the more expensive good is the superior one in quality. But companies may produce high-quality products and still price them lower than their competitors' due to factors such as economies of scale or trying to attract new customers.
Alternative purchases may also mean that if something can be made in the house, then buying an equivalent may not be a wise decision. Vera Amani, a barista, discovered another secret to saving: buying in bulk. She started doing bulk shopping, buying enough to last her three months, and found it more cost-effective compared to doing monthly shopping.
Another tactic is eating at home. Amani has found that eating at home saves her money, and she has adopted the habit of going for grocery shopping that will last her a month. Not only that, but many office workers now find it more efficient to make food at home and carry it to the office, as it is cost-effective and gives more value for money.
Johnson Duro, a PR specialist, has a different way of doing things. He tracks his expenditure to the last coin, ensuring that he does not spend on ventures that are not worth it. He uses an application called Money Manager, which helps him restructure his finances to suit his needs.
Finally, switching off electricity when not in use can also help save on energy and energy costs. It is advisable to use natural light during the day to save on power that could be used to light a room later on. Developers are now alive to this fact and come up with designs that allow for as much natural lighting as possible.
