This archive report was first published on 21 August 2019.
As we approach the midpoint of the year, many of us have already dropped our New Year's resolutions, including our financial discipline. However, it's not too late to revive your objective and achieve your financial goals.
Developing good habits is key to bridging the gap between setting and achieving your financial plans. When willpower runs out, try these clever ways to stay disciplined and keep your financial plans on track.
1. Track Your Spending
Write down every single coin you use, from a PK gum to an investment or a piece of land. This will give you a clear picture of where your money goes, allowing you to discipline yourself on where to cut and where to increase.
2. Save Your Money
At the age of retirement, no magic pot of cash will appear on your doorstep. You must save money for rainy days, emergencies, retirement, or a mortgage. Saving up your stash of cash happens a day at a time, so instead of blowing your thousands on the weekend, save it.
3. Set Up Automatic Savings
Set up an automatic deposit on payday to a separate savings account, keeping your money safe from temptations of spending it. There's no magic to managing money, but we need tricks to help us out.
4. Pay Attention to the Small Things
As the Swahili saying goes, 'haba haba hujaza kibaba,' implying small things can fill up the measure. It's normal to overlook the little here and there spendings, like coffee, snacks, or phone credits, but take them into account to stay on track.
5. Limit the Cash in Your Wallet
Having a lot of cash in your pocket can cause temptation to spend. When planning to go on an occasion that requires spending, stick to your set budget and avoid carrying emergency money, which can lead to overspending.
