This archive report was first published on 22 August 2019.
Published on August 22, 2019, managing finances effectively requires discipline and commitment. One of the key habits that can help you save money is self-control.
Waiting for at least 24 hours before making a non-essential purchase can help you determine if the item is a need or a want. This simple trick can help you avoid making impulse buys and save money in the long run.
Another smart way to save money is to become a 'promiscuous consumer.' This means being flexible enough to switch to a different brand or retailer when they offer a better value. By being loyal to one brand, you may end up paying non-competitive prices.
Recurring expenses provide a fertile ground for boosting your savings. Take a close look at your statements and identify areas where you can save money. For example, refinancing your home can help you save on your mortgage payments.
Shopping smart can also help you save money. Take advantage of offers in supermarkets and compare prices to find the best deals. If one retailer is offering a discount, their competitors will likely follow suit.
Breaking expensive habits can also save you money. Quitting smoking, for instance, can save you thousands of shillings in a year. Similarly, shopping in bulk and avoiding unnecessary purchases can help you save money.
Finally, shopping on a full stomach can help you avoid buying unnecessary items. Previous studies have shown that shopping while hungry can lead to impulse buys and a larger grocery bill.
