How To Save and Budget Your Money

If you are one of those people who always ask themselves, “Where is my money going?”, Then you should take a moment to reflect on the small expenses of everyday life you always go through. They are probably the villains in your budge. Do you eat out too often? Are you always using taxis? Do you buy several things on impulse?

In short, these expenses may seem small and it turns out that they never come alone – and indicate a behavioral trend that causes a financial crash. If you calculate this by the end of them year, well you may end up pitting yourself as you will discover to have use millions if not thousands of shillings. Now by following our advice from #Zaraidlem, you will be able to keep your budget in order and save a good sum for your savings.

No. #1 SPEND WHAT YOU HAVE

It may seem an obvious thing but there are some people who do not follow this fundamental principle of economics and that’s: spending only the money you have. If it is part of your routine to borrow money from the bank and install the credit card bill, be alert. You are leading a lifestyle that your recipes wouldn’t behave. As one wise Greek philosopher put it : “To whom little is enough, nothing is enough”.

No. #2 TRY & PRACTICE CONSCIOUS CONSUMPTION

Rapid and impulse shopping is something that will benefit not just your pocket, but also your sense of discipline and the environment. Before you buy any item, ask yourself if you really need it. Think about whether it will continue to be useful for at least a few months after your purchase the item.

No. #3  ALWAYS REVIEW  & KEEP TRACK OF YOUR FIXED EXPENSES 

Do not see your fixed expenses as immutable, as you will need to review them frequently. The gym, for example. If you pay and use, that’s great. Otherwise, you better cut it. The same goes for the cable TV packages. Why have so many channels while most of which you never watch, you can just opt subscribe to Netflix.

No. #4  BE MORE INDEPENDENT

The challenge of acquiring new skills is motivating – especially when they will bring you independence and somehow help you save some money. Example? You can cook, instead of eating out at cafes and restaurants also learn how to wash and iron your clothes, among other things.

No. #5 INVEST A PERCENTAGE OF YOUR INCOME

This is a very important habit , because it will bring you safety in times of lean cows. Keep in mind the following phrase: “Do not save what’s left over after you’ve spent, but spend what’s left over after you save.” Whenever your pay comes in, invest some percentage – even if it’s only 5% or 10%. Think long term solutions.

No. #6 BEWARE OF “SAVING SAVINGS”

In some cases, it is not good to buy cheaper items just for the sake of price, this may need to be replaced in the near future – and ultimately will culminate in an even higher dose of spending. Sometimes it is better to pay more for a good and durable product than cheaper for a bad one.

No. #7  DO NOT CUT THE THINGS YOU LOVE TO DO

Some people find it difficult to economize precisely because, in trying to do so, they deprive themselves  of the things they love to  do. But this is not a smart way to save money. On the contrary, it usually has a diet – like effect – if you do not eat anything but soup for two weeks, on the fifteenth day you will definitely be dipping into a chocolate cake.

In final words learning to manage you saving will bring a positive outcome in future, therefore resolving your problems when come come across. And you won’t have to worry to much then. So try make some saving.

SUBMISSION

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1 Response

  1. April 5, 2019

    […] ALSO READ: How To Save & Budget Your Money On A Daily Basis […]

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