Ten tips on how to save money.

As a child I was constantly reminded by my parents to save money but I didn’t see the importance of this until I joined University. When you’re a child everything is delivered to you so you do not see the need of saving .I used to spend my allowance without thinking about the future because I knew that my parents would take care of everything, but now as a grown up I have realized that I have to be responsible for my own finances which can be hard. It’s hard because I have to constantly make decisions without supervision. A bad decision when dealing with money or a bad spending habit can lead to me being broke.

We are in a generation where everything is expensive and requires one to do some savings. If you want to start a business you not only have to have capital but also have money that can cater for your everyday needs. And that is why you need to start saving. Below are some of the tips.

  1. Budget

You need to write down everything that you spend your money on.  When you do this you will know the cost of your spending and it can also help you to cut down what you do not need.

  1. Set a goal.
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By setting a goal it will motivate you to save money. You need to have a purpose so that you don’t give up in the middle of saving. Ask yourself, what am I saving for? It could be saving money for your business, school fees or even travelling.

  1. Write a list before going for shopping

Carrying a shopping list is very important this is because you write down what you need to buy. I emphasize” need” because I usually do the mistake of not carrying a list when I go to the supermarket. Most supermarkets usually put items in a strategic way that you end up buying what you do not need based on impulse. So you end up spending all your money on items that are not necessary.

  1. Open a bank account

Opening a bank account is easy and has a lot of benefits if you want to start saving. A bank account will help you save money because you can deposit a certain amount of money weekly, monthly or yearly but you have to have a will power of not withdrawing until you reach your goal. An account can also save you from someone stealing the money that you have saved.

  1. Sell things that you do not need.
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If you have things that you do not need you can sell it to someone who wants it.These days it is easy to sell things to people through the internet with applications such as OLX which is one of the easiest way to sell things. For examples clothes, shoes, furniture can be sold online to people who

  1. Learn to say No.

You do not always have to go out to party every weekend or eat every time in fancy restaurants. Sometimes you can stay indoors and save the money that you use to have fun every Friday. Learn to say no to friends and family because you will benefit at the end of the day.

  1. Buy second hand goods.

Second hand goods are cheaper and sometimes even better quality than new goods. For example mutumba clothes (second hand clothes) are not only fashionable but also very cheap.

  1. Family is important.
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Ask for advice from your family members and friends on how to save money and you will realize that they have some experience, good tips and advice. They are also a good support system.

  1. Leave in a cheaper area.

If you live in an area that is very expensive and you have a lot of space that you do not need. You can move to a cheaper area that is affordable and save the money that you have recovered.

  1. You do not need to buy fancy things.

We live in a world where we are always try to impress people by buying  things that are very expensive just to impress our neighbors family or friends. You end up buying goods that are trending even if you are struggling to buy it.You end up being strained financially and alone with no one to help you. Buy what you can afford you do not need to impress anyone.

I hope these tips will help you out if you have been struggling like me to save money.

TheFounder Magazine

Made Of Founders

TheFounder Magazine is an online business magazine that focuses on starting, running and growing a business in Kenya today

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