Knowing how to save money in Kenya is a problem to most people, simply because we spend up to last penny of our earnings.
For you to start saving money successfully, you should have a purpose as to why you are, otherwise you will not be able to do it.
The ultimate reason why people save is to achieve financial freedom in order to avoid money problems in the future. Saving today guarantees security and the possibilities of tomorrow.
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Here are tips on How To Save Money in Kenya
1.Have a personal savings account
Learning to handle your finances responsibly can do a lot to help you save money in Kenya. It can help you avoid paying interest on debt, avoid unnecessary bank fees and save on other costs. How do you do it? Open a personal savings account.
The money saved here cannot be used anywhere. No matter what you go through. It can only be invested. Think of this as paying your taxes; something mandatory that you must pay whether you like it or not.
2.Carry packed lunch to the office
Buying lunch every day is an expensive affair which will hinder you from saving money in Kenya.
So, what do u do to curb this? The ultimate solution is to cook a meal for yourself at home to carry to the office. By doing this, you will be saving the amount that you would have used to buy lunch.
This can cut your weekly cost by 80% and make it easy to stay away from food like pizza and other unhealthy junk food. At the end of the month you will have saved a lot. Every young worker starting their career should consider this.
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3.Know your expenses
If you’re not a consistent money saver, which being a Kenyan you most likely are not, it might really be difficult to start saving. This will be hard especially in the first couple of months when you realize that your savings are not growing as fast as you want them to.
Knowing how your expenditure pattern flows will be of a great help to start you on that saving journey you have been meaning to. Spend the next 30 days noting down every transaction you make, so that by the end of the month, you will have a detailed understanding of how exactly you spend your money.
You can therefore deduct the expenses in those areas that don’t have big impact on your life. For example, instead of buying tea every morning, you can make that yourself and save the money.
4.Use public transport to the job
Instead of driving, use public means to and from your job. In Kenya, this is one of the most simple ways to help you save since matatus are cost efficient.
It is more affordable than a taxi or uber. Maintaining and driving a car can be very expensive. When you have a car, you definitely have more independence, but you will also have a car note, a car insurance bill, payments for car maintenance, and payments for any car emergencies that come up.
If your workplace is not accessible by bus, train or metro stations, and is near to your workplace, just walk and save on the fare. Not only will you be saving money, you will keep fit as well.
Another tip on how to save money in Kenya is that whenever you buy something, use cash instead of credit/debit cards. It’s definitely much more affordable since you wont incur charges.
The same applies to M-Pesa. Instead of doing all your transactions via M-Pesa, withdraw the amount you want for that week and save hundreds of shillings in transaction fees.
If you must use Credit card, use it only if you have discipline in spending otherwise you will find yourself in a lot of debt.
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Once you do all this, you will realize that saving money in Kenya as well as anywhere else is something easy to do. Saving is a culture we as Kenyans should embrace if we to stop living from paycheck to paycheck. Start saving today and break the bad habit.