The 6 Golden Rules To Saving Money & Getting Rich

By Kibet Tobias
One of the common goals in life is becoming financially stable and rich. And you can only achieve this by saving your money as much as you can.
If you are looking for effective ways on how to save money, then you’re in the right place.
In this article, understand more about your money and the simple rules to best handle it.
1. Budget your money
Budgeting your money is not only for those who want to save money. It is actually for everyone regardless of how much or little you earn.
Working on a budget will help avoid spending more money than you should. Without a budget, you won’t be able to know whethere you are spending too much or not.
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2. Invest in a business
Saving doesn’t mean keeping up all your money in a bank and watching it grow annually. You need to invest your money in a business.
A business is one of the best ways of getting rich in Kenya provided you know what kind of business you want to venture into.
3. Have a savings goal
You can always make short term and long term saving goals if you really want to achieve your financial success.
Before you start saving, you need to sit down and figure out how much you want to save.
If you want to buy a car, for example, make a plan of how much you will be saving every month in order to buy it. Remember the goal should be within your reach to be able to achieve it.
4. Pay yourself first
Paying yourself first is one money habit that can boost your wealth. It requires you to create a savings account so that when you get paid you channel some of the money into your savings account.
You must treat your savings accounts like bills that have to be paid before any of your other bills can be paid.
5. Spend less than what you earn
This sounds simple and obvious to many, but for others it isn’t.
You just got your first job and you want to live a luxurious lifestyle? Are the luxuries really necessary?
If you are renting a house for half of you salary, you are not doing yourself any favors. You need to live within your reach. The next time you find yourself spending on a luxury, ask yourself if it is necessary.

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6. Don’t impress people with your money
Could be you like sending money on friends or family members frequently. It is good but in doing that, you are spending a lot of money in the process.
You don’t have to be mean with your money. If you must spend on others, do it within your working budget. If you really want them to like you, there are few ways you can adopt that will help you achieve that known status.
Finally…
Life today is filled with difficulties, but you can always simplify some things by handling your money well.  The habit of saving money needs discipline and patience. If you haven’t started saving, this is the time to begin.
The writer is a content writer at Career Point Kenya. For any related queries comment on the section below.