By Michelle Wanjiku
Are you one of those people who become broke a few weeks after getting paid?
Do you find yourself borrowing money from friends and family to sustain you until the next payday?
If your answer is yes, you might have a hard time saving up and building your wealth.
A friend of mine asked me what I have to show after working for close to two years and after really thinking about it, I realized just how much money I have been wasting that if I had put to better use, I would have invested or even started a business by now.
So a couple of months back, I decided to improve my spending habits and in the process have managed to save a lot.
Here are some money-saving tips I tried and how you can use them to save more
1. Separate your accounts
I always had just one account and I came to realize that even though I tell myself that I have saved a certain amount, I would still find myself overspending.
So I decided to have a separate savings account. This meant that whatever money I saved was kept separate from my spending money.
I went a step further and opened the savings account in a different bank so that it would not be easy for me to access the money.
There are various savings account that even have limits on how often you can withdraw while with others you won’t be able to withdraw for let’s say a year.
Tip: Your savings should be kept separate and in an account you don’t have easy access to.
2. Customize your own money-saving challenge
Have you heard of the 52 weeks saving challenge?
One of the mistakes I was making when it came to saving was trying to follow what others were doing. If you cannot afford to save 1,000 shillings every week then you should save what you can even if it is 50 shillings.
Don’t feel pressured to save more than you can afford. Come up with a savings plan that works for you.
It doesn’t matter the amount you save, the point is that you are setting some money aside to help you out later on.
3. Don’t forget you can say ‘no’
There are birthday dinners, drink dates and so many other social money-sucking activities that are easy to become absorbed in.
If you want to save more money you need to be able to say no to some of these events that will make you spend.
Don’t feel bad about refusing to go out with your friends every weekend. Feel empowered to say ‘no’
People are categorized as either savers or spenders – which one are you?
If you want to achieve wealth, then you need to ensure that you are constantly saving and using those savings to better your financial situation.
To do this you need to make good financial decisions and this starts with an effective savings plan.
What are some simple ways you’ve learned to save money on a daily basis? Share them in the comment section
The writer is a Communication Officer/Digital marketer at Career Point Kenya. Email: firstname.lastname@example.org