Nothing frustrates any human being like an empty saving account. However, here are 8 ways to discipline your saving habits and avoid the empty account menace.
1. Discipline Your Save before spending habit.
This is such a cliche statement “Save before spending”. However, not many practice this and therefore end up being broke right before mid-month. To be in a better saving state you may need to close your eyes and discipline your save before spending character. It is as easy as identifying what percentage you are saving if its 15-20% cut that out and bank it. Ensure that the percentage is consistent so as not to affect your needs by varying monthly.
2. Always ensure to have a home kitty for loose change.
The saving kitties are probably the best old school ways of saving. Loose change may seem little but putting it in a kitty and making a habit of counting it at the end of the month will add some extra shillings in your accounts. Funny how the saving kitties are as cheap as Ksh.20, a worthy investment.
3. Buy only what is needed and save the loose money.
Walking into a market and getting tempted to buy something extra is a vice shared by many. To discipline this habit you may need to always write a shopping list and make a realistic estimate for each commodity. The amount from the estimate top up at least 20% of the price and use that to shop if by chance the amount is lesser than expected. Always remove the least needed product.
4. Identify cheaper ways to buy or access your daily needs and save the extra coins.
To identify this you will need to experience different shops or outlets. Once you find the cheaper places it goes without saying that should be your-to-go shopping places. It does not matter how long the queue for cashiers will be, the early bird catches the worm. Discipline your shopping time skills while saving extra coins.
5.Repair instead of Renewing.
Buying new spare parts, new clothes, new gas-cookers etc could be okay but have you maximized on other options like repair. In terms of do you really need a new substitute or could a repair do the job? Weigh in your options before rushing to buy a new product that could have been fixed and served the same purpose as the new product. Save in every way possible.
6. Ensure on a daily you save at least 5 % of your money.
Probably on a daily your budget runs between Ksh.300-Ksh. 1500. It helps to analyze what takes most of your money and cut it down by saving at least 5% of your daily budget on a different kitty or maybe M-Shwari. Cut these expenses by using alternative methods e.g if its lunch, carry home-made food.
7. Have a seating with your bank for guidance.
When was the last time you had a conversation about money with an expert? Make your bank that expert by consulting the right person on how to save and be disciplined about it. It will cost you nothing and you can always do a follow up when stuck.
Make 2020 an easier year for you by ensuring broke is not a vocabulary you relate to.