woman's diary

Money Saving Tips

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MONEY SAVING TIPS
Tired of always heaving a sigh of relief at the end of the month; knowing that you just managed to make it by a whisker. Do you feel that your finances are just enough to ensure you survive and you always find yourself with nothing to spare. Well here are a few tidbits that will ensure you have a few extra shillings for rainy day, to buy that car you’ve always dreamed about, that house or thing you have been wishing for or even build up enough cash to invest in a venture or business idea that has been at the back of your mind.

To get started the first step is to take an inventory of your needs to establish where you can shave off a few coins. Start with the big items first which will have a major impact and then move on down to the less expensive ones.
Moderate savings on a major item such as a house on can combined with savings on smaller items like food, clothes and the like will see you gain much ground in your quest to scale down your total budget.
Here are some general points to get you started:

Distinguishing Between Wants & Needs
You shall find that you save loads of cash if you guard yourself against mistaking wants for needs. Simply put a need is that item that is necessary to sustain oneself (shelter, food, clothing and one might even say transportation) while wants are those things that enhance or possibly improve our lives. The distinction however may prove to be a very fine one though.  An illustration of this is a car for instance. Many of us take this to be a luxury. However for some of us it is a crucial necessity perhaps due to the location of one’s abode or the nature of ones business. Shelter is definitely a need but why rent a 1 bed roomed apartment in Kitusuru while you can have a respectable and perhaps more spacious mansion in one of the estates in Langata.
Do you find yourself saying you ‘absolutely need” yet what you actually mean is “absolutely want”.

I do not mean to imply that you should not be able to indulge in the things you want but please do not delude yourself in to believing a want is a need thereby bursting your budget. This is a sure recipe for financial disaster.

May Less Actually  Be Better?
“Cheaper is Expensive” or so the adage goes. Whilst there may be a lot of truth in the statement some times we take it too far; perhaps to feel our inflated egos or keep up with the “KAMAUS”. We therefore find ourselves stretching ourselves thin with the illusion that biggest is best.
For instance while a normal low maintenance 1200cc pick up would suffice for many small businesses involving a bit of carriage, a top of the range, double cab, turbo charged, fuel guzzling, four wheel drive, utility vehicle might be needlessly extravagant and not as useful.

We buy a 2000/= shirt for the probably not so authentic designer attached yet with a 200/= to 500/= would have looked quite presentable. We opt for a 1000/= dinner at that trendy restaurant only to find a kshs 100/= meal at the local hotel would have been just as delicious and probably more filling. Take time to think where you are unnecessarily sinking that much needed extra cash and take positive steps to tame the expenditure. You shall see that minor changes in your habits will go a long way.

Try It Before You Buy It
You shall be surprised how this goes a long way in helping to avoid silly purchases of things of things you never use. I know that this might not go down well with most of us but people, before you buy something especially if it has a big price tag borrow one or rent one to try it out before you flush your hard earned cash down the drain. If you get disappointed with it or discover it’s not something you need, before you buy it, you shall be grateful to have made saving. Recently a big car manufacture has been running ads in the local media inviting the public to test drive their range of vehicles. Why not take up the offer at the right price (free). You might also visit one of the many car hire services we have and test drive the “car of your dreams” for a week to see how it handles and if it really tickles your fancy.

Borrow that book you’re dying to read because you have heard so much about it and which your friend just happens to have before you make it just another addition in your unread library that continues to gather dust.

Please give us your take or these tips and share with us others which you have found to work effectively.
Please do share with us you own money saving tricks & keep on reading for more informative tips.

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