7 things to stop wasting money on
SEE ALSO :How to develop financial disciplineFinancial advisors, however, will tell you it’s possible to come up with a wise spending and savings culture that will eventually lead to financial freedom. We’ve rounded up some of the top tips on cutting out expenditure that’s not helping you achieve your goals. 1. Eating out often According to Waceke Nduati, the founder Centonomy Kenya, the amount you spend on lunch could be used to do so much more. If on average you spend Sh200 for lunch, five days a week, and work four weeks in a month, you’ll have spent Sh48,000 in a year.
SEE ALSO :6 ways to raise your net worthMost Kenyans seem to attach certain class of gadgets to the financial status of the person owning them. This leads to a sort of a rat race in an endeavor to acquire these latest phones, music systems or even personal computers. Unless you really require the output from a high end laptop or pone there is no need of buying just to impress your circle of friends or to be at par with them. Instead of spending money on unnecessary gadgets that you need not, you can consider saving the money and investing it in an income generating venture. 4. Social events We all love celebrations from baby showers, birthday, bridal shower or any other life milestones that need celebrating. It is important to realize that you do not have to be part of all the celebrations that your friends invite you to. Overly committing your money on these events can eat up your money. Be moderate on your commitment and these amounts of money that you give and invest the rest of the money on meaningful ventures that have returns on investment. 5. High insurance policies Getting insured is a prudent idea, no doubt about that. You however should be careful on the companies that you choose and the mode of the contribution. To save up much on insurance, do your research and identify an insurance platform that works for your needs and stick to it. Avoid hopping from one company to anther as you may lose money in the process. Also, expert advice that if you need multiple covers for your various needs you should find a company that handles all your needs and avoid working with multiple providers. 6. Buying Brand items Buying expensive items because of the brand can end up eating up your money. For example, when you walk in a supermarket you find different brand items such as tissue paper - Their price gap sometimes is outrageous. Why buy a piece that is costing you Sh50 while you could get the same size at Sh20? They serve the same purpose so avoid overspending just because you want to buy an item of a certain brand. 7. Impulse buying Mindless spending that is impulse buying will render you financially immobile. Before going for shopping make sure you make a list of the items that you need to purchase beforehand. This will make sure that you do not spend extra money on items that are not necessary. On the other hand, avoid spending money on items that you consider low cost such as coffees, candy or bottled water. You may not notice it but such small items end up eating much of your budget in the long run.
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