7 Tips On How you can save Money in Kenya.

 

1. Cancel automatic subscriptions and memberships you don’t use.

Chances are, you’re paying for multiple subscriptions like Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes and Amazon Prime. It’s time to cancel any subscriptions you don’t use regularly. And make sure you turn off auto-renew when you make a purchase. If you cancel it and decide you can’t go without it, subscribe again—but only if it fits into your new and improved budget.

2.Buy generic.

Hands down, one of the easiest ways to save money is to give brand names the boot. In most cases, the only thing that’s better about name-brand products is the marketing. I mean, look at that box! The logo is so fancy! And that’s about where it ends. Generic brands of medicine, staple food items (like rice and beans), cleaning supplies and paper products cost far less than their marked-up name-brand friends—and they work just as well too.

3.Spend extra or unexpected income wisely.

When you get a nice work bonus (way to go!), inheritance or tax refund, put it to good use. And when we say “good use,” we aren’t talking about adding that fancy new stamp to your stamp collection or even just putting it in the bank to camp out.

If you’ve still got debt in your life, you’ll be better off using those funds to pay off your student loans or the balance on your credit card instead of stashing that money away. If you’re debt-free, use those extra dollars to build up your emergency fund—you know, for emergencies.

4.Adjust your tax withholdings.

Speaking of extra, unexpected income—if you get large tax refunds every year, it’s time to adjust the tax. This way you’ll bring home even more money each month. Plus, you don’t want to give the government any more of your money than you have to, right?

5.Reduce energy costs.

Did you know that you can save money on your electric bill just by making a few tweaks to your home? Start with some simple things like taking shorter showers (nope, we didn’t say fewer), fixing leaky pipes, washing your clothes in cold water, and installing dimmer switches and LED lightbulbs.

While new, energy-efficient appliances are a great way to reduce energy , they’re expensive! But if you work it into your monthly budget, you can save up and pay cash for those improvements over time.

6.Lower your cell phone bill.

If your monthly cell phone bill competes with your monthly grocery budget, it’s time to find ways to cut back.  By getting rid of extras like costly data plans, phone insurance and useless warranties. And don’t be afraid to haggle with or completely switch your provider! It might require a little persistence and research, but the savings are worth it.

7.Save money automatically.

Did you know that you can save money without thinking about it? Yup—you can set up your bank account to automatically transfer funds from your checking account into a savings account every month. If that sounds scary to you, you can also set up your direct deposit to automatically transfer 10% of each paycheck into your savings account. Boom!

 8. Spend extra or unexpected income wisely.

When you get a nice work bonus (way to go!), inheritance or tax refund, put it to good use. And when we say “good use,” we aren’t talking about adding that fancy new stamp to your stamp collection or even just putting it in the bank to camp out.

If you’ve still got debt in your life, you’ll be better off using those funds to pay off your student loans or the balance on your credit card instead of stashing that money away. If you’re debt-free, use those extra dollars to build up your emergency fund—you know, for emergencies.