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#MyPaperChase: Saving On A Budget.

Now let’s be honest. All this saving money talk is great and all, and we really want to do it, but what happens when money is tight (because it is like all the time!!)

Here are 7 ways to save money when money is tight.
1. Shop smarter
Whether shopping online or physically from shop to shop, always get the best deal so you can save a few coins. It’s not the easiest way out, but it has it’s benefits. Let’s also not spend money on things we don’t need or aren’t on out shopping list of necessities.

2. Keep the change
I know, old school right? But old is gold! take the loose change out of your pocket, your change purse or your car tray, and save it in a jar. Look for ways to add more money to your jar. For instance, every time you withdraw cash from the ATM, put 10% of what you withdraw into your cookie jar savings. Then every month or so, count the money you’ve collected in your jar and add it to your savings account.

3. Pay yourself first
This means create a savings goal each month. Set an amount you will save every month and put that amount in your saving account FIRST then pay for those fixed expenses like food, water, electricity and the like.

4. Save with purpose
Simply put, WHY are you saving? You need to be very clear on this. Is it for that human hair weave? (Those things are expensive usidharau!) Is it for rent deposit so you can move to your own place? What about that fridge you want? (That’s where I’m at by the way…hehe)
It may be difficult to put money aside simply for general savings, so it’s important to have a clear reason for your savings. Without knowing that ‘why,’ it is very easy to nibble into your savings kitty for other purposes.

5. Make it automatic
I don’t know if your bank gives you this option, but some allow their customers to have a standing order from their current account to a savings account. Meaning every month on a certain date, a certain amount is automatically deducted and transferred. You don’t even have to know.  It’s much easier to save when you don’t have to rely on yourself to transfer funds into your savings account

6. Create a budget
Ah yes… the dreaded B word. While setting a budget can be tough, it’s the best way to become a disciplined saver. Start by determining your fixed expenses, and then look at your needs for other expenses. Challenge yourself to stay within that budget. Once you’ve grown accustomed to living on your budget, you’ll open up more money for saving toward various goals.

7. Stay committed
After say a year of forcing yourself to save and receiving the self-esteem that comes with it, you will be committed to the lifestyle of saving and often will find ways to save even more.

All the best in saving!

Love. Live. Learn.

Mwalimu Rachel


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