Let’s face it. It’s hard to always stay within budget, especially when you live in Nairobi. Life is quite costly out here and sometimes, unexpected things that might dent your bank account happen.
Most Kenyans believe that with the current economic situation, it’s almost impossible to save money. This isn’t entirely true. You can always manage to save a few coins but it takes discipline. Lots of it. Today we’ll take a look at 6 practical ways to spend less and save more.
Make a monthly shopping list and stick to it
Having a shopping list gives you an idea of how much you’ll spend on shopping that month and if you can spend that much. A little hack you can use is to divide the list into two: one with items that will last all month and one with items you’ll need on a weekly basis like perishables. Make estimates of how much each item costs, not forgetting to add a markup in case the said items are more expensive.
Bargain – when you can
There’s a fine line between a good negotiator and a straight up miser. The latter looks for bargains everywhere, even when fueling. Negotiating is an art that you should practice often. Identify instances where there’s room for negotiation and make the most out of them.
You can negotiate on certain situations like when buying groceries from your local mama mboga, thrifting at Toi Market or buying something from a friend. You’d be surprised at how much you can save if you bargain.
Bring the night life to your home
Going out is great. You get to bond with your friends and let loose as you dance the night away. However, going out every other day can drain your pockets. Most, if not all night time establishments tend to overprice their food and drinks. And since most times you’re meeting your friends, why not bring the party home! It’s a great, safe, comfortable and efficient way to bond with your buddies while saving some coins. Give game nights a shot and thank us later!
Master meal planning and carry your own food to work
These are two points in one but they’re closely related. It takes skills to know how to make a proper meal plan. You have to plan your meals in such a way that one, you get all the nutrients you need and two, you have a variety of meals so that lunch time won’t become boring by the time it’s Thursday. We all know that buying lunch everyday is a costly affair. Say for example you buy food from your office caterer for at least 250 bob. You end up spending 1,250 every week and 5000 every month just on lunch. You could carry your own food and save that 5k or use it to have a small picnic with your special someone on a sunny Sunday!
Turn off the lights and fix leaking pipes & faucets
Electricity prices are at an all time high. Kenyans are currently paying 22.2 shillings per kWh for home usage while in the US, they pay only 14.17 shillings per kWh. Water bills are also high with Kenyans paying on average 120 shillings per unit. And while we can’t change this situation, we can certainly adapt to make things work in our favour. For a start, to spend less on electricity and water bills, ensure that you invest in energy saving light bulbs, limit the usage of electric appliances at home, fix leaking pipes and taps and turn off lights whenever you leave a room.
Open a savings account with a check-off system
You can never go wrong with a savings account. It’s the best way to build cash reserves that will come in handy during rough times. Ensure you have a check-off system in place whereby the moment your salary checks in, your bank deducts a certain amount and deposits it into your savings account. This way, you don’t have to remember to deposit money to your savings account – it happens automatically! Part of the DADA By Stanbic Bank benefits is a secure savings account that earns interest over time.
As you try out these simple steps to save more and spend less, join the DADA By Stanbic Bank community, and get more practical financial advice to help you live your dreams.