There is no doubt that times are hard in Kenyans, however, it is often said that “tough times do not last but tough people do.” One area that Kenyans need to tough it out is in the area of savings. And the are encouraged to ask themsevies serious questions of diminishing their financial crisis. Like Why do the save? There is virtue in cultivating a saving habit the need to know about. A good reason for saving is to prevent having regrets in the future when face a financial crisis status. When we save, we bask in the extra comfort and feeling of accomplishment that comes with the process and results of saving. The result of saving is the increased freedom to live well in the future and control are needs that can araise any time. The only sure road to a comfortable retirement is through savings and investiment, and regular savings is the key to building wealth in future.
Irrespective of the virtues in saving, I can hear someone say, “I cannot make ends meet, so how can I save with the little i have?” Agreed, it is difficult to save in hard times wgen you are full of challenges, but failing to do so prolongs or transfers such hard times to your future when even you dont own that small that you have now. So, here are a few tips that can help you save, even in the hardest of times so that you csn secure your future;
1. Be disciplined:
Saving requires some financial discipline and orginised mind. Saving money is like weight loss or weight control; they both take discipline and depend on your attitude on saving. The key to success in saving is to see it as a game of self-control where you make prudent choices even when you are faced with multitudes of daily temptations to derail the process. So you control your present expectation and start focusing of future.
2. Focus your thoughts on the benefits:
In both saving and weight control, those who succeed concentrate their thoughts on the benefits, not the tough choices that need to be made in present. Just like weight watchers take pleasure in being in shape, looking their best, being in good health, and receiving compliments about their looks, savers should take pleasure in the fact that the process would lead to a financially secure future. This benefit is a result of making their future brighter than any other days.
3. Stop impulsive buying:
One of the main secrets to saving is guarding against buying based on impulses. Impulse buying is the purchase of things without planning and are not necessary. When you go shopping, make a list even before leaving your house so that you cannot buy what you dont need. Do not make the list without taking inventory of what you have and what you don’t have. We have come back from shopping on many occasions only to discover that we already have some of the items we just bought. Making a list prior to going shopping helps you stay focused on what you do with your money. So stay positive and occur on what you need and leave aside what is not necessary.
4. Frequently analyze your expenses:
Go over your expenses every month or two and find out if each expenditure provided you with equal value for money that you own. Ask yourself if all the expenditures were equally worthwhile. Find out those expenses that you could have successfully and happily substituted with less expensive alternatives, and those that you could have had as much fun and happiness without; then cut them out and save the money instead. And this can assist you to save.
5. Stop the habit of showing off:
The average Kenyan is egotistic, and we like to show off even if it impacts our savings account. This is even more now when you can light up the internet or social media with a picture of yourself in one expensive item or another by showing of. Cut off those luxuries and save the money instead.
6. Keep a record of all your expenses:
By keeping a record of all your expenses you own, you might find out that you do not need some of the items you are buying. Weed out those items you do not need and save the money instead. Through selling them and save extra money.
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