Saving needs a lot of discipline and dedication.
There are plenty of ways to save money without spending hours to do so. Here are 20 simple mini money-saving hacks that can help you save a lot.
1. Automate Your savings
You can automate just about everything these days and saving should be your first. Put a standing order from your account to your savings that will ensure you transfer the money immediately it checks into your account.
2. Have a solid budget
Without a budget, you’ll always end up overspending. Make a budget and ensure you stick to it so that at the end of the day, saving can be easy.
3. Start an emergency fund
This is normally ignored but very crucial.
Emergency funds are something you should set in place to avoid using a credit card/savings in an emergency. When a crisis hits you don’t want to turn to a credit card and pile on the debt. Debt can turn a crisis into a catastrophe.
So ensure you have an emergency fund that will cushion your savings in case you find yourself in a deep hole.
4. Keep your savings account separate so you aren’t tempted to touch it
You can’t save on the same account you use for your daily transactions. Always ensure you have another account that has a limited number of withdrawals if you want to save religiously.
5. Pay debt first
Trying to pay off debt? Instead of waiting to send extra money to debt at the end of the month, send it right away! I’ve personally learned over time that if you let extra money sit in your checking account, you are likely going to spend it on something you hadn’t planned for. Simply paying off debt right away will help you stay on track and reach your money goals quicker.
6. Buy Used
Another option to save money is forgetting about the crispy, new fresh smell and going for second hand. Mtumba.
Buying second always ensures you save some money and if you do it well, it might help you get the best in the market for just a fraction.
7. Ditch your Low-Interest Savings Account
Avoid saving in banks and instead, save using SACCOs. Failing to open a high-interest savings account means you’re saying “no thanks” to free money — and why would you do that?
Saccos offer some of the best interest rates in Kenya and this is something you shouldn’t take for granted.
8. Become Financially Literate
Sometimes you never see the problem until you are enlightened.
If you want to transform your life, personal finance books are the right way to start. By learning how to manage your money the right way, you will begin to feel in control of your life. Money might not buy you happiness, but in modern society, being poor isn’t great either.
At Market Cap Trainers, we offer personal finance education, Investment opportunities and other financial services. Just reach us through our contacts: Info@marketcap.co.ke or 0765 093983 for any inquiries.
9. Get a Piggy Bank
Piggy Banks are normally for kids but also a very efficient way for adults to increase their savings by collecting loose change.
When our pockets or purse get full of random coins, one smart trick is to put that money somewhere specific like a piggy bank rather than losing it in your couch or car.
Remember, even though it’s a small amount, it’s your money and a little becomes a lot pretty quickly. Not only will using a piggy bank help clean up your house and car, a piggy bank also reinforces good savings habits.