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Learn to Save Your Money, Stay Frugal.

Updated on January 11, 2015

dime after dime saves you top dollar

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even governments draw budgets

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The Jungle

Where I come from they say the most aggressive buffalo never lives to graze the grass tomorrow. This as farfetched as may be, is a law of the jungle. Am not a jungle expert but I do know that personal finance can be a huge jungle where you can become lunch, supper or live to enjoy tomorrow but only if you stay frugal enough. Planning your personal finance can be a daunting task especially if you have limited sources of income and considering the general rise in the prices and the numerous bills that need settling.

Hallo pay day what is your estimated time of arrival?
The global statistics indicate that the richest 20% account for 75% of the world's total income. This can be disturbing considering the size of the world population, despite this we have to efficiently manage our resource for the best outcomes. Economists say that money has to be scarce to be of meaningful value, so it pays to stay frugal at all times. True but too sad.

Where does your money go to?
Money you either spend it or save for investing it period. The trick is to learn to keep your debts and other financial obligations manageable and to avoid non essential expenditures. Throughout the month, or whatever time period, we spend money more times than we earn it on both essential and non essential items, fees & charges some of which are avoidable. To achieve this, you need to understand key parameters that impact largely on your money matters. Some may seem of little impact but save you a great deal over a long period of time. Here are some ways that can help you trim down you cash outflows to help you save.

Bank charges

Banks are charitable organizations and are out in business to make profits, this they achieve through fees and charges they levy clients such as ATM charges, ledger fees. It’s advisable to maintain the least number of accounts as possible because having a couple of accounts will mean that you will pay more when performing transactions in these accounts. Whenever possible maintain an account that earns you interest on the bank balance.

Spending without a budget.

Budgeting is a key tool in managing your expenditure. It helps you avoid unnecessary and unplanned purchases what is described as impulsive spending. It pays to sit down draw up a budget and stick to it. If you are weak and easily succumb to impulses, stop carrying your credit cards leave at home whenever carrying around is not necessary and can lead you to impulsive expenditure.

Save on the energy

On many occasions we have fallen the victims of forgetfulness; stepping out of the house leaving some appliances on or even lights not switched off this translates to unutilized consumptions. You may also consider installing energy saving lighting especially in the rooms that you don’t need too much lights for. This will save you a substantial figure on energy consumption overtime.

Failure to take advantage of discounts and negotiate rates

Your car insurance policy is up for renewal you have been with the provider for a while this is the best time to negotiate your premiums and claim some loyalty discounts especially if you have been good on the road; not tickets and no claims. It also pays to carry out price comparison which you can do from the comfort of your homes online.

Automatic renewal memberships and subscriptions

You probably have several memberships or subscriptions for services. Along the way you opt out of some clubs and end subscriptions for some services. Once you opt out ensure that you stop the subscriptions and memberships of the services that you no longer need way before they are automatically renewed. Don’t be a victim of forgetfulness. Have reminders to save unnecessary outflows.

Shopping during festivities

The hype that comes with festivities can be uncontrollable in draining your pockets as this is the time when the sellers try to make the kill. Try shopping after the festivities are over you will get great deals. This is pretty much similar to shopping during a period of recession where you stand a chance to get great deals since the sale are painfully low for the sellers who are, more than willing to close in on as many sales as possible.

Avoid delayed payments

We all have bills payable from time to time for which if payment is not made when due, then a surcharge is levied. Making timely payment saves from losing money by paying more for the bills and which you don’t get any extra value.

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