by Ratidzo Njagu
At Kunashe Foundation we value financial wellness and saving is an essential part of that. Take a look at this quick guide on practical money saving tips!
1. There are no shortcuts- create a budget and stick to it.
Start to practice financial discipline by creating a budget and sticking to it. As you practice this more it becomes easier to do.
2. Find a place to put away money.
There is no such thing as a small saving. Find a way to put away money. Try to build up an emergency fund. There are various options- Trusted banks, safety deposit boxes or mobile money accounts.
Consider making both short-term and longterm investments that suit your wallet. Options may include but are not limited to: goods you can resell,businesses, cattle, farming, the stock market or property.
3. Don't waste time and money trying to follow trends on social media. Ask yourself if its adding value to you. If its not then avoid compromising your mental health and burning through your cash. Forget about splashing out on expensive product brands and by good generics that are just as good without the hefty price-tag.
4. Get cooking. Remember that there is food at home. There is no need to spend so much on takeaway and store bought meals. If you can, buy your ingredients in bulk and meal prep. Find creative ways to use the same ingredients for different recipes and use up leftovers.
5. Cut your expenses. Stop buying things you don't need and focus on the things you need or the things you get the most value from. Use what you have before you buy more.
Also consider unlocking some cash by selling some of the items that you don't make use of regularly.
6. Save money by cutting unnecessary subscriptions.
If you are still juggling several different subscriptions for DSTV, Netflix, Scribd, Showmax, Spotify, ESPN, Amazon Prime etc. you might want to consider changing your packages to better suit your needs. Take the time to analyse your subscriptions. Maintain the ones you actually use and downgrade some of the less used ones.
7. Find ways to diversify your flows of income.
Stop relying on one source of income. This leaves you vulnerable financially. Instead try to diversify your income streams. Find a hobby or skill that you can sell in order to generate additional income.
Create new habits that allow you to cut costs and improve your financial wellbeing. This will leave you feeling less stressed and better equipped to face uncertainty that have come with this global pandemic. Making these decisions is not always easy but it is surely worth it! Start where you are, take active steps towards financial wellness- it is certainly a good way to start to save money and secure your financial future.
For more information or to subscribe visit our Women's Hub (https://www.kunashefoundation.org/womenshub)
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