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New Generation Currency Notes [Photo/Luke Mulunda]

Money discipline is one of the most resolution made at the beginning of the year. However, by now, many individuals have without a doubt dropped it. This is because setting money goals and achieving them are two different things. It is nonetheless not too late to revive your objective.

Habits that one create will allow them to bridge the gap and stick to the set plans. When you run out of willpower, try these clever ways to stay disciplined and keep your financial plans on track

1. Track Your Spending

Every single coin that you used, write it down. Is it a PK gum you bought, the ‘sugar’ you sent your mum, the water you bought besides the road, an investment you ventured, or a piece of land you just bought, whatever it is write it down.

This will give you a clear picture of where your money goes. Then you can discipline yourself on where to cut and where to increase. 

2. Save your Money

The reality of life is, at the age of retirement, no magic pot full of cash will appear on your doorstep. You have to save money, for rainy days, for emergencies, for retirement, or for a mortgage. Saving up your stash of cash happens a day at a time. Instead of blowing up those thousands of shillings in the joint during the weekend, save it.

3. Set up Automatic Savings

Set up an automatic deposit on payday to a separate savings accounts so that you keep your money safe from temptations of spending it. There is no magic to managing money but we need tricks to help us out.

4. Pay Attention to the Small Things

 As the Swahili saying goes, haba haba hujaza kibaba, implying small things can fill up the measure. It is normal in human nature to account for large spending and overlook the little here and there spendings. Take into account the coffee, snack, phone credit you buy that was not included in the budget.

5. Limit the cash in your wallet

Having a lot of cash in the pocket can cause temptation of spending. If you are planning to go on some occasion that requires spending, go with the set budget. Carrying emergency money in this situation is tricky because you will end up spending all of it. Have cash in your wallet that you go back home with it.

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About the Author

Brenda Gamonde is reporter with Business Today. Email: [email protected]

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