Many countries around the world are experiencing a spike in the cost-of-living. People are seeing prices of everyday commodities and services increase significantly, while wages aren’t growing at the same rate. In Kenya, a lack of rain continues to substantially affect the economy and the cost of living. There are other factors at play, but the weather is a key contributor to the current financial situation many Kenyans are grappling with.
Though prices have been rising and continue to do so, there are ways to improve your finances. Here are just a few ways you can start spending less money.
Evaluate Food Spending
It’s easy to overspend on food. It’s also easy to manage the amount of money you spend on it. You shouldn’t be throwing out food. Instead, consider reusing it, if you can; put it in the fridge and save it for a later meal. Likewise, if you’re at a restaurant, ask for your leftover food to be boxed so you can take it home.
The next time you do your food shop, consider cheaper alternatives such as the supermarket’s own branded items. Also, take advantage of special deals, even if they’re for things you don’t necessarily need right now but will use at a later date. Come up with a weekly food budget and try to stick to it. Make cuts along the way if you can. Order less expensive food at restaurants, or even ditch meals out altogether.
Reconsider Money Spent on Entertainment
Many people in Kenya enjoy spending their hard-earned money on various forms of entertainment. You don’t have to cut this out completely, but it’s a good idea to make some changes. Weigh up what you usually spend on things like leisure activities, gaming, and going out.
If you enjoy online gaming but don’t want to spend too much money on expensive games you can enjoy online casino games and take advantage of promotional bonuses on games like online poker and roulette. Many top gàmbling sites have special deals for both new and existing players to take advantage of. Read reviews to discover the best sites and access guides to online casinos which give you tips and tricks to use while playing. You can also make the most of no deposit bonuses and free spins to try and make your money work for you, if you win you can then save that money.
You may also want to think about cheaper or even free forms of entertainment. Instead of meeting friends for a night out, meet them during the day and do something that doesn’t involve money. If you subscribe to multiple streaming services, unsubscribe from any that you don’t make use of.
The obvious advantage of reusables over single-use products is that they can be used repeatedly. Even though they’re sometimes more expensive than products that can only be used once, they’re a worthwhile investment in the long run. It’s better to buy something that lasts and can be reused, rather than buying the same thing repeatedly, every time you need to use it.
Make Things Yourself
If there’s something you need for your home, why not make it yourself instead of buying it? There are all sorts of household items – toiletries and cleaning products, for example – that you can make easily enough. Sometimes, you may need to purchase extra ingredients or components, depending on what you’re making. However, it can still be cheaper to make things yourself, rather than buying them.
Navigate the Financial World Sensibly
Unfortunately, there will always be fraudsters looking to con you or even stéal money from you. They’re constantly trying to find new ways to cheat people out of their savings. It’s an ongoing battle. Thankfully though, you can reduce your chances of being the víctim of fráud by being sensible and careful. Some of the simple steps you can take to prevent yourself from being conned include:
- Not opening suspicious emails
- Not replying to deals that seem too good to be true
- Not agreeing to anything without reading the fine print in full
- Not handing money over to anyone who may be untrustworthy
When you’re trying to cut back, the last thing you want is a fráud of some kind to make a dent in your savings. Take the steps above and have your wits about you when dealing with money. By doing this, you’ll be much less likely to be conned.