By Livingstone Mukasa
One of the most common new year resolutions is to save more money. Whether you have made this resolution or not, here 15 ways of saving more money this year than never before.
- LIVE BELOW YOUR MEANS. If you earn 1M you should aim to spend less than 1M.
- Plan your purchases ahead of time and never buy things on an empty stomach.
- Download and use a mobile personal finance appslike Isavemoney.
4.Buy used items whenever it is an option.
- Control your cravings for fancy items and food tastes.
- Question your purchase before handing out the cash. Don’t be afraid to leave some of your shoppingin the trolley.
- Have money talk sessions with your family especially children.
- Avoid pressure sales. A discount means nothing if you don’t need what is being discounted.
- Save first, spend later.
- Earn interest on your savings. Compound interest can be your best friend in the long run.
- Pay rent on your own house. Deposit it in your saving account.
- Give only what you can afford. Have a standard contribution for all social events like weddings.
- Save any unexpected earnings or windfalls. Keep it invested.
- Actually save what you save and don’t spend it on yourself.
- Raise your productivity; not your expenditure.
The author is a Financial Advisor, Entrepreneur, People’s Professor of Streetnomics and the Author of “The Great Financial Rebuild” & “Investing for the Future”
Contact +256772459167 email: livinbusiness@gmail.com
