Wednesday, 28 February 2018

Simple & Practical Ways to Spend Less/Save Money

The points below are all tried & tested and work great for me. All that being said don't forget to live a little and splurge on urself when convenient-take a trip, eat out, pamper yourself, get new stuff, etc.
If you build the habit of being accountable while resources are limited, it is easier to follow through when there's excess. Below is the list in no particular order:
  • Have short n long term goals/projects n save towards funding them (keep in mind though that inflation and other economic factors may affect how soon u reach that goal)
  • Prioritize ur needs over your wants (expensive wigs,accessories, jewellry, etc. are mostly wants)
  • Spend within ur means
  • Have a Monthly budget (expenses,income,charity/gifts,misc,etc) It helps you have a good idea of your expenses, hidden money drainers, etc. and to adjust accordingly
  • Have an Alternative source of income if possible-{Blog, Craft, Plan small events, Sell stuff (used/unused) online (Instagram,Facebook, BuyMyLux, Jiji, OLX, Dealdey, Kaymu, Konga, Jumia). etc.}
  • Invest in Yourself-Learn a skill/trade (Makeup, Tailoring, Beads, Baking, etc), Get Trainings & Certications in your field,etc.
  • Invest in Property/Business-e.g. Keke Napep, Put ur car for up for use by Uber or other cab companies, Farming, etc.
  • Invest in People-Help someone start a business and have a share in it or have a payment plan contract with interest or train them in a skill, etc.
  • Sign up for a Health Insurance (Private HMO) NHIS/PHIS
  • Reduce accommodation cost by renting a place with a friend or enjoy rent-free restricted life with the folks if single 
  • Monitor Electricity Consumption
  • Monitor your Phone Data/Internet Subscription consumption
  • Monitor your Phone Credit consu,ption
  • Make a Fixed deposit in the bank towards a future plan (Short or Long term)
  • Skip buying Aso-ebi of people you sre not close to
  • Save from ur gifts n income no matter how little 500 per day is 14k per month and 168k per year (have an account w/o ATM or checkbook.you can have a token kept away for emergencies n replenish)
  • Lend money to only extremely credible debtors except when the request is amount you don't mind not being returned
  • Drive more or walk(its a simple exercise) or carpool
  • Avoid people that ALWAYS leech off u
  • Reduce Unnecessary Clubbing/Outing with friends (Save your drinks/outing money as they r usually triple the regular price)
  • Cook more n eat out less
  • Buy Groceries and Foodstuff in bulk @least a month's worth
  • Farm if you can (veggies, fish,poultry,snail,etc)
There are sooo many other ways we can spend less & save money but i hope this list helps someone. If we evaluate our lives and learn to do things in moderation, we will find contentment & be able to increase our seemingly limited resources.
Toodles!XooX


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