10 Ways to Curb Spending to Increase Savings

1. 10 Ways to Curb Spending to Increase Savings There are a million and one ways to spend money, with the same mind set, you should have a million and one ways to save your money. Our daily lives incur a lot of unnoticed expenditure, and it’s important to take note of things we could do to save around our homes and at work: Energy efficiency: How much energy do you consume in your day? From your electricity and cooking energy at home, to running your car; energy is one thing we can’t do without. Even your body needs it. Think of how you can lighten that load, especially at home. Buy more energy efficient devices and switch off appliances and sockets when not in use. Opt to replace your light bulbs with energy efficient ones. Take shorter hot showers, run your washing machine less times, and save on water. Reduce unnecessary driving trips to curb your car’s fuel use. Try taking a cab once in a while – innovation has made this very easy for you, with the rise in car sharing services such as Uber. Buy in bulk Learn to do your shopping once or twice a month. When you buy in bulk you won’t have to run to the store ten times in one month and end up impulse shopping for things you do not really need. Regular household items like toilet paper, soaps and so on are always cheaper when bought in bulk. You can get perishables in quantities that are just enough not to waste, if you know how much your household consumes. Carry Meals to Work

2. It will always be cheaper to carry lunch from home compared to visiting a restaurant daily. Why spend 200 shillings getting an unhealthy meal when you can spend the minimum on what is possibly a healthier meal? Leftovers from your previous dinner, or simple foods and snacks such as sandwiches can tide you over till dinner time at home. If you don’t eat breakfast at home, pack and have it at work and avoid buying expensive coffees at cafes daily. Window shop Before buying anything from clothes to electronics, always ensure you have done a lot of window shopping. This is especially key for expensive items and those intended for long term use. Comparing prices is key from store to store, and even on location. Look out for sales and deals, look for items online on shopping websites and online stores. Do not buy it immediately: sleep on it. Pay yourself pocket money Start a new habit where you give yourself pocket money every month and don’t spend more than you get. Once you’ve paid yourself, the rest of the money can be channeled to your savings account, and will help you curb unnecessary spending. Most of us don’t realize it, but saving is a long term habit. The sooner you start, the more you’ll have in your kitty. Ideally, one should invest 70% of their income in earning assets; unless money is earning you a return, it’s a useless asset. Contact Us: KCB Bank P.O. Box: 48400-00100 GPO Nairobi, Nairobi, Kenya Email Id: contactcentre@kcb.co.ke Phone: +254 (20) 2287000 WORKING HOURS: Monday to Saturday: 8:30 am-4 pm Website: https://ke.kcbgroup.com/