10 Things You Should Avoid Spending on.
In the midst of these hard economic times, this list of 10 things you should avoid spending money on comes in handy.
Many Kenyans seek easy yet efficient ways to reduce spending and save money, but they are unsure of how to go about doing so. Fundamentally, the best and simplest way to save money is to identify everything that is not necessary and stop spending money on it.
Below is a list of 10 things you should stop or minimize spending your money on.
10 Things You Should Avoid Spending on.
1. Buying Chep Items
That seems to be in opposition to our discussion. You see, when you buy inexpensive products, you don’t realize how much of an impact they have on your budget, but they do. These inexpensive items are the actual ghosts behind your budget, eating away at it without your realizing where your money went.
These products include but are not limited to, bottled mineral water, sweets, coffee, and even snacks. Although you can’t completely avoid buying these things, you can at least limit how often and how much you spend because, in the end, you are still depleting your budget, albeit on unplanned products.
2. Expensive Gadgets
Many Kenyans who own pricey, cutting-edge devices for which they have scrimped and saved a lot of money, have a weakness for the most recent Huawei phones.
These expensive devices, such as high-end laptops, pricey phones, or even music systems, come with a certain level of status among the owners; for instance, many iPhone owners are regarded as being “richer” than Android users.
You can certainly own all of these things, but you must consider their potential value and live within your means if they won’t benefit you in any way than making people stare. You may instead save that cash.
3. Attending Events
Imagine that, in the order listed, Drake, Etana, Diamond, and Nasty C are all visiting Kenya this week. You love every one of these musicians, but even if you had the money to go to every one of their concerts, you would quickly deplete your funds or blow through your budget.
Although there are entertainment events every week and only a few a month, you must determine which events to attend and which to skip.
4. Consuming Brands
Many Kenyans choose products based on the brand name, and as you are probably aware, many of the goods that Kenyans choose are pricey. This can seriously mess up your budget. As an illustration, consider a bar of soap for washing clothes.
There are numerous brands available, but some are thought to clean better than others. Of fact, there are other lesser-known brands that clean much better and are less expensive, doing the same job but costing less. Take your pick. Tissue papers fit the same example.
5. Eating outside
Unless when I’m meeting up with friends, family, or a client soon, I personally don’t enjoy eating out. Dining out frequently can be very expensive. You can save a lot of money by packing a lunch, eating inexpensive meals, and even skipping lunch if you’re not hungry.
6. Fast Foods
The answer is straightforward: fast food is bad for your health and your cash. We all know this, but we still choose to disregard it. If you’re unable to completely eliminate fast food, at least try to limit your intake.
7. Unnecessary Subscriptions
There are currently a ton of subscriptions available from the internet, daily newspapers, cable or satellite TV, and even online streaming services. Many of these subscriptions look affordable, so people sign up right away.
Nevertheless, if you pay Ksh 700 per month for cable TV, Ksh 3000 per month for internet, and perhaps Ksh 800 per month for online streaming, that adds up to Ksh 4500 per month and Ksh 54,000 per year.
There is absolutely no need for those memberships, especially the internet one. Instead, save your money and use it for something else.
8. Impulse Buying
Stop purchasing something you hadn’t planned to. A shopping list will help you ensure that you only purchase what you need and what you are meant to get, and you can compare your purchases to the list to see what you have and have not purchased.
This will prevent you from spending money on things you hadn’t intended to do, which will help you avoid wasting a lot of money.
9. Car Wash
Is using a car wash to wash your automobile actually required? No, I believe. You can occasionally wash your automobile at home and use that money for something else.
You can ask your son or daughter to wash it for you on the weekends, or if you get off work early, you can wash it yourself.
10. Buying Newspapers
The world has changed drastically, and even the old gold newspapers have nowadays lost their value significantly. If you have access to the internet, there is absolutely no need to buy newspapers save for a few cases.
The online newspaper is cheaper and more convenient as it can be accessed from anywhere at any time.
Conclusion: 10 Things to avoid spending on
This is definitely a list of those one or two things you find hard to avoid dishing out money for… But believe it or not, avoiding them will help you save a shilling or two in this hard economy.