Tight Budget? Tips to Save Money in 2024

Kenyans are expected to pay more taxes in 2024 as most of the recommendations of the Finance Act, 2023 take effect.

Some of the taxes set to kick in include; the housing levy, social health insurance tax, tax on income for non-residents, residential rental income and taxes on shares for employees among others.

This will further be compounded by the increase in prices of commodities such as fuel which are expected to rise.

Unfortunately, this means placing more financial burden on the common citizen who is already dealing with the tough economic times.

Customers shopping at Marikiti Market located near Nairobi Central Business District.

Photo

Upkenya

In such a crisis, it is wise to look at saving options, reducing expenditures, and extra sources of income to meet the daily needs. These options will help you manage the funds available and come up with ways to double the rest.

Avoid Rush Hours

For those traveling to work, it is advisable to avoid rush hour as fare prices hike during this period.

Traveling an hour early may help you save a few extra coins in the tough economic times. Other Kenyans also opt for ‘connecting’ vehicles to minimize the transport cost.

It is advisable to try out the different saccos plying your route to see the ones with more favorable fare prices.

For those using private means of transport, you can try carpooling with neighours going the same direction. With a mutually-agreeable arrangement, this will reduce the cost of fuel, car maintenance, and parking costs.

If the place of work is not far from your residential area you can practice walking from time to time, not only does this save money but also helps you exercise.

You can also cycle to work if possible.

Bulk Purchasing

Food items and other basic household items often have offers in retail shops across the country. Waiting for such a time to purchase your goods will save you money and allow you to stock up the house well ahead of time.

Besides supermarkets and retail shops, you can try affordable markets to get the needed food items. Some of the markets include Gikomba, Marikiti, Githurai, Ruiru, and Kiandutu for fresh farm products like tomatoes and onions.

Nyamakima market is suitable for purchasing cereals, and you can get your household items at Kamukunji market. For affordable meat products, you can visit Burma market.

You can get clothes from Gikomba and uniforms from Kenyatta market at pocket-friendly prices.

While buying items in bulk, especially food items, ensure you get those whose expiry date is further away to avoid food poisoning.

Homemade Meals

Due to the busy schedule of an average Kenyan, most do not get the chance to cook at home and prefer local joints to avoid wasting time and resources.

However, cooking at home can save you money and at some point, your health should be the primary factor you consider since some of the food sold at local joints is not fit for consumption.

You can invest in good kitchenware that will keep your food fresh and warm at work. You can also store some in the refrigerator for later.

However, ensure that you do not let food overstay refrigerated to avoid food poisoning.

Having a Budget

Drafting a budget will help you allocate money to your monthly spending to avoid exceeding limits and plan for the future.

You can create one at the beginning of every month and review it at the end to know where to allocate more or less in the subsequent months.

In the budget, allocate some money for miscellaneous to avoid digging into your savings. Set aside money for other activities like hanging out with friends or important functions of the month.

With a well-laid-out budget, you will be able to account for your finances and make the necessary adjustments to achieve your financial goals.

Relocation

Moving to cheaper neighborhoods may also help you save money for a home in a few years.

You can also dig through reports compiled by reputable real estate research firms like HassConsult which will help you gain insight into rental prices and help you evaluate the neighbourhoods with the best and most affordable houses within your budget.

While choosing a house, look at its location and proximity to other social amenities like schools, markets, hospitals and roads.

Photo of apartment blocks in Nairobi Eastlands area taken on May 30, 2022.

Photo

NMS

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Kenyans.co.ke – https://www.kenyans.co.ke/news/95832-tight-budget-tips-save-money-2024