With the hard economic times that require prudent financial decisions the only way is to frugal up.Are you frugal or lavish? Is it really the harsh economic times or are you just not adjusting?Well, we shall engage more on this conversation but for now, Hello magnates!
So by now, you must be wondering what exactly is frugal.Well don’t panic, I got your back. A frugal is a person who lives simply and economically, makes sense now, right?
Undeniably we are experiencing harsh economic times especially in Kenya where studies by The Kenya National Bureau of Statistics show an increase of inflation rates as of March 2017 to 10.8% from 6.99% in the same year of January.So how do we surf through this harsh tides and make it?Well, the math is simple to change with the economic times.
You ask how?Well let me take you through these simple steps on how to frugal up:
- Don’t spend the same way you did a financial year ago.You need to have a frugal mindset for you to surf through and if not you will definitely sink in debts and financial crisis.
- Take advantage of major sale offers or discounts like black Friday, back to school and holidays offers.This could save you a few bucks.Beware small leaks can sink a ship.
- Make sure your savings are in a bank that doesn’t have a wide coverage or may be difficult to access the ATM since this will restrict your withdrawals.Never open a savings account in a bank with a door-step ATM or Agent because you will spend all your savings.
- Don’t buy on payday.Most times we are extravagant on payday in things that we didn’t even need just because its payday.Clearly, distinguish your needs from your wants by financing your needs as a primary priority and your wants on disposable income.
- Self-review and evaluation.I am pretty sure you have read on` have a budget tip’ on every financial article and I hope you actually have one.If not kindly get one ASAP!After getting that budget which is just a simple breakdown of money in and money out evaluate on where you take your money and if was it necessary to take it there.Review on your money in and ways of creating more money in.
With such deliberate financial moves, you will definitely be frugal who can survive the dynamic economic times.
So our take home for the day in our frugal starter pack is;
- Don’t have a rigid spend plan
- Take advantage of discounts and sale offers
- Quarantine your savings accounts.
- Don’t buy on pay-day
- Self-review and evaluation.
And it’s a wrap from me magnates!It’s been your girl zedthefinacialist.
Happy Easter holidays!