BUDGET PLANNING AND SAVINGS
Planning and sticking to budgets so that you can have some savings can be quite tricky. Guaranteed, the below tips will show you how much you spend, how to curb overspending and also how to grow your savings.
Personal Budgeting Plan
- Create an excel sheet, with a column containing your total monthly net income with their sources e.g. Salary, Pension etc.
- Create another column listing all your monthly expenses, including rent, food, transport, utilities, loan repayments etc.
- Then deduct your total monthly expenses from your total monthly income.
- Identify areas where you can eliminate or reduce and save some money.
- Use the sheet to estimate a budget for yourself.
- Make sure you make provision of 5-10% of your monthly net income for savings.
- Feel free to adjust your budget appropriately and say NO to overspending.
Savvy Saving Tips
- Make sure u conserve energy in your home to reduce power bill. You can do this by turning off lights when you are not using them. Use the gas cooker instead of the microwave when you can.
- Cut down on recharge card costs thereby limiting unnecessary long phone calls. Also, feel free to use other means of modern communication such as BBM, Twitter, Whats App, E-mail, etc.
- Shop at wholesale markets for better prices. Always make use of a shopping list to avoid impulse buying.
- Plan your meals for the week, cook and bring food to work instead of having to buy.