Sometimes the thought of growing your savings account can be overwhelming especially when you’ve paid lots of bills, loans and students fees.
Having done all that taking another percentage from the remaining amount for saving, may seem impossible.
Remember, savings are important as they come in handy during an emergency.
Here are a few ways on how to build your savings fast.
Saving automatically is one of the best and most efficient method of growing your savings account. This method will help you in the future as the percentage of the amount that you’re willing to save will bounce directly to the savings account before anything else happens.
Pay yourself first
Research says that paying yourself first Leads to accumulating more savings within a short span of time.
This means you will put 10% of your earnings into your savings account without paying anything else.
It is advisable to save before spending other than saving what remains.
Use credit cards wisely.
Credit cards usually consume a lot of money because of any transaction there is a fee charged. It’s then advisable to use your credit card wisely or stop using it.
With the transaction costs after every purchase made, you will end up losing lots of money which you could have saved.
Do not buy sweets or dispose the KSh 5 and 10 that remains after a shopping. Instead, save them and they would slowly add up to good money.
In this case, it’s advisable to get a home bank and store the coins there.
READ ALSO: 5 qualities of good pension plan
Know what to eat on lunch
Most people consume a lot of money on lunch alone. Especially those in urban centers who prefer buying KFC chickens and chips.
This will consume thousands of shillings that you could have saved. Instead, buy simple lunch or a pack some food from home for lunch.
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