If we had a shilling for every time we cried about this inflation, we would be billionaires and would not need to worry about inflation.
But alas, our tears are worth nothing, which is why we had to resort to Plan B: avidly Googling how to deal with inflation. Here are some of our best tips for saving money with rising costs.
You’re probably wondering, how can I possibly cut costs when the price of literally everything is going up? We know it’s difficult, but you must act now to prevent long-term financial damage.
Take a look at your expenses every month (if you don’t keep track of them, start today!). What can you live without? What can you substitute?
Think of ways to DIY instead of purchasing everything. Buy a simple coffee maker so you don’t buy Java coffee every day. Host a movie night at home instead of going to the movies to maintain your social life more affordably. Take lunch to the office instead of ordering in every day. Ask your boss if you can work from home a few days a week to save on transport costs.
And look out for discounts! Most local supermarkets have discounted items on a weekly basis which can save you those extra shillings.
Similarly, look for alternatives to your favorite brands. You can get something that is equally effective at half the price. And shop local! This not only tends to be cheaper but you will also empower your fellow Kenyans and boost the economy.
We probably sound like a broken record at this point, but we cannot stress this enough. Creating a budget is the most efficient way to not overspend and stay ahead of inflation. Not sure how? We have got you covered!
Creating a budget is one step, sticking to it is more important. Make sure to create a grocery list before you go shopping so you don’t spend money on things you don’t need. Try to carpool with your colleagues or neighbors to save money on fuel prices.
Creating a plan will ensure that your savings take priority and your expenses don’t lead you astray.
Or under the mattress for that matter. As you are probably experiencing, your money is losing value with every passing day. This is why it is so so important to save your money in a place that is making you more money.
Not to blow our own trumpet, but Koa is just that! With Koa, you can start saving from the comfort of your phone and earn an interest of up to 10% per year. And the best part is that your interest accrues and compounds daily, so you can actually see your money grow every day.
You can top up and withdraw the money at any time so you don’t have to worry about not being able to access your money in case of an emergency. And, we will continuously empower you to better manage your finances with articles like these and much more! Try it out for yourself to experience all the benefits!
We know this is much easier said than done, but in today’s economy, one source of income may not be enough.
Think about your strengths - what else can you do to earn some extra income? Some examples are baking, graphic design, embroidery, translation, and painting. You can also see if you can take on additional responsibilities at work for a raise. Find something that you enjoy doing and see if you can make money out of it.
Another option is to take a look at your assets. Do you have a spare room in your house that you can rent out on Airbnb? Do you have old clothes or shoes lying around that you can sell? Do you have an extra car or bike that you can rent out to an Uber/Bolt driver?
Think outside the box! Finding an alternate source of income will relieve your financial stress and allow you to live your best life without compromising on your savings.
By incorporating some or all of these tips into your lives, you will not only survive this tough economy but also thrive in it. It is okay to feel overwhelmed and panic, but take a deep breath and think about other practical ways to better manage your finances and you will be okay.