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Trouble managing your Cash flow? Here are some saving tips

12th Sep, 2017

Enough times, some of us find ourselves living pay cheque to pay cheque, barely getting to the end of the month without complaining about being broke. If this is you, then you know you have to make the necessary changes. Here are 4 tips that can help you manage your cash flow through developing saving habits that work for you.

  1. Know where your money is going

We often hear someone (or you) saying “I don’t know where my money goes” – right there lies the problem. Start by identifying your expenses, then seek professional advice from a financial expert on how to control your funds. This knowledge unlocks the potential of obtaining a stronger financial position.

  1. Design a budget and stick to it

Budgeting is a fundamental financial practice in successfully managing your cash flow. Everyone is familiar with it but not everyone practices it. Now is your chance to do it right and design one that you will stick to because this helps either reduce debts or increase your savings in many ways.

However, it is important to note that a budget plan needs to be realistic and flexible. Factors such as change in income or economy may require you to make the necessary changes in your budget plan.

  1. Go for shopping with a shopping list

The easiest way to save money is to write a shopping list and stick to it as per your budget plan. From a psychological point of view, supermarkets are set up to lure customers into making impulse buys. Therefore, going with a shopping list minimizes these unwanted purchases that we often make.

  1. Make cutbacks

Do you really need that coffee you bought this morning? Mmmh I don’t think so. Evaluate your needs and wants so as to reach your budgeting goals. Instead of buying coffee, make your own from home or instead of buying fast food, bring some homemade food with you to work. You’ll be surprised how these small changes will make a huge difference in your savings account.

On that note, reach your savings goals with KCB bankby opening a GOAL SAVINGS ACCOUNTwith no fees or charges as one of the benefits. To learn more about this account, clickhere (https://ke.kcbgroup.com/home/accounts/savings/goal-account)

I hope these tips will help you save more in the future!

 

 

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