Finance skills to help you beat tough times
What you need to know:
- Having a good stock of food and other necessities to last you during a crisis isn't a bad idea.
- The problem is the strain it puts on your budget.
- Given that many subsist on daily wages and do not have emergency savings to cushion them in a situation like a pandemic or post-election mayhem, panic buying will likely see you struggling to meet other financial obligations.
With taxation policies hitting many pockets hard, employers and employees are both feeling the pinch as they are left with little disposable income. But all is not gloom. With a little discipline and wisdom, you can stretch that shilling to the next payday. Here are a few ways of doing this.
Cut unnecessary subscriptions
If you are subscribed to multiple merry-go-round groups, it is time to filter out some. Not all chamas are beneficial. Some are simply about passing money around. TV subscription is another area. It may be exciting to have access to a number of premium channels, but it comes at a cost. Consider going for the lowest bouquet or using free-to-air decoders.
Seek review on loans
If you have loans and your business or hustle is underperforming, seek financial relief by applying for restructuring with lenders. However, in case of a loan rollover, expect the interest on the loan to be added by a certain percentage.
Avoid panic buying
Having a good stock of food and other necessities to last you during a crisis isn't a bad idea. The problem is the strain it puts on your budget. Given that many subsist on daily wages and do not have emergency savings to cushion them in a situation like a pandemic or post-election mayhem, panic buying will likely see you struggling to meet other financial obligations.
Avoid unnecessary spending
Takeaway foods can be delicious and convenient, but it is cheaper to prepare food at home. Depending on where you're buying that takeaway meal, whether githeri, French fries or grilled chicken, the prices may be high yet no value is added in the overall end products.
Do-it-yourself measures
The goal is to stretch that shilling. You may have much disposable time at home on weekends, why not do your laundry yourself instead of hiring a cleaning lady, to cut on costs? Some house chores may not require expert labour. Fixing the roof, trimming the fence, caulking leaking pipes and fixing gutters are among the skills you can learn to cut down your spending. As you adopt a life of simplicity, you will be able to save more, which could go a long way in reducing that loan.
