7tips to save 50-70% of your income in 2016 #WhatWouldMagafuliDo?

Foreign currency

There’s an interesting topic trending on twitter #WhatWouldMagafuliDo
It’s a tongue in cheek conversation about how the Tanzania Government is tightening its belt and saving money. Unless you have plans to increase your income, usually the easiest way to do so is reduce your expenditure.

Here’s what you can do in your own life to begin developing habits to save more money, so that you can invest more money in 2016.

1.Wholesale grocery shopping
Buy groceries at Kawangware on Naivasha Road, there’s a bank between Coop Bank and KCB. Take that road after 200 meters there’s a wholesale shop, it’s a store called Israel shop
There’s also ‘Mahitaji’ on river road next to Kampala Coach, of which families or chama’s can group together and buy food stuffs.

2.Buy Meat in bulk
Buy Meat directly from KMC Dagoretti slaughter house.

3.Buy diapers at OTC.
Diapers there cost Ksh2000 you get 176 pieces of a brand called Phoenix, it doesn’t cause reactions or leakages. There’s another of 44 pieces for Ksh490.

4.Be specific about buying clothes.
Keep a list of what you need for your wardrobe. Then buy clothes on sale at Woolworths during the big annual sales in March and August. Or Toi Market on Tuesday and Saturday which is when they restock. Or in Gikomba on Saturday morning. Or Black Friday and cyber Monday. Shop once a month or once a quarter, or a couple of times a year, then don’t shop again. This gives you time to reflect on what you really need and not buy a lot of clothes too often. Even if it’s only 100 shillings purchase a week,it all adds up with time. It is especially a bad idea if the item doesn’t even last long. It’s a whole long conversation. Google ‘cost per wear’.

5.Save on Fruits and vegetables
Buy fruits and vegetables at the nearby Market rather than supermarkets or upmarket specialist green grocers. Your wallet will thank you!

6.Cook at home
Carry packed lunch for your lunch in the office. Avoid buying coffee here, a newspaper there etc etc, these small expenses all add up. Think of the total sum of what you would have spent as the value of an item you’d rather have, for example would you rather buy your own newspaper (read it on the internet) or at the end of the year buy a new couch?

7. Money Diary

Keep a money diary and keep track of your money, it will be a revelation! If you ignore everything else and do this, then my work is done! You will definitely be able to keep track and better manage your finances, and with this, have more money in the new year.

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