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Saving Money in 2015 Part 2

26 Mar

Continuing our tips for the year in saving money. Saving in Kenya is an important idea for individuals as it helps them budget their finances and know what to invest in. It has come to the realization that many Kenyans have poor spending habits ending up with little or no money to save hence become broke. Also another problem is lack of financial discipline and the opting of the easy way out , which actually means that taking that easier option will put one under even more trouble.

One must strive to avoid debt as much as possible.  Avoid accumulation of new debt. Some debt is essentially unavoidable. For instance, only the very rich have enough money to buy a house in one lump sum payment, yet millions of people are able to buy houses by taking out loans and slowly paying them back. However, in general, when you can avoid going into debt, do so. Paying a sum of money up-front is always cheaper in the long run than paying off an equivalent loan while interest accumulates over time. If taking out a loan is unavoidable, try to make as big of down payment as possible. The more of the cost of the purchase you can cover up front, the quicker you’ll pay off your loan and the less you’ll spend on interest. If you can eliminate or strive to eliminate your debt. The sooner you can eliminate debt the less interest you will pay. Even as you work towards getting out of debt, be sure to create an emergency fund, if possible entirely separate from your savings account that you created.

Tip of the Day

Buy Goods in Bulk

Bulk buying ensures that one gets the basic requirements that will help them get what they need at the time when they are not readily available. Furthermore, it has come to the realization that most people that buy bulk products save more money than the ones that buy small quantities on a daily basis. Consumers should buy goods in large amounts and ensure that they have the basic things they need to survive.

 

 

 
 

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