SDEHotList: How to stretch Sh250 for a whole week

Do the math [Photo: Wilberforce Okwiri]

Financial freedom is a deliberate, personal choice. The need for accountability, minimalist spending and budgeting have never been so high than now considering the harsh economic climate.

We all need that extra coin to offset that bill, pay off mortgages, and, make investments and general improvement of the quality of our lives.

So, what happens when that constant or regular financial muscle wobbles and we drape in hard times, living hand to mouth?

Let us all break down a Sh250 budget in a broader, general sense, shall we?

Shift your perspective

Most of Kenyans work for Sh500 to Sh1,000 a bob a day. This translates to their total earning hitting an average of Sh12500 to Sh22,000. An amount meant to be stretched for at least 30 days.

For starters, one needs to do the math on all daily spending, costs and expenses however small. This requires self-discipline; an awareness of the needs versus wants and a specific redirection of every coin. List your expenditures.

Shrug off any attempt to listen to external voices who might advance views that you are cheapskates for living minimally.

Read Also: Report - Why your savings in Saccos might not be safe

Kenyan currency [Photo: Wilberforce Okwiri]

Avoid impulse buying/shopping

Spend less than what you earn. This is so fulfilling. Purpose to stack any extra cash at the end of the week. Be deliberate on this one.

If you find the need to hang out and catch up with friends, meet them over a home-cooked meal. Therein lies the power.

You hold the zipper to your wallet and ultimately enjoy the basket of working what is available on your stock without the risk of going overboard at a restaurant or cafe.

If you must, have a coffee catch-up instead of breakfast as it will save you almost 90 per cent of the budget.

Read Also: How gullible Kenyans are losing cash to rogue mobile lenders

Budget and save [Photo: Shutterstock]

Spend intentionally and on what is important

Shop smart. I cannot emphasize this enough. Purchase in bulk and bargain where necessary. Visit the farmers market for fresh produce at cheaper costs.

Purpose to make a single trip to the supermarket monthly. This is the first firewall impulse buying and puts a brake on spontaneous spending that may otherwise unnecessarily dent the wallet.

Read Also:  Why everyone is broke in January

I cannot emphasize enough, home-cooked meals save you a coin. Limit your uptake of luxuries such as booze and champagne. I am not advocating for cheap liquors as a money-saving venture. 

If you cannot afford certain luxuries the pain of sinking into debt while wallowing in expensive tastes is not an option. Live within your means.

Save [Photo: Shutterstock]

Save your change

This may look trivial but in actual sense, apart from making the biggest savings first, this is a huge step toward having more freedom by eliminating waste through cash-draining habits that bite in small junks but chew the whole boat.

A Sh10 saved a day, instead of the usual cliché 'keep change' can purchase a full loaf and three chapatis in a week!