Moving out of your parents house can be very exciting in the beginning.
You are excited because from now on you will not be answerable to anyone. However, you now have bills hence why you need these money saving tips for when you move out to your own place. It is usually all fun and games until you get there and you wonder how you didn’t think of some expenses like electricity and water. Most people learn as they go but now that you’re here I bet this article will help you organize your life.
1. Cook your meals
You may be tempted to order meals every now and again but that costs a lot. Set money aside every week for food which you can be cooking and putting in the fridge. If you don’t have a fridge, you’ll have to train yourself to cook in the evenings. This means you can also carry food the next day if you have an office job, saving you a lot of money.
2. Turn off the lights
People don’t realize that it’s the small things that help you save money. Tell your guests or kids to always turn the switch off whether it’s a bulb or the heater so you can cut on costs.
3. Get a goal-saving account
One of the best ways to save enough money for that important goal is to join a credible bank with a good plan. KCB has a Goal Savings account which is perfect for short-term and long-term goals. You can also open as many savings accounts as you would like to. This will be useful if you’re trying to save for multiple goals at different rates, like moving house, and slowly furnishing your place. You don’t have to sleep on a mattress forever, you can turn your house into a home in a shorter period of time – if you’re focused. The main thing to look out for in a savings product is the interest rate paid on your money. KCB actually has the highest interest rate in Kenya oat 6.3% p.a.
4. Save transport money
Just use a matatu instead of taking a cab all the time, this way you will save a lot more money. Remember every shilling you’re saving when that person farts in your mat.
5. Split your budget into these different categories
Write a detailed budget that has everything such as toiletries, hair, medical emergency, airtime and leisure.
Moving out for the first time is obviously a very big step into adulthood. It is both exciting and frightening, but how you handle it is what matters at the end of the day. Poor planning will leave you frustrated before you move out so make sure you have enough money for the rent and deposit plus money for the month. You don’t want to be in your new house and stranded.