Bank finance articles and tips

First, you must have a clear understanding of your financial capabilities before deciding on the kind of life you want to live. In many cases, people live beyond their financial capabilities and they end up taking loans which become difficult for them to repay later. If you have less money to spend when going out for shopping, make a list of what you think is urgent, avoid unnecessary spending. If you have a child, you can open for him/her a children`s account from your bank so that a certain percentage of your monthly or daily income is deducted and deposited into that account. This will help in educating him/her in the future and you will be relieved from the burden of paying school fees.

You can also invest a certain percentage of your income in a business and if you know you can't make a good entrepreneur, you can decide to cut on your expenses and increase savings. It's very simple; if you have a garden, you can plant some vegetables, onions and tomatoes and you should also avoid throwing food away, instead, take small helping and go back for seconds and when some food remains, keep in a refrigerator and use it the next day.

You should avoid imitating other people`s life style.A good example is when you always have to buy a car or anything new just because your friend has bought it.In such a case, you may not know the reason why this person bought that item, furthermore, the fact that you have to buy it, it will interfere with your financial budget. Remember, if you have to buy that car, you must know how much it will cost you to run it and car insurance quotes is a must.

Lastly, I will take you to your daily household expenses although many people neglect this but it has a great impact on your expenses. After switching off any electric appliance, you should always remember to switch off the socket because small amounts of current may be lost through the cables as a result of resistance cause by the cables which lead to high electric bills. Always keep taps shut when not in use and switch off all the lights during the day unless the room is dark. You can also carry packed lunch; go to work by bus frequently instead of using your car, get a health insurance, buy second hand cloths instead of new ones which may be costly and finally, use energy saving bulbs and a TV that uses less power.

THOMAS MASINDE WANYONYI,
Expert in creative, technical, SEO and blog article writing.
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By Thomas Masinde Wanyonyi