Career Advice – 4 Small Easy Ways To Improve Your Finances Today
Job Hunting Tips: 4 Small Easy Ways To Improve Your Finances Today

By Michelle Wanjiku

When it comes to money, most people think that in order to become wealthy you have to be earning a lot of money. On the contrary, good financial planning is what will ensure you achieve financial freedom.

 Here are a few simple things you can do to improve your finances

 1. Increase your retirement fund contributions by 10%

Retirement is something not very many young people think about. You might think that it is far off but the earlier you start preparing for it, the better.

You don’t want to retire only to have to lose the lifestyle you are accustomed to; you also don’t want to be dependent on anyone.

That is why setting money aside for your retirement is a smart thing to do. If possible try and increase the amount you set aside for your retirement. It will ensure you have a lot more money to work with.

You can do the same with all your other savings accounts if you are capable.

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 2. Reduce your expenses by 1%

If you have a very bad habit of spending money lavishly after payday but by mid-month you are broke and have to borrow money for things like transport, then you clearly need to cut down your spending.

Most of the time, we spend money on things we don’t really need, such as that TV subscription when you barely even watch TV.

Cutting down on your expenses will ensure you have more money to either save or invest.

3. Increase your debt payments by 1%

In order to achieve true financial freedom, you need to be free of all debt that means the faster you pay off your loans the closer you get to achieving wealth.

Just think about it, if you are like me and have to pay a certain amount to HELB every month after I have cleared this debt, the money I have been sending them monthly will go into other things to better my financial situation such as investments.

SEE ALSO >>> Best Ways to Save More Money Without Feeling Miserable

So if possible, try and increase the amount you spend on debt repayment whether it is the mortgage on your house, car loan or HELB loan.

The more you pay the sooner you will be free of debt not to mention you will be saving a lot more on interest.

4. Aim to make 1% more income

It might be difficult to ask your boss for a raise often, which is why it is very important for you to come up with an alternative source of income to supplement what you are getting.

For example, if you make Ksh.20, 000 a month, one percent will equate to 200 shillings. This might seem like a small amount but every little cent counts.

You can use your skills to start freelance work or sell things online, whatever side hustle you decide to embark on will help boost your finances.

 In conclusion,

Obviously, if you can afford to do more than the one percent increments then go ahead and make changes depending on your financial capabilities. Making smart money decisions is what can determine whether or not you achieve wealth.

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