“Do not save what is left after spending, but spend what is left after saving.” Saving should be a deliberate and planned action, treated as a non-negotiable commitment rather than an after thought. This perspective aligns with the idea of “paying yourself first,” ensuring that saving takes precedence over discretionary spending.

As we usher in the new year the Support staff Representative on the MUBS Retirement Benefit Scheme Mr. Geoffrey Mwandha shared simple ways to save money. He noted that saving is easier when you have a plan. He encouraged Staff to follow these steps to create a savings plan. 1. Record your expenses. The first step to start saving money is figuring out how much you spend. Keep track of all your expenses. 2. Include saving in your budget. Now that you know what you spend in a month, you can begin to create a budget. Your budget should show what your expenses are relative to your income, so that you can plan your spending and limit overspending. 3. Find ways to cut spending If you can not save as much as you would like, it might be time to cut back on expenses.  Identify nonessentials, such as entertainment and dining out, that you can spend less on. When tempted by a non essential purchase, wait a few days. You may realize the item was something you wanted rather than needed and you can develop a plan to save for it.

Mr. Geofrey Mwandha,
Support Staff Representative to the MUBS Retirement Benefit Scheme 

4. Set savings goals One of the best ways to save money is to set a goal. Start by thinking about what you might want to save for both in the short term (one to three years) and the long term (four or more years).

Then estimate how much money you will need and how long it might take you to save it. Common short-term goals: Emergency fund (three to nine months of living expenses), vacation or down payment for a car. Common long-term goals: Down payment on a home or a remodeling project, your child’s education or retirement 5. Determine your financial priorities. After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. 6. Watch your savings grow. Review your budget and check your progress every month. That will help you not only stick to your personal savings plan, but also identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.