Don't abandon your saving plan

By John Kariuki 
Financial success may be defined in different ways. Some people see it as the gaining of respect of friends, rising to emergencies or living a satisfying life.
With the rising inflation, many people may be tempted to abandon their saving schemes to cope with the cost of living.
 
But this would be a great miscalculation. Saving should ideally be a culture that one adopts through the thick and thin of life. It guarantees a better life when the coast is unclear.
Personal financial experts say that the first step to saving is to have solid money goals and a stringent budget. 
 
Goals spell out the destination while a budget spells out the details of the journey. It ensures that a steady sum is kept aside regularly towards attaining these objectives.
A budget is essential in a person’s life as it shows one about his or her income and spending. It is difficult to save money unless one knows how much money is coming in and going out. 
 
Financial worries 
To make extra savings, one can buy things in bulk. Basics commodities like food and toiletries can be purchased in bulk.
And as shopping goes, it is good to consider buying things in the flea markets, roadside vendors and local shops. 
 
Buying from roadside vendors of foodstuffs and livestock is a good saving plan because one buys directly from producers, cutting out on middlemen’s costs.
As inflation continues to bite, there are salesmen pestering everybody with unbelievable offers at every street. So, they are hawking hot investment schemes and loans and ordinary merchandise.
 
Their timing is perfect as they predate on people’s increasing financial worries. It’s prudent for one not to buy from them.
The true path to financial prosperity takes hard work and diligence and not planting "seed money" or electronically transferring cash to unknown guys with whom you only communicate via the Internet or mobile phone. 
 
One should train himself or herself to be cynical of all fabulous money deals and to start sniffing scams from miles away. Don’t let greed block your reasoning and scent of a bad deal, especially now when the cost of living is driving people to the wall.
 
A lot of money can be saved in buying second-hand items. For example, cars lose one third of their value in the first two years. It is therefore a good strategy to buy them then and at a bargain, especially in these hard times. 
 
Clothes are often worth even less days after an occasion for which they were designed.
And there are thousands of things that can buy second hand like electrical goods, gardening tools, pots and pans and so on. Often the best bet for fabulous deal on second hand things is at an auction.