Finances: 5 Seemingly Small Yet Avoidable Payments And Fees That Are Costing You

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Kenyan Shillings in the black wallet on a wooden background

Life has become expensive. What 10,000 Kenyan shillings could do for you ten years ago it simply can’t today. There’s a popular joke that goes around that in today’s world if you so much as step outside your gate, you will have spent at least 1,000 shillings. The best way to save money is to stay at home, and even so, you will still need to buy food.

It’s not getting better. As the rate of inflation continues to rise, we are left with little option but to survive. Some of the coping mechanisms include reducing or eliminating as many expenses as we possibly can. Here are some of the small, and yet avoidable payments and fees that are costing you.

1. Transaction costs

There’s a little pain that comes with sending money using the phone. Whether it be through banks or other digital services, it’s not exciting to spend such a large percentage of your money on transaction costs. When choosing banks, find one that offers little or no transaction costs. It seems like a small deal, but when you calculate at the end of the month, the transaction costs add up and cost you a chunk. Also if your bank offers free bank to mobile transactions take advantage of it to make most of your payments.

2. Parking fees

Parking fees are irritating. If you spend time running errands and going to different places, you can end up spending a considerable lot of money. Paying for parking on a daily basis adds up and amounts to a lot. How can you avoid this? Well, the simple solution is to start using public transport. You could also learn to walk if the distance between one place and the other is not too far.

3. Subscription fees for apps

How much money do you spend on applications? It’s extremely captivating when the price to pay is small, but, when combined, subscription fees take up a lot of money. Subscription fees also include those for Short Message Services (SMS) and the likes. More often than not,  some of these subscriptions are luxuries rather than necessities and we can almost always do without some of them.

4. Cabs

Taking a cab is extremely convenient, especially for those of us that don’t have cars. Nowadays, cabs have become more affordable and efficient. But have you ever stopped to think of how much money you spend on these Cabs? It starts with 150 shillings, but when you calculate how much you spend at the end of the month it adds up. A solution is to consider carpooling with friends and colleagues or to opt to use public transport more.

5. Airtime

How much money do you spend on airtime in a month? When you sit down to calculate, it will probably shock you. While sometimes airtime is an unavoidable cost, there are ways to go around it. Why not install WI-FI in your house instead of constantly spending on bundles? You may even opt to subscribe to monthly packages for both minutes and data. This will help you to not only monitor your spending but also to limit it. Cutting down on airtime can help you to use this money on other, more important expenses.

To Save Money, Be Ready To Spend Money

There’s Food At Home As A Savings Plan – How To Apply This Mantra To Other Aspects Of Your Life.

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I am a passionate 22 year-old writer. I consider myself a young free-spirited soul whose personality is a mixture of introversion and extroversion. I’m a strong believer in the law of attraction. Everything is a reflection.