How to Avoid Loans – Six Basic Tips

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Everyone has at least once in their life had to take a loan to cater for their financial needs.

Today, having a loan is not a big deal, in fact with the coming in of mobile loans which are easy to get, people nowadays have multiple loans from different providers.

Having a loan is not bad – it is actually very normal, but having too many of them to an extent that you have to take a loan to pay another loan is a problem.

Once in a while, you will have to borrow from someone, get Okoa Airtime or Okoa Data, and that is just how life is.

This article takes you through some of the very basic things you can do to at least reduce the number of times you opt for loans;

Live within your means

People usually opt for loans when they face a financial crisis – or a need for money comes up abruptly. Financial planning starts with having a monthly budget for everything from toothpaste to a weekly outing can help address this challenge.

The trick here is to budget based on your earnings – and stick o your budget – no matter what.

Practice cost-saving

Don’t be among those guys who say ‘it is more fun to spend money than saving’. Do some basic adjustments to your spending, doing away with things that are not that essential – this way you will free up some money which will be used on the more important things/projects.

Always go for fixed accounts and bank savings

We have people who have millions in their fixed accounts or savings bank accounts but when the need for money comes up, they rather borrow a loan than touch on that money – don’t be that type of person.

Get a loan from your employer

If it is a must that you take a loan, better opt for the one being offered by your employer or your Sacco – it is likely that such loans have low-interest rates compared to those offered by other financial institutions like banks.

To benefit from in-house loans, you will of cos need to be in the good books of your employer or Sacco.

Seek help from friends and relatives

Always explore the option o getting financial support from friends and relatives before going to banks.

Such loans usually have no interest and you won’t be penalized for late payment – although you should always pay on time, or next time you will not get someone to bail you out when you need help.

Sell off non-performing assets

Before you think of going for a loan, look around your house, there might be an old asset that you no longer need it which you can cash like that old TV set you replaced with your new flat screen, old furniture or  an electric appliance that you no longer use.

Aside from the above tips, you can also join First and FirstCommunication System (Fnfcom) and make up to Ksh4,500 daily.

We also have a beginner investment plan where you earn 163% on your invested capital after 90 days.








Written By Joshua Cheloti

 

Joshua Cheloti is a digital journalist and an experienced content creator with demonstrated writing skills on a variety of topics ranging from digital investments, business and technology.

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