5 Ways to Save Money In Hard Times

Right now, for the most part, life feels like you stuck repeating the same tired loop – money comes in, bills and debts are long overdue, you’re hit with a random and unexpected expense, and are forced to borrow money to keep you going. Rinse and repeat.

Stretching your money to make ends meet has become an art that many of us have down to a science. Truly, it should be a compulsory subject taught in schools, because it’s a miracle that any of us are able to survive in times like these. Believe me, I’ve seen some things, and having been through the trenches, I sympathize and understand – times are tough.

Here are 5 practical money-saving tips that you may find useful:

  1. Try cash rounds: My mum and her friends would regularly meet at home to discuss shopping tips and money goals, and collectively pitch-in cash. This money would be given to one person to spend on their money goal. This round-table banking model was built on trust, discipline, and agreed terms. For example, 5 friends meeting weekly would each contribute UGX 50,000. The money would be handed to one person to use for a specific purpose, and the process repeats until every member has their turn, then the cycle would start over. The group sets the rules and enforces penalties for defaulting. At times, a portion of the total pot can be put into a savings or investment account for growth. As the saying goes, “If you want to go fast, go alone. If you want to go far, go together.”

  2. Only bulk shop: Make one planned shopping trip to reduce transport costs and curb impulse spending. For back-to-school shopping, I would buy a supplies such as exercise books or paper reams by the box not as singles cartons for the year. Such goods don’t expire and given how price increases, it’s cheaper in the long-run. Furthermore, making one monthly trip costs less than four weekly trips in both time and money.

  3. Adopt the DIY life: Do-It-Yourself is nothing new or a passing fad. It’s a way of make ends meet by cutting down on expenses since you can do somethings your own. Make inexpensive home-cooked meals, instead of ordering takeout. Clean up after yourself, instead of paying someone else to do it. Find ways of cutting back on some luxuries through DIY, and save some money.

  4. Lower your utilities: Save money by switching off non-essential appliances you aren’t using, turn off the lights when you’re not in the room, be mindful of your water usage. These are a few ways you can cut down on your utilities and save money.

  5. Downgrade your lifestyle: The convenience of the digital age, has you signed up for services and products they either don’t need or use – on auto-pay. Check your subscriptions and service providers, and unsubscribe from what you don’t use, or find a cheaper alternative. Some of you are paying UGX 30,000 to UGX 250,000 monthly for pay TV or Netflix, yet you’re never home.

    Additionally, consider selling-off items you don’t use, look into lower rent accommodations, adopt low-cost transport, thrift or buy second hand clothes, do a wardrobe exchange, use store discounts/coupons, and buy cheaper brand groceries. These quick solutions you can adopt in the short-term to help you build up your savings.

Apply any of these strategies this month, and get your money up. You’ve got this!


What money-saving strategies have worked for you? Don’t be stingy, we all need to know – share in the comments, or DM me – @KagoTMD on TikTok, Instagram and LinkedIn.

If you're interested in watching full video essays of this and other topics I've discussed here, visit and subscribe to my YouTube channel.

Let’s build your future, together.

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