We all want to be financially stable in our lifetimes. Sadly, however, many people end up struggling financially despite the fact that they are employed or have a steady source of income.

This means that most people will spend money on unimportant things and end up in cycles that do not lead to financial liberation.

Financial advisers argue that it is possible to create a wise spending and saving culture that will eventually lead to financial freedom.That said, what are the ways you can minimise your spending by either stopping the expenditure or substituting it with a more financially viable option?

Here are some of the things to stop spending on;

1.    Eating out

While it is agreeable that you might need to meet up with friends and family in social places, you can only do so much of those meet-ups. Eating out regularly depletes your budget and may hinder your financial growth.

If it becomes hard to minimise the meetings, especially if you are a business person who needs to meet clients, make sure that you go for the cheapest option in the menu. Do not ran bankrupt in an endeavour to please people in restaurants.

Secondly, carry lunch from home if you work a day job. According to Waceke Nduati, the founder of Centonomy Kenya, saving your lunch money and calculating the proceeds at the end of the year will leave you surprised at how much more you could have done with the money. If on average you spend Sh200 for lunch five days a week and work four weeks in a month, that adds up to Sh48,000 in a year. If you had saved that money you could open a business that can have returns of more than Sh500,000 a month once you break even. Think about that!

2.    Subscriptions

The market is continually getting flooded with so many subscriptions of services targeting the average earner. This means that you might be tempted to subscribe to services such as multiple Internet services that eat up your money even without your knowledge.You will be surprised at how many people subscribe to services because they seem cheap or because a service provider approached you.Instead of subscribing to every service that comes your way, take advantage of the free services such as the free to air services on TV, free Internet at the office or the cheaply provided Wi-Fi at cyber cafes. Unless the services are crucial and contribute to your financial gain, you should avoid them like a plague.

3.    Trendy gadgets

Many Kenyans attach certain class of gadgets to the financial status of the person owning them. This leads to a sort of a rat race in an endeavour to acquire these latest phones, music systems or even personal computers. Unless you really require the output from a high end laptop or phone there is no need of buying just to impress your circle of friends or to be at par with them.Instead of spending money on unnecessary gadgets, consider saving the money and investing it in an income generating venture.

4.   Social events

We all love celebrations; from baby showers, birthday, bridal shower or any other life milestones that need celebrating.It is important to realise that you do not have to be part of all the celebrations your friends invite you to. Overly committing to these events can eat up your money.Be moderate on your commitment and reduce the money you give and invest the rest of the money on meaningful ventures that have returns on investment.

5.    High insurance policies

Getting insured is a prudent idea, no doubt about that. You, however, should be careful on the companies you take up insurance with and the mode of contribution.Do your research and identify an insurance platform that works for your needs and stick to it. Avoid hopping from one company to another as you might lose money in the process. Experts advise that if you need multiple covers for your various needs you should find a company that handles all your needs and avoid working with multiple providers.

6.   Buying Brands

Buying expensive items because of the brand can eat up your money. For example, when you walk into a supermarket you find different brand items. The price gap among different brands of say tissue paper is sometimes outrageous.Why would you buy tissue that cost you Sh50 while you could get the same size and quality at Sh20.They serve the same purpose, so avoid overspending just because you want to buy a certain brand.

7.    Impulse buying

Mindless spending that is impulse buying will render you financially immobile.Before going shopping make sure you make a list of the items that you need to purchase beforehand.  This will ensure that you do not spend extra money on items that are not necessary.

8. Low cost items

On the other hand, avoid spending money on items that you consider low cost such as coffees, candy or bottled water. You may not notice it but such small items end up eating much of your budget in the long run.