Just like almost every other goal in this universe, being rich has a formula and rules that when followed, end up giving the opposite.

We tend to have rules for every other area of our life right? How much to eat, how much we should watch TV, limiting the amount of social media, amount of time to brush our teeth, etc.

READ MORE: Kuna Kaformular Kumbe! How To Stay Rich After Making Money

But when it comes to money, a lot of Kenyans ignore the rules and mostly let their emotions take control.

Learning how to manage money is a skill that must be learned. And unfortunately, for a good majority of us, that skill comes from the school of hard knocks.

Below are seven rules that when religiously followed, then most defiantly lead to the fattening of the bank account.

Budget your money and stick to the budget

A majority of Kenyans, especially those living in Nairobi, are only rich on paydays. They throw money around buying things they didn’t plan for and are too expensive for them only to remember a couple of days later they have a budget.

Budget for your fixed expenses, which may be rent, utilities, car payment, insurance or other required expenses and stick to the budget.

READ MORE: Ruto Vs Raila: 4 Things You Can Do To Improve Your Finances While Waiting For Election Results

Spend Less Than You Earn

As mentioned above, many Nairobians are living beyond their means.

Living within or above your means is how you end up going from paycheck to paycheck without ever truly building wealth. The only way to get ahead is by living below your means and setting aside a portion of your income for the future.

Choose your friends, neighbourhood and spouse wisely

The man or woman you are with will most likely determine whether you’ll become wealthy or not. If you are just thinking about parties, high-end clothes and cars, then you are doomed.

This also applies to the neighboured you choose to live in.

Trying to keep up with spendthrift friends or neighbours is a never-ending game with no true winners. Find people to spend your life with who have similar money views as you and it will save you a lot of unnecessary stress, envy and wasteful spending.

READ MORE: Why You Are Probably ‘A Fool’ According To This Bright Investment Quote From Warren Buffet

Say no to bad debt

A lot of Kenyans are in unnecessary debt holes because of indiscipline.

Avoid Fuliza, Mobile and shark loans which have insane interested rates. Debt is truly the cash flow killer. Those debt interest payments will hold you back from living the life you want to live. If the debt is a must, then truly decide if going into debt is worth it or if you can pay cash for it.

READ MORE: Machoos Tupu! Why Chamas Might End Up Ruining Your Finances If Not Careful

Save for the Future

This is something we have always preached. Save Save Save and then Save again.

Your savings percentage is the total amount of money saved across all of your accounts divided by your income.

Having a certain amount of money automatically going to your savings account can help separate your spending account from your savings account.

At the bare minimum, keep your savings percentage at 10%. Each year, increase your saving percentage. Opportunities open up the more you are able to save.

Ultimately, a saving percentage of 50% will help you reach financial independence faster.

Have an emergency fund

COVID-19 is a reminder that we never know when an emergency will happen.

Having enough in your emergency fund to pay six months of your expenses is the recommended way to weather an emergency. The best place to put this money is in a high-yield savings account so that it’s earning a competitive amount of interest each month.

READ MORE: Employment 101: Why You Haven’t Gotten A Salary Raise

Avoid quick money-making schemes

I wish there were statistics on how many Kenyans lose money every day because of get-rich-quick schemes. Many Kenyans burn their savings because of these scams while trying to make a quick shilling.

Nothing comes free in this world, especially money.

The universal truth is you need to earn your money by hard labour all the time and there are no shortcuts to double it in the shortest span of time.

READ MORE: Poleni! At least 80,000 Bitcoin Millionaires Wiped By Crypto Crash

Therefore, even if your near and dear ones tell you he/she will double, triple, or quadruple your money within a few days/months, politely reply to them that it is not possible and that what they are advocating is a pure ‘get-rich-quick’ type of scam.