Winning the battle of keeping more of your money


Here at TWiCE, we have a saying that it’s not about how much you earn, it’s how much of what you earn you get to keep. Our founder Frank Mukahanana experienced this first hand and explains.

“As I was growing up, I was told ‘study hard, work hard and the world’s your oyster!’ but I discovered that’s just not true.

When I started working, I thought that £25,000 was going to be what I needed to actually achieve and enjoy the life that I wanted. But unfortunately, when I got there, it just wasn’t enough. So I reset the targets. I pushed it up to £35k and then £50k and then £100k and still it just wasn’t giving us what we needed with a growing family and everything else.

I found that there were a few things that were getting in the way. The main one being that expenses always expanded to meet available cash. So if I had an increase of £5000, my expenses would probably go up by £6000. I had to figure out that there had to be a different way.

Winning the battle of keeping more.jpg

Mukahanana goes on to explain a tale of three gentlemen, a handy illustration that outlines this principle (available on our Savvney modules, which we deliver in workplaces and at our community events), but finishes off by saying, “it’s not about how much you earn, which most of us drive towards, it’s more about how much of what you earn you get to keep, that is the important bit.”

Most of us think that keeping more of our money equates to earning more but as Frank mentions, and I’m sure many of us have also realised, that isn’t always the case. So how do you keep more of your money? We’ve put together a few things that you can start implementing today.

1.    Fight against the urge to spend more when you earn more.
Instead of spending that extra income, decide to use it to grow your savings and create more margin in your monthly finances.

2.    Make a list
Take some time to think about what you need to spend money on and make a list of those things. They could be weekly groceries, bills, transport costs, etc. Make the list and then try your best to stick to it. Of course there will be days when you pick up a little more than you set out to but there will also be days where you offset that with less spending or bargain hunting.

3.    Slim down your wallet
Before going out and about, go through the contents of your wallet and see if you can leave anything at home. If your credit card is a big enabler, don’t take it with you. Where possible, eliminate the things that will tempt you into spending more.

4.     Pick something to save for
Perhaps you are saving up to put a deposit on a house, or maybe you would really like to buy a new laptop. Whatever your goal is, have it in mind as you save. Saving for something as opposed to saving for the sake of it, can motivate you and keep you accountable.

These are just a few ways you can start making your savings grow and win at keeping more of your finances. Remember that savings are a process. Let us know how you’re getting along with keeping more of your money by emailing us

  • Michaela L

Disclaimer:  The above information does not replace financial advice.  Please ensure you seek independent financial advice before making any decisions regarding your finances.  We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances.  Please note that we sometimes link to other websites but we cannot be held responsible for their content.