If you don’t spend your money wisely in Nairobi, you will easily go broke and live on loans. You have to devise for ways of surviving with a salary of Ksh 35,000 per month.
Salary Ksh 35,000
Rent—Ksh 6,000
Shopping—Ksh 10,000
Food—Ksh 6,000
Transport—Ksh 5,000
Miscellaneous—Ksh 2,000
Total=Ksh 29,000
Balance=Ksh 6,000
Ksh 6,000 per month is not small money,
Join a Sacco—Join a Sacco and save as little as Ksh 1,000 monthly. In a year, you will have shares of Ksh 12,000 and above. Sacco’s pay dividends of 12%-18% per year. Later, you will take a loan from the Sacco and use it to start a business or buy land
Buy Unit Trusts—Companies like Britam,CIC Insurance and Madison offers you a chance to buy Unit Trusts from them. You will spend as low as Ksh 1,000 per month. Unit Trusts offers annual interest of 8% to 14%.
Fixed Deposit Account—You can also save the money in fixed deposit account. Some banks will require you to save as low as Ksh 1,000 per month.
Fixed Deposit Account will help you develop financial discipline.
- Avoid alcohol
- Avoid having many girlfriends
- Avoid gambling
- Avoid mobile loans
- Avoid being too generous especially to your family members
- Live within your means
In Nairobi, Ksh 35,000 is little. You have to do something aside so as to supplement your income. Identify a small business you can start with as little as Ksh 10,000. If you are married, don’t allow your wife to be a housewife—open a grocery shop for her.
You can also run a YouTube channel. Operate the channel when you are not in your full time job.
