Chachanomics Money Talks

  How to Survive on a Sh. 26,000 Salary as a Newly Employed TSC Teacher "Anthony is a newly employed teacher. He has a new job with the Teachers Service Commission. His starting salary is a basic of Sh. 26,000. This is his first job and his first formal salary. He has been posted in Eldoret. He is single and without a child. He wonders; how should he budget this salary? What amount should go to what budget allocation? What amount should he save? Between a Sh. 500,000 car and a Sh. 500,000 plot of land, which should he aim to acquire within two years? How much should he save for this? Where should he save?" First, congratulations on securing a job as a TSC teacher. Being young perhaps in 20s, employed, single and without a child is a plus in laying a firm foundation for a financially prosperous future. Second, one major challenge you are face as a newly employed youngster is lack of financial literacy skills* such as budgeting, debt management, saving and investing. That...

 Help! I Earn Sh.60,000 Monthly but Spend all the Money on Relatives and Girlfriend Hello! My name is Wafula. I graduated recently from KMTC and have a practice license from NCK. I am not formerly employed but been working for sometime on locum basis even before I had completed my education. I make up to Ksh.2000 daily but can’t save any money. I pay Kshs.11,200 house rent, Ksh.1500 DSTV, Ksh.3,000 cousins rent (university student), cousin’s fee Ksh.5,000 monthly (short course at ICS) and her transport and lunch upto Ksh.3000, Ksh.food 6500. My girlfriend moved in recently and so I support her sister who schools nearby with some food and personal effects Ksh.2500 monthly, house wifi Ksh.1,000, miscellaneous upto Ksh.6000. The family thinks I get too much money and so the financial requests keep inflating. I am forced to work day and night so as to meet the costs. I hardly save anything. I am struggling to do farming back at home at our disputed family land. Kindly assist becaus...