SOUND PERSONAL FINANCIAL ADVICE ON SATURDAY NATION
Reader's Question Published in Saturday Nation 23 rd April, 2022 "I live in Ngong and work at the Nairobi Central Business District. I earn a monthly salary of Sh. 40,000. I have a family of 3. I want to be saving about Sh. 10,000 monthly. However, I am currently unable to do so as my expenses often outweigh the money I earn. My rent is Sh. 13,000. I use Sh. 6,500 on bus fare. Food takes about Sh. 12,000 at Sh. 400 per day. I use Sh. 2,000 for home entertainment and Sh. 2,500 for power and water. I send home Sh. 3,000 and give my spouse the remaining Sh. 1,000 for personal use. In between, there are times when I hive off cash from my budgets to meet my personal expenses such as weekend entertainment. How can I rearrange my budget so that I start saving Sh. 10,000 every month? My aim is to build up Sh. 1 million for my family’s land or home ownership." Answer to Question of the Month To rearrange your budget in order to achieve your financial goals, the following is...