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Showing posts from April, 2022

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