Chachanomics' Financial Advice in Saturday Nation Sun. 15th Jan. 2023
Reader's Question My name is John. I am 32, married with one child. I got a salary increment from Sh70,000 to Sh100,000 net. My monthly. My monthly expenses are as follows; rent Sh10,000 (though relocating soon to a Sh15,000 house), shopping Sh5,000, food Sh6,000, emergency saving Sh5,000, bills Sh5000, chama Sh2000, entertainment Sh5,000 and parents Sh2,000 shopping. I bought a parcel of land with a bank loan in 2020 with a repayment period at Sh14,000. I am planning to build a two-bedroom house on this plot and also buy a car. Kindly advise on which development is best to begin with and how. I am very afraid to join any saccos. The last sacco I joined collapsed with my Sh400,000 savings. Which are the best investments that can give me passive income or lead me to financial independence or what adjustments would you recommend I make on my finances? Please help. My Expert Personal Finance Advice Your total expenditure per month is Sh54,000 (including loan repayment). Using Sh70,000