The idea of saving when you earn between Sh15,000 to 30,000 might seem laughable but it is possible.
As much as the money is barely enough, everyone has to start somewhere, and if you work at it, your financial effort is likely to improve over time, however little you save.
1. If you earn between Sh15,000 to 30,000, here are some saving tips for you:
Get into a chama
Gone are the days when chamas used to be a women’s affair only. Nowadays men are also in chamas.
Contributing Sh2,000 at the beginning of any month is good financial discipline, and you also watch the money grow as you continue saving.
In fact, most chamas nowadays come together and use the money members contribute to invest in things like real estate and other profitable businesses, which is good way of putting your money to work.
2.Open a savings account
If 'chama' isn't your thing, open a savings account either in a bank or sacco. This will allow your money to earn a certain percentage per year.
Alternatively, you can take up on the 52-week challenge that most Kenyans are participating in.
The challenge is all about saving a certain amount of money per week on mshwari without withdrawing until the last week of the year.
Since it's quite late to start now, you can plan to take it up at the beginning of the year, which is 2 months away.
3. Invest in a small business
Instead of impulse buying every time your salary checks in, or stacking your money up in a bank waiting for it to grow annually, why don’t you invest in a small business that can guarantee you profits?
If you invest your money right in a viable business, you are guaranteed of more.
4. Quit lending money to your family and friends
The worst people you can ever lend money are your family and friends. Chances of them reimbursing you are very slim.
If you want to save, learn to say No to family and friends who are always on your neck at the end of the month in need of money.It is not being mean, it’s looking out for yourself.
5. Live within your means
If you live in a house whose rent is half of your salary, it’s time to go back to the drawing board and re-evaluate.
There’s no way you’re going to save.