We’re in the month of June and you know what that means. BUDGET TIME!!
Kenyans are eagerly waiting for the Treasury CS, Henry Rotich to read out the 2016/2017 fiscal year budget but before that, have we done our personal budgets?
Every year in June, Kenyans stay close to their radios and TVs waiting to hear what the budget will be like, what will increase or decrease in price and most importantly the taxes. This is by no means a crime, it’s okay to know how much will be allocated to what work and also the price changes expected.
Usually after the budget is read, you hear people complain about how poor the budget allocation process was the next day yet they have never made their personal weekly budgets, leave alone a monthly one.
You might wonder what I am driving at and I shall explain it.
Be sure to budget for your finances despite how little it may be. You may be a casual labourer and you are paid on a daily or weekly basis and yes, that needs budgeting too. Once you receive your pay, have a list of your needs first, followed by your wants. This will help you from having upside down priorities.
If you receive Sh1000 every Saturday, you need to plan on how you spend every shilling and even what to save such that by Wednesday of the following you do not already have debts at your nearby kiosk or mama mboga.
Sometimes it’s not that we are poor, we just fail to budget for what we have. If you list down your priorities first, you will be sure to never go wrong when it comes to expenditures.
So now that you know this, just do not wait for the national budget, make one of your own so that you’re not caught off guards.