Learn how manage with your daily needs on a salary of Ksh.25,000. A good planning system can ensure run your expenses within the salary bracket. With Ksh. 25,000 monthly salary, you can grow to a strong financial support system.
You may be asking yourself, is 25K salary good? Yes, it is. You only need to identify with you needs and purpose not to spent more than your earnings. Bellow is a plan on how to manage 25,000 salary in Kenya.
Step 1. Keep Your Rental Expenses Low
You are safer if your residence is in your own home or if you are being hosted. If not, ensure that your rental expenses do not exceed 30% of your salary. Thus, not more than Ksh. 7,500 should be spent for rent.
Step 2: Buy Bulk Groceries And Household Commodities
Write a list of all the basic groceries and other household commodities. Arrange them in order of their priority before making any purchases.
Make use of the available wholesale markets near you for bulky purchases. Its cheaper to buy in bulk that buying single item each day.
Step 3. Avoid YOLO FOMO
YOLO FOMO is an expression word for You Only Live Once and Fear Of Missing Out. In life you can never grow when you live beyond your financial budget.
While budgeting, go for needs not wants. Avoid unnecessary items and let go what you can do without.
Step 4. Have A Savings plan
Savings should come first in mind after earning your salary before you start making any deductions.
A good savings plan should consume not less than 20% of Ksh. 25,000 which is 5000 every month. You can either open a bank account, join a SACCO or any other efficient means.
Step 5. Enroll A Medical Cover
Sicknesses can emerge any time of the day. Ensure you and your family are covered medically on an active medical cover card. One of the cheapest covers is the NHIF, with a monthly subscription of Ksh. 500 only. Avoid unnecessary hospital bills.
Step 6. Cut On Your Transport
For your transport costs, ensure you don’t spend more than Ksh. 2,000. You can either save for one-way or to and from work, by trekking.
Step 7. Get A Side Hustle
There are so many business to start with little capital to give you some extra cash in between the month. See these articles
I believe you are now well familiar with better ways to manage your 25000 salary in Kenya. Good luck.