We all have goals to achieve in order to make our dreams come true. Maybe you are wondering how do you manage a 50k salary in order to achieve your desires.
Salary of 50,000 per month is a very huge amount of money with proper planning.
I will show you various tips on how to manage 50,000 salary and be able to save some amount which will be used for the future.
Here are the several ways on how to manage 50K salary in Kenya:
1. Proper Planning
This includes constructing a budget that will help you separate your wants from your needs.
With this, eliminate your wants since they increase your expenses on a daily basis.
2. Living Within Your Means
What I mean is that do not compare and make your lifestyle in a competition with others.
Simply live a life that you can afford as this will help you achieve your goals.
Competing with people will make you unsatisfied with your salary making you engage in debts that will destruct your life.
I would advise you to live in a rent of 30% of your salary and below.
Many people overspend on rent which makes them broke before end month.
Look for a proper house that you can spend a maximum of 30% of your salary.
In case you have a place to stay without paying then you are advantaged.
4. Food And Personal Expenses
Buying food stuff and personal items in bulk help you save more.
Besides, at the end of every month as you will find yourself just topping up the previous stock. This prevents overspending.
Living near your place of work will help you save more money as transport cost is always high.
Find yourself a comfortable place that is not too far from your place of work.
Spend a maximum of Ksh.4,000 on transport per month.
6. Save More
With proper budgeting one must have a good percentage of money to save.
Always save money on a monthly or daily basis which will help you do other important activities.
I will prefer investing it in business so as to have another source of income.
I hope you have been able to know how to budget 50k salary without engaging yourself in debts.
To conclude, 50K salary is a good amount of money that will help you cover a lot of family expenses and even save as much as you can.Always save every little amount that you spare.