How to save with a 15k salary in Kenya

How to budget a 15k salary in Kenya 2022,
Just as the title suggests it’s all about saving and survival in these harsh economic times in Kenya and the rest of the world. In this article, I have prepared for your the seven best ways to survive on a less than twenty thousand income salary and still save.   

Here is a list of how you should manage your 15k salary in Kenya

1.Always budget on how to save

This might sound common but most of us tend to have the habit of waiting for the salaries without a proper plan the excitement that comes with the salary makes one forget how little the pennies are we tend to behave as if we have a million-dollar in the accounts. It’s wise to always make sure you have a clear budget on your expenditures and make sure you have a shopping list for your budget list all the expenses including bills.

2.Know your bills

Your salary is not a fantasy you only earn twelve times a year you need to set proper standards on the estimated amount on your bills it’s always advisable to rent out an affordable home and reflect your income don’t spend more than Ksh 4000 on rent when you earn just below twenty thousand it’s upon you to find ways to either fit in a house with the amount or look for an alternative way to partner and share rent.

3.Be yourself and improve on How to save with a 15k salary in Kenya

Always be honest with your earnings don’t look down upon yourself with low self-esteem with your earnings trying to prove to the world that your earnings are better yet you are on pennies instead of a flight take the normal bus route instead of a taxi when you are just alone taking a matatu is the best choice.    

4.Set your priorities right and learn on How to save with a 15k salary in Kenya

Most of us tend to have a habit of procrastination on substantial needs some even prioritise entertainment options for primary needs you need to always check on the bill manager . Furthermore,check on mpesa monthly basis statement and you will realize how much you spend on airtime on a certain network company when you have alternative cheap networks. Similarly ,have the basic needs sorted out first before thinking of visiting your local buy and rest kiosk,   this instils a level of discpline and help to save even with a 15k salary in Kenya.

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Saving every coin with a 15k salary in Kenya

5.Save before you spend your 15k salary in Kenya

Its very sad that most save after spending, before you spend any amount from your salary or income try to pay yourself first set aside some reasonable amount for yourself if you are earning Ksh 15,000 you can save just 10% every month this will help you avoid unnecessary debts which have created some awkward situations where millions have turned to digital lending apps that attract very unreasonable high-interest rates.

6.Avoid unnecessary debts

Suprisingly, someone loans Ksh 1000 and pays double this amount in a space of weeks is serious financial incapacity you can avoid this by saving a little every month. Don’t pay Daniel to borrow Peter you will find yourself in the deepest cage of poverty. Always try to settle your debts and avoid them if necessary. 

7.Know your salary

Most of us forget our net salaries and calculate our wealth using our gross incomes, one’s wealth is determined by the total assets minus debts or liabilities, you need to understand that you have a loan that you are servicing and need to understand the difference between gross income and Net income before making any decision to increase your debt through top up loans.

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