If you are earning Ksh 60,000 monthly in Nairobi, you have to strictly follow your budget in order to remain with money to invest with. With a monthly salary of Ksh 60,000, your monthly rent will be Ksh 8,000 to Ksh15,000. Below are the expenses you will incur:
Rent—Ksh8,000 to Ksh 15,000
Water and electricity—Ksh 2,000 to Ksh 5,000
Food and shopping—Ksh15,000
Other expenses—Ksh5,000
You will spend Ksh 40,000 to Ksh 45,000.
The main challenge will be the rent you will pay and how you will reduce destructive habits.
Ksh60,000 is not alot of money, it won’t allow you to pay rent of Ksh15,000 and above. You have to stop betting and never entertain women. You should also avoid alcohol or drink moderately.
How do you save the Ksh15,000 to Ksh20,000 that remains after the expense?
Join a Sacco, save in Money market Fund or Fixed Deposit Account. The money will generate interest and dividends. If you invest Ksh 15,000 monthly in MMF, by the end of the year you will save Ksh 180,000 ,interest will be Ksh 18,000 to Ksh 25,000 per year. Saccos will pay you interest of 12% to 18% per year. If you buy shares of Ksh 500,000, you will earn dividends of Ksh 60,000 to Ksh100,000 yearly. You will also get loans that will help you build a home or invest.
The Ksh60,000 is not much. You will struggle in Nairobi. The best thing to do is start a side hustle or a business to generate more income.
