If your monthly salary ranges between Ksh30,000 and Ksh50,000 per month, it’s possible to save until you build your own house. It’s important to know that owning a home is one way of reducing expenses, it also gives you the assurance of living a comfortable life after retirement.
I always find people arguing that a salary of Ksh30,000 is not enough to build a house, but I have seen many people building beautiful homes with such a salary. What you need is strict financial management tips and appropriate ways to save.
If you are married, ensure that your wife has some income generating activity. Having a wife who solely depends on you will prevent you from progressing. It doesn’t matter how much she brings to the home; what matters is whether she brings something on the table or not. There are several small capital ventures she can do, like baking chapatti or mandazi, selling fruit juice, owning a salon or MPESA shop. The income she gets might be enough to buy food for the family each month.
The second measure to take is to ensure your children are taking to good public schools. Normally, school fee is one that takes a toll on people’s salaries. Most public schools are free, you can take your children there until they reach standard seven then transfer them to private schools.
Finally, reduce the number of friends and alcohol intake. Some friends are a burden to you. A number of them are only friends because they benefit from you. Another important thing to do is to reduce the number of relatives in your house.
Having done all that, then look for ways to save the money.I would suggest that you save in a Sacco. Identify good Saccos to save in.I would advise you to join Stima Sacco because it has a good name. The sacco will enable you to take a loan triple the amount you have saved in your account. The interest rate is also low.
With a salary of Ksh 30,000-Ksh50,000, you will be able to save Ksh 7,000 to Ksh 20,000 every month. This is especially when your monthly rent does not exceed Ksh 7,000 and Ksh 10,000 for those earning Ksh 30,000 and Ksh 50,000 respectively.
Your target is to save Ksh 10,000 every month.In a year,you will save Ksh 120,000 and in three years,you’ll have saved Ksh 360,000.The minimum amount you can save for three years is Ksh 240,000.
With Ksh240,000 as savings, Stima Sacco will give you a loan of Ksh 720,000 which is enough to build a three-bedroom house. You can also withdraw the Ksh 240,000 to build a two bedroom house up to 3/4 ,the other areas can be finished within a year.
