I work as a security guard in a popular resort in Mombasa. I live with my wife and our two-year-old kid. This is how I budget my monthly salary of Ksh 15,000 for my family of three:
- Rent – Ksh 2,000
- Shopping – Ksh 4,000
- Electricity – Ksh 100 (Lights, phone charging, and woofer)
- Gas or Charcoal – Ksh 1,800
- Water bills – Ksh 200
- Transport – Ksh 900
- Sacco savings – Ksh 2,000
- Chama savings – Ksh 3,000
Is there a way I can increase my savings, considering that my wife does not have a job?
Bizna Advice
Considering your salary, you are doing really well with your Sacco savings. However, it would be better if your wife contributed to the household income, which can help you save more.
Consider taking a Ksh 10,000 – 15,000 loan from your sacco to start a business for her. Depending on her skills and preferences, she can start a smokie business, a milk business, a vegetable stall, a greengrocery shop, or a service business.
You can also increase your savings by saving on the following items:
Shopping
Compare prices from different shops and look for deals whenever you go shopping. For instance, some supermarkets are popular for their cheaper pricing of foodstuffs like sugar and flour.
You can also explore alternative brands or generic versions of products you regularly use. Often, these options offer similar quality but at a lower price. Experiment and see if there are any notable differences that justify the higher cost of the brand-name items.
Finally, consider bulk shopping. Bulk purchases often offer lower prices per unit or volume, saving you money in the long run. Just ensure you have enough storage space and the items won’t expire before you can use them.
Water bills
The easiest way to cut down on water bills is to collect rainwater. Install a rain barrel or another type of rainwater harvesting system to collect rainwater from your roof. You can use this water for tasks like washing clothes, which will reduce your reliance on tap water.
If you use a tap, regularly check it for leaks. Even a small leak can waste a significant amount of water over time. Fixing leaks can help reduce your water consumption and lower your water bills.
Electricity
You can cut down on electricity bills by unplugging unused electronics. Even when turned off, many electronics continue to draw power in standby mode. To avoid this “phantom power” consumption, unplug devices like chargers and other electronics when not in use.
Finally, switch to energy-efficient LED light bulbs, which consume less electricity and have a longer lifespan than traditional incandescent bulbs.
Make it a habit to turn off lights when you leave a room and utilize natural light as much as possible during the day.
Cooking gas
To save on cooking gas, cover your pots and pans while cooking. This helps to retain heat and cook your food faster, reducing the cooking time and gas usage.
Also, consider using cookware with a flat, smooth bottom that fits well with your gas burner. This ensures better heat transfer and reduces gas wastage.
Finally, adjust the flame on your gas stove to the minimum level required for cooking. A flame that is too high results in heat loss and wasted gas.
Look for a better job
Your security job might not be your ticket to financial freedom. Therefore, consider looking for a better job with a higher salary.
Utilize online job portals and websites that specialize in listing job vacancies in Kenya. Popular platforms include BrighterMonday, Career Point Kenya, and MyJobs in Kenya. Regularly check these platforms for new job openings and submit your applications.
Finally, if there are specific companies or organizations you aspire to work for, consider making direct applications even if they don’t have advertised vacancies.
Craft a compelling cover letter expressing your interest in working for them and how you can contribute to their success. Networking connections can be valuable in helping you navigate this approach