How to avoid living beyond your means

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Most of the Kenyan working population is made of middle-income earners who mostly live from paycheck to paycheck.

At times, these Kenyans are forced to borrow from more than one lender in order to survive the month.

However, this is not healthy financial living and can lead one to debt or bouts of depression.

Here are ways you can survive on what you earn:

Create a budget: list down your budget that does not surpass your earning. You can actually leave a few thousand shillings for an emergency. Making the budget is the easy part, sticking with it as the month moves is the hard part. If you need something worth more than you earn, then consider saving.

Avoid borrowing: Money lending apps have pushed many Kenyans into getting quick loans which they later find very hard to pay. These loans eat into your salary such that every cent you are paid ends by midmonth and you go back to borrowing. If you have a loan pay subsequently until you are done then avoid borrowing and budget on what you earn.

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Prioritise your needs: Understanding what you need in the house and spend money on that. If you can do without those extra pair of shoes then do not buy them. Spending money on unnecessary things will deplete your account very fast.

Be Selfish: Yes you heard me right, life in Kenya is getting too hard for you not to focus on yourself and your family members. There are those friends who always have emergencies and happen to remember you when they are in crisis but always forget to pay back. It is time you let them deal with their woes as you deal with your own.

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