Candid Confession: “I Earn 100K But I Am Always Broke…Help Me!

Have you ever considered how important it is to save some amount of money for your future?

In a previous article done by Career Point Kenya, setting aside of 10% of your salary will put you at the safe place if you are keen on saving and earning around 15-50k salary.

Here is a different scenario of Sam Oduor* who earns 100 k salary every month but is ever broke.

I work as an IT specialist in a well established company within the CBD. My salary is ever prompt at the end of the month but my main worry is that my salary is never enough.

I live in a 3 bed roomed house which I pay for 35,000 every month. Apart from food and a few clothing (which I rarely shop for) I find my salary to be less than 20k and by the time the month is beginning to end, I am left with totally nothing in my account and resort to borrowing transport money from my friends.

My spending habits are acceptable for someone as single as me who needs to enjoy a good life.

I spend 5,000 on at least 2 Saturday nights of every month on drinks and partying with friends.

Apart from that, I am a very generous and philanthropic individual. I always get invited to Harambees and other event contributions as the guest of honor. Not every month but I can say at least once in 3 months.

My extended family in upcountry depends on me as I award them a total of 5,000 every month

My other expenditures are that I am in the process of repaying my car loan which is 15,000 monthly as well as my HELB loan which is 5,000 a month.

My car has to be fuelled because I normally travel out of the city almost every week.

What disappoints me the most is that some of my friends earn much less than I do yet they seem to be living a comfortable life.

My one friend earns 30,000 per month yet he drives a car and is not into debts. He seems to get on very well with his salary and our spending habits are not that different. I am not a shopaholic so I don’t spend much of my money on shopping.

I am very confused and do not know what to do.

What advice can you give to Sam Oduor*?