Must Read! Here Is How These Young People Are Living Within Their Means

Compiled by Lilian Wamaitha
How do you spend your money be it pocket money or salary? Do you find yourself broke a few weeks after getting that cash?
In a world where flashy gadgets and the need to please everyone has taken root in our society, most people especially the young have forgotten the most important thing – that at the end of the day, away from all the glamour and friends, it’s all about you and what you want your money to do for you.
It almost end month, some of you are expecting to be paid and may be the lucky few have already tasted the wages of their toils this month. If you are student in campus or college, you are probably expecting something small from your parents too.
Before you go spending your money and not being able to account for, there are young people out there who have mastered the art of living within their means. Here are powerful lessons we can all learn from these young people that will help your money last you until at least the next pay day.
Must Read: 5 Bad Financial Habits You Need To Get Rid Off Before Your Next Pay-Day

How these Young People are living within their means

1. Brenda Majune, 25 Years, A Lawyer
At 25 years old, Brenda admits that she cannot afford to live like a 40 year old woman who has already made it in life. She knows that she has a long way to go and hence manages her finances to see her through and help her make it.
You would expect that being a lawyer, with her salary, the first thing she would buy would be a car, but no. The young lady knows the expenses of having a car and so she prefers to use matatus instead until she is in a position to fuel and maintain her own car.
She shops at Toi Market where the prices for clothes are lower than classy boutiques in the city. She knows that working for one year doesn’t afford her the luxury of buying expensive clothes.
And it’s not as if Brenda is a boring young person who doesn’t enjoy the finer things in life. She says that she socializes with her friends but before doing that she will have set aside money for her transport and expenses and deducted her savings.
See Also: How Much of Your Salary Should You Save Every Month?
2. Alvin Mukonyi, 25 Years, Advocate at a Nairobi Law Court
Alvin moved out of the home when he was admitted to the bar. That means he had to find a way to survive on his own and that meant learning how to manage his finances.
With a salary of Sh60,000 a month, he uses Sh12,000 for rent, Sh4,000 on fare, Sh8,000 on shopping and food and spares Sh5,000 for entertainment.
Alvin though knows that even when he saves Sh5,000 for entertainment, he can’t go partying every weekend otherwise he would end up using more than the amount he has budgeted for.
3. Janet Machua, 23 Years, Digital Influencer
The Third Year Media Science Student from Moi University knows that the only way to survive the harsh economic times is to get as many jobs as you can. The young woman is a digital influencer, brand ambassador and also a contributing writer at Eves Magazine.
She makes Sh100,000 a month from all her jobs. Out of that amount she saves Sh 40,000 and Sh30,000 goes to her school fees. Her monthly shopping costs her Sh10,000 and spends Sh10,000 on clothing and shoes. The remainder she spends on her upkeep and entertainment.
4. Patrick Kimani, 23 Years, CE0; Inversk
Patrick has been living on his own since he joined campus. Not coming from a rich background, he had to find a way of surviving and by the time he was in third year, he had already landed a job as a restaurant manager.
He would later on set up his own business, Inversk which is an online platform that informs young people on matter to do with business and investments.
From his online works his income varies form Sh20,000 to Sh70,000.
Before he spends anything, 10%of his income goes to God in form of tither, 20% he spends on rent and household expenses. He uses Sh3,000 for data bundles.
Since he doesn’t go out at all, most of his entertainment is in form of movies and books. He sets asides some cash to cater for his education and also send home to support his parents and younger siblings.
5. Ruth Syovata, 24 Years, Freelance writer
Due to the nature of her work, Ruth has learnt that the only way to remain afloat amidst the hard economic times is to spend wisely.
“Sometimes I will have money coming in and sometimes I will not. It depends on the work load and at times I could go for several weeks without money.”
She has therefore learnt to live within her means and that means cutting in on overspending. To achieve this she has three separate bank accounts, one for rent, monthly expenses shopping and miscellaneous, the other one for projects and another for her savings.
This allows her to allocate and use money according to her needs at that time. She has also perfected the art of DIY where instead of going to buy some things at high prices he just learns how to make them.
When it comes to living within your means, these young people have mastered this art. They know how to not spend above what they can afford. They also know the importance of saving before spending.
How do you spend your money? Are you living within your means? Share your comments below.
Source: Daily Nation
For comments and queries, contact lilian@www.careerpointkenya.co.ke