We all want and need money but we cannot get it going after it. In this carousel, we are going to pinpoint how you can get it easily by focusing on different levels.
Level 1 Living only with your paycheck
At this level, your income stream is only your paycheck and you don’t have any leftovers to save. You living from hand to mouth. However, you are in a position to cater to all bills that come your way. Unfortunately, you can only pay the bill for the most essential things in life. That is food, shelter, and transport.
At this point buying a new outfit or having a day out translates to taking a loan by the end month or applying for an advance. If you ain’t being careful this will become a cycle that is hard to break from. At this point budgeting is paramount.
Level 2 Debt repayment
To break away from the cycle pay your debt first. And to fill the gap be wise. You don’t have to show up for the job every day. If you have to wake up early for the cheaper bus. And make sure you live closer to your job. You could also stop eating out and prepare your meals at home. It is not a shame to pack your homemade lunch. And if this sounds crazy, take advantage of the office tea and snacks.
Remember to stick to your budget. Debt is a money killer, kill it as soon as possible. Especially if it is bad debt.
Level 3 Saving more
If you are at level one, don’t chicken out. Find something to do and earn passive income. Anyways, if you can kill bad debts you will have something to save. Limit your how you “okoa jahazi”. Always go back to your budgeting sheet. Focus on this and you will find a way to save more. At the same time don’t forget to appreciate yourself.
Level 4 Start investing
This is where you start growing your money. The level where you use money as a tool to make money. You can invest for income, growth, or hedge your capital. If you have no idea open a savings account in a sacco rather than the money lying in a bank account.
Level 5 Increase income streams
If you have free time after your work, start a side hustle. We are still looking for what works for us. But there are endless opportunities if you are skillful, consistent, and want it bad. Take the risk; the sooner you start the better, it can get. It might turn out to be your “thing” for life. Discipline is important and you should lack no excuse to postpone it.