I am 44 and I earn Sh100,000 net. How do I plan my money for savings and investments?

Contributor

My name is Naomi. I am 44. I take home Sh100,000 after deductions. My budget is as follows:

Wi-Fi: Sh3,000

2) Increase your savings on investment and emergencies. Your Sacco deposits of Sh5,000 per month should be increased to Sh10,000 and, by July 2023, you will have Sh870,000. After clearing the car loan, increase this amount to Sh20,000 per month and in two years (July 2025), you’ll have accumulated Sh1,350,000. This lump sum is a gold mine that will earn you good dividends and act as collateral to acquire a three-multiplier investment loan. Your personal savings should be channelled to a safe, secure and easily accessible money market fund which will earn you a compound interest of at least nine percent. In a year (by August 2023), you will realise Sh540,785. After clearing the car loan, increase personal savings from Sh10,0000 to Sh20,000 (remain with Sh36,900 disposable income) and by July 2025, you will have accumulated Sh1,153,600. After clearing the car loan, direct about Sh15,000 towards buying stocks every month at the Nairobi Securities Exchange (this leaves you with Sh11,900).

I am 44 and I earn Sh100,000 net. How do I plan my money for savings and investments?

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