I am employed as a barber. I earn a monthly salary of Sh30,000. My main expenses include rent Sh6,000, black tax Sh3,000, transport Sh5,000, food and miscellaneous Sh9,000.
This year, my goal is to buy a motorcycle. I have settled on the Boxer motorcycle model which will cost me Sh180,000. From my salary, how do I save the money to acquire this motorcycle by December this year? Raphael
Muthoni Njakwe is an accountant and the author.
Raphael, looking at your numbers, you earn 30,000 a month. Your rent is 6,000, which is 20 percent of your income, right where it should be. Transport, food, and personal expenses are also reasonable. This leaves you with 7,000 to save every month. You have however not stated whether this amount is actually saved or whether it is consumed under your miscellaneous expenses.
You need to account for this amount, by tracking down what your miscellaneous expenses are to identify if there's an expenditure pattern. Without a strict budget, it is easy to spend money that could otherwise go to savings based on impulse under the guise of miscellaneous. I would also say that you do not have a major overspending problem. Nonetheless there are small adjustments you need to make that can make a real difference.
Actionable steps to undertake:
1). Adjust your current income
After covering your fixed expenses, you are left with 7,000 every month. Once you start tracking all your expenses and cutting off unplanned expenditure, this amount should go to savings for your goal. If you stay consistent, you could save 84,000 in a year. You’re closer to your goal than that number suggests.
The first step is to focus on what you can control. Rent and black tax are fixed and unavoidable, but personal expenses and food are flexible. Even a small adjustment of just 2,000 per month in these areas could increase your monthly savings to 9,000.
Saving 9,000 every month for a year would give you 108,000. That is real progress, and it shows that your target is within reach. Every shilling you save now is a step closer to your motorcycle and to bigger goals beyond it.
Raphael, let’s be honest: after looking at your numbers, your problem is not spending. You’re well within limits, and even with small adjustments, saving enough for your dream by December with this income alone would still leave a gap. The good news is, you can fill that gap by supplementing your income or starting a side hustle. Ask yourself: Can you work longer hours? Offer house calls? Upsell services like beard grooming, hair dye, or facials? Can you take on clients on Sundays or build loyal customers who keep coming back? Can you improve your services or even expand what you offer? Every small increase in income brings you closer to your goal faster, and the more creative you get, the easier it becomes to bridge that deficit.
3). Other side hustles you can start tied to your skill
There are a few ways you can make extra money by building on what you already do best - barbering. You can make money by selling grooming products like hair oils, beard oils, combs, and other essentials in your shop. Even small margins make a difference in bridging the deficit towards your goal.
You can also start an online business, selling haircare products, accessories, or even second-hand items through Instagram, Facebook, or WhatsApp. Pick one or two of these, stay consistent, and you’ll not only get closer to your motorcycle but also open doors to bigger opportunities in the future.
Remember that your savings and any extra income you earn from side hustles ought to be saved in an interest-generating platform that will shield your money from inflationary shock waves. An MMF is a good option as it will earn you some interest while offering you instant access to your money.
4). Set a strict savings target
Raphael, now that you’ve adjusted what you can and explored ways to increase your income, the next step is to treat your savings like a non-negotiable expense. Decide on a fixed amount to set aside every month. Put it aside first, before spending on anything else, and stick to it no matter what. Consistency is what turns small amounts into real results. Remember, every shilling you save now is bringing you closer to your goal and building a habit that will help you achieve even bigger things in the future.
5). Track your progress and set more goals
Discipline and effort are only as powerful as the way you measure them. Make it a habit to track your savings and income every month. See exactly how much you’ve saved, how much more you need, and where you can adjust. Tracking keeps you accountable and shows you how far you’ve come, which is motivating in itself.
Once you hit your targets, don’t stop there. Set new goals - bigger savings, expanding your side hustles, or investing in tools that grow your income. Every milestone you achieve builds momentum, and each goal you set brings you closer to even bigger dreams. Remember, progress is not just about reaching one target; it’s about creating a pattern of achievement that carries you forward.
Your new goals should have a purpose. The why! For example, in the case of the motorcycle that you want to acquire; what's your 'Why?'. Why do you want to own a motorcycle? What is the value that you shall get in return? Raphael, you already have the discipline, the mindset, and the foundation. Everything else: the adjustments, the side hustles, the strict savings is just putting your power into action.
