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  • Budgeting Made Simple: 50% Needs, 30% Wants, 10% Savings, 10% Debts

    Budgeting Made Simple: 50% Needs, 30% Wants, 10% Savings, 10% Debts

    Budgeting is a topic that should be taught in primary school. But since most people aren’t taught that’s the reason I’m here. 50/30/10/10 rule makes budgeting easy to articulate and implement. 50/30/20 rule is calculated from income after tax, that is the take home money. 50% for needs, 30% for wants and 10% for savings and 10% debt repayment.

    50% Needs

    This entails things like rent, transportation, food, utility bills like water and electricity, insurance payments, internet etc. This are things you need to pay in order to live a comfortable life. I’ll bring an example below.

    30% Wants

    I love to say this is a goal account or sinking funds. This entails things like vacations, buying sofa sets, books, new curtains, new fridge etc. This is for lifestyle management so that you live and enjoy life.

    10% Savings

    This goes to your money market funds, special funds, savings bank account etc. Its for saving with the goal of investments. It doesn’t matter the amount of money you earn, what matters is that you save 10%.

    10% Debts

    This goes towards debt as an extra payment. This is so that you can finish your debt early enough and even reduce on interest you are paying. For instance, if you have a student loan that is being deducted every month, additional payments would make the loan progress faster.

    An Example

    This is an example of someone earning 100,000 kenyan shillings

    50% Needs- 50,000
    		30% Wants-30000
    10% Savings-10000
    		10% Debts-10000
    1. Sacco loan
    2. Bank loan
    3.

  • Best Places to Save Your Money in 2026

    Best Places to Save Your Money in 2026

    Saving money is the first step to creating wealth. If you do not save, definately you’ll have nothing to invest thus creating wealth. In this article, I’ll venture into places or accounts that you can consider to save your money for investments.

    1. Bank Savings Account

    Most banks have saving accounts one can earn interest and the same time your money is save. Examples are like KCB simba save,equity easy save etc.

    2. saccos

    Offer high interest rates and also affordable sacco loans that have lower interest when compared to banks. Examples are like stima sacco, kencream sacco, mwalimu sacco etc.

    3. Money Market Funds

    Offer good interest rates and compounds monthly for most MMFs. Examples are like Etica, sanlam, CIC etc. They are low risk, easy to start and one can withdraw any time.

    4. Fixed Deposit Account

    This locks your money for a set period of time like 3-12 months and in some cases upto a year. They work best for target savings when you are working towards a goal. All banks have fixed accounts.

    5. Saving Applications

    This encompass things like mshwari, KCB Mpesa, Branch etc.

    6. Chama

    Chama’s can also act as good avenues for saving. A group of friends come together, contribute finances and hand over to one person who can then use it for a big project.

    This are just some of the few places you can save your money in. But they are many. I would advice a person to save with a goal. This saving avenues should act as your sinking funds. They are only intended for a purpose like paying fees, buying a car, a vacation among others.