My name is Steven, and I am 26 years old. I work in a government agency in Nairobi, earning a net salary of Sh55,000. My monthly expenses include Helb loan repayment of Sh3,300; rent, water, and electricity Sh12,500; transport Sh4,000; and food Sh5,000.
I had started saving in a Sacco, accumulating Sh350,000 (Sh11,000 per month in savings). I took a loan of Sh600,000 against the deposit to purchase a piece of land. Unfortunately, the land purchase didn’t go as planned, and I ended up using Sh100,000 on miscellaneous expenses. I deposited the remaining Sh500,000 into a money market account out of fear of spending it unwisely. Currently, I am repaying the loan at Sh18,500 per month.
