My name is Dorcas. I am 34 years old, living in Nairobi. My net salary is Sh30,000, and my monthly expenses include rent Sh6,000; school fees Sh20,000; mum’s upkeep Sh5,000; savings Sh10,000; and chama Sh4,500.
I recently bought a plot, and my mum wants me to buy another for Sh400,000, paying Sh15,000 monthly. After three months, I feel financially strained. I want to save this year and start a side hustle to stop relying solely on my salary. How can I proceed without losing my investment?
Alex Kibebe is the founder of Rubiani Wealth Management Ltd and an investment consultant and business development coach.
Budget first: I advise that you create a practical budget first. If your school fees budget is Sh20,000 per term, set aside Sh6,000 monthly. Adding rent and mum’s upkeep brings total expenses to Sh17,000. Account for other costs like transport and food to determine realistic savings.
Land payments: Paying Sh15,000 monthly is unsustainable. Negotiate with the seller to reduce payments to Sh7,500 or explore options to pause payments or recover deposits already made. Prioritise minimising financial strain.
If payments continue, consider reducing your chama contributions or temporarily withdrawing funds to offset the land balance.
Starting a side hustle: Choose a hustle that aligns with your skills and interests while requiring minimal capital. Research your network’s needs to identify opportunities. Potential options include:
Reselling products: Second-hand clothes (mitumba), grains, kienyeji chicken, or textbooks.
Catering services: Baking or cooking for events.
Freelance work: Writing, graphic design, or tutoring through platforms like Fiverr and Upwork.
Start small, reinvest profits, and expand gradually. Avoid online scams by researching thoroughly before committing to opportunities.
Whatever side hustle you go for, start small and scale up gradually as you gain experience and better understand your market. This will minimise losses and allow your business to grow organically.
 If you have any money problems, or if you’d like advice on managing your finances, feel free to get in touch at [email protected].