Aston Lukoye
- Eric Amerix advises individuals to live in a house worth no more than 30% of their salary, promoting independence and personal growth.
- He recommends saving 20% of one’s salary in a SACCO (Savings and Credit Cooperative Organization) for better money management.
- Budgeting is crucial, with specific allocations for food, transportation, utilities, telephone and digital media, grooming, and learning a skill.
In his recent post, Reproductive Health and Men’s Health & Wellness expert Eric Amerix has offered valuable advice on navigating the tough economic times and rising taxes.
With a focus on independence, discipline, and hard work, his tips provide practical solutions for individuals struggling to make ends meet. Let’s delve into the key points of his insightful advice:
- Live in a House Worth 30% of Your Salary: Eric suggests that individuals should aim to live in a house that costs no more than 30% of their salary. By avoiding living with relatives or parents, they can experience the responsibilities and benefits of renting, fostering independence and personal growth.
- Save 20% of Your Salary in a SACCO: Saving diligently is crucial in uncertain economic times. Eric recommends saving 20% of your salary and actively depositing it in a Savings and Credit Cooperative Organization (SACCO). These organizations offer a friendlier approach to managing your money. After six months of consistent savings, individuals become eligible for affordable credit to invest in income-generating activities, without the need for a guarantor.
- Budget Your Expenses: Creating a well-structured budget is essential for managing finances effectively. Eric advises allocating funds for specific categories, including:
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3/a. Food: To reduce expenses, Eric suggests adopting the One Meal A Day (OMAD) or Two Meals A Day (2MAD) approach. Skipping breakfast and cooking meals at home can save money. Individuals can also explore obtaining fresh food from farmers at local markets or requesting assistance from parents residing in rural areas. Eric recommends avoiding costly and unnecessary items like sugar, sodas, bread, juices, pasteurized milk, yogurt, and modern tomatoes.
3/b. Transport: Minimizing transportation costs is key. Living near your workplace and walking instead of relying on vehicles can help save money. Over time, the savings accumulated can be used to purchase a bicycle, eliminating the need for costly public transportation or begging for lifts.
- Managing Utilities: Being mindful of electricity and water consumption is essential to save money. Eric advises individuals to switch off unnecessary electronics, such as TVs, radios, HiFis, and woofers. Storing water in jerricans can provide a backup solution during water disruptions.
- Telephone and Digital Media: Optimizing mobile data and airtime discounts, avoiding credit borrowing, and refraining from purchasing phones on credit can help individuals save money. Eric suggests turning off background data and unsubscribing from unnecessary subscriptions. Additionally, utilizing company Wi-Fi whenever possible can reduce data expenses.
- Grooming: Eric recommends purchasing essential grooming items like bar soaps, petroleum jelly, salt, sodium bicarbonate (for teeth brushing), shoe polish, brush, and hydrogen peroxide (as an antiseptic and sanitizer). These cost-effective choices can help individuals maintain personal hygiene without breaking the bank.
- Learn a Skill: To enhance personal growth and expand opportunities, Eric encourages individuals to dedicate their off-days or weekends to learning practical skills. Joining construction sites, mechanic garages, or furniture workshops can provide valuable hands-on experience. It is important to approach these opportunities with humility, focusing on learning rather than expecting immediate compensation.
- Start a Side Business: Supplementing one’s income through entrepreneurship is a great way to increase financial stability. Eric suggests identifying a product to sell and establishing agreements with local boutiques. Door-to-door sales of items like men’s socks, ties, and belts can be profitable. Additionally, offering services such as car, office, home, or carpet cleaning can generate extra income.
- Network and Improve Physical and Mental Well-being: Participating in sports or joining
