ASK HR: These loans are driving me crazy! I need help. Now
I take home Sh48,000, which isn’t enough because I have two children, a house help to pay, food and fuel to buy, and other necessities that all require money. PHOTO| FILE| NATION MEDIA GROUP
What you need to know:
- Personal financial management advice mostly focuses on, among other questions: are you spending more than you earn?
- Which discretionary expenses could you reduce to spend less than you earn? Have you tried containing your expenses within a budget?
QI earn a decent salary but I have taken so many loans, including a mortgage, I take home Sh48,000, which isn’t enough because I have two children, a house help to pay, food and fuel to buy, and other necessities that all require money. What steps can I take to rescue myself from this bad financial state?
Inability to make ends meet is a stressful experience that often affects focus and engagement at work and life in general. Living within one’s means is easier said than done and depends less on how much one earns than how the earnings are deployed.
You could therefore find an individual earning twice your salary in a difficult financial situation and another earning far less than you do in a sound financial state.
Consider seeking the services of a personal financial management professional to help you find the way out of debt and your current financial situation. You could also find books and online material that may prove beneficial.
Personal financial management advice mostly focuses on, among other questions: are you spending more than you earn? Which discretionary expenses could you reduce to spend less than you earn? Have you tried containing your expenses within a budget?
If your expenses are minimal and you still spend more than you make, have you considered ways of increasing your income? What personal or professional growth could you pursue to find jobs that pay more? Are there business opportunities you could exploit for sustenance or to supplement your income without undermining your job?
Can you resist the pressure to match your peers’ lifestyles? If you can’t afford to save up for a purchase, can you really afford it? Do you have an emergency fund, worth say three to six months’ of your expenses dedicated to shelter you from the vagaries of unforeseen financial crises?
When you come across the phrase ‘living within your means’ do you think about deprivation or freedom?
Along the way of seeking assistance, you may discover that your financial state and contentment have less to do with numbers and more to do with your attitude.
