James has Sh 300K he doesn't intend to use now until August for his wedding reception expenses. Jane, his bride-to-be, wants to use the cash to shop for the event clothing and engage a planner. The total cost amounts to Sh 1.2M and includes a honeymoon trip to the Seychelles. >>
They hope to raise half the balance from friends and family. James has saved Sh 25K monthly from January '22 from his Sh 85K salary. He can raise another Sh 200K in the next 8 months. Jane will hold a bridal shower sometimes in June. >>
James is hesitant to allow Jane use the cash now. He believes it's too early and the cash can generate some interests. He has been saving in a money market fund for 9.85% annual interests. He is bewildered. See, James has only Sh 350,000 in his SACCO's long term deposits. >>
He knows that wedding receptions cost an arm and a leg. Being wise, he wouldn't take a loan to finance this event. His SACCO is ready to extend him 3X his deposits as loan - Sh 1,050,000 - to be repaid at Sh 26K for 60 months. But James has social capital - friends & family... >>
...who can bridge the gap. He wouldn't be forced to sell his car either. Each of his 20 friends has promised Sh 15,000 by mid-year 2023. His parents, uncles and aunts will focus on raising Sh 200,000 for the traditional "koito" in April. >>
See, Jane's parents are strict Christians who wouldn't let their first born daughter marry without a church wedding. She is a nursing intern yet to get her first job and her small circle of friends may not raise much in the upcoming bridal shower. >>
James is only three years into employment as a sales executive in a leading bank in Eldoret. Pressure to keep up with his job-induced lifestyle had him taking a low-interest company loan to finance his brand new Toyota Fielder. >>
With rent at Sh 25K for his 2-bedroom flat at Kapsoya, and a yet to be employed partner, he knows it's a long hit before he attains financial independence. He must stop living for the optics. Stop being trapped in a lifestyle prison and cut down on unnecessary expenses. >>
Saving Sh 10,000 only on a Sh 85,000 net pay when single won't make it easy when he finally settles down with Jane in a year's time.
But James is already sold on living the dream lifestyle. That's why he has a honeymoon budget to the Seychelles. >>
But James is already sold on living the dream lifestyle. That's why he has a honeymoon budget to the Seychelles. >>
I will send him my Sh 15K contribution and wish the couple the very best in their new life together.
He will probably consider joining the @TheAbojani Masterclass to balance his not-so-distant family responsibilities and his financial independence targets.
He will probably consider joining the @TheAbojani Masterclass to balance his not-so-distant family responsibilities and his financial independence targets.
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