How to survive after a pay cut
By Vincent Kejitan
| April 15th 2020
Effects of Coronavirus have been felt all over the world and
while some have some lost their jobs, others have been informed of pay cuts.
It is tough to survive in such times since because movement
is limited and the curfew also means you cannot engage in side hustles after
normal working hours.
This is not the time to despair, on the contrary, it is time
to draft new budgets and to reduce spending to ensure we have just what we
Draft a new budget
The previous budget you had was based on your salary at the
time, this means you have to adapt to your reduced income.
You do not want to go into debt so you need to have a
distinct plan outlining your necessities and luxuries.
List the things you
can live without
Perhaps you were paying Sh2000 for internet before,
downgrading to a package worth Sh1000 will save you some cash.
Now that almost all sporting activities have come to a halt,
you do not need cable TV. Do away with the service.
The government has also discouraged parties and clubbing so
if you used to go out every weekend, now you can’t and it means you can save a
few extra coins.
Save on necessities
The fact that something is necessary does not mean you
For instance, maybe you liked having sausages and meat on
your menu almost daily. Substituting these with arrowroots and greens will not
only save you money but also make you healthier.
If you were used to buying take outs, consider preparing
your meals at home and buying the ingredients in bulk.
Adopt a saving plan
The fact that your income has been reduced does not mean you
cannot save something little.
Decide what percentage of your income will go to your
Consider moving to a
This might be extreme but if your finances are extremely stretched, looking for a cheaper house would go a long way in ensuring you do not plunge into bankruptcy.
Look for alternative sources of income
It is evident that your income has reduced significantly, you need to figure out a way of generating money. Learn a few skills online or use your talents/passion to make some money.
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