A Kenyan woman wrote:

"I recently lost my job with a net income of KSh 120,000. I live in Nairobi and I have savings totalling KSh 1.2 million. However, I am unsure of which business to start to ensure I meet my monthly expenses. The breakdown is as follows: Rent (KSh 25,000), shopping (KSh 20,000), my daughter's school fees (KSh 10,000), house help (KSh 9,000), internet and TV (KSh 5,000), clothes and hair (KSh 20,000) and chama (KSh 7,000). Please advise me on the best business to start or income-generating activity. I also need to cut on my expenses."

Eric Muchoki is a personal finance expert and director at Customized Solutions Insurance Agency.

Eric Muchoki, a personal finance expert, advised the 32-year-old lady to cut some expenses, including money spent on clothing and shopping.

He also recommended that she should rent a cheaper house to save some money.

"You can cut your expenses by making adjustments on rent by considering a cheaper house. Additionally, reduce your budget on shopping and clothing," Muchoki told TUKO.co.ke.

The expert also asked her to consider monetising her expertise.

"Check if you can leverage your skills and experience to earn income. Another avenue for earning income is monetising your passion. Doing what you love for a living is enjoyable and fulfilling," he explained.

Disclaimer: The advice in this article is general and not intended to influence readers' decisions about solving financial challenges. Before making a financial decision, readers should always seek professional advice that considers their circumstances.

Do you have a story to tell? Do you want expert advice? Please email us at [email protected] with 'Ask an expert' in the subject line.

In related news, a Kenyan man took a KSh 210,000 SACCO loan and gave the whole amount to his female friend.

The frustrated man revealed he had no written agreement with the lady who had been evading his request to refund the money.

Muchoki advised the man never to repeat the same mistake, recommending that his friends should borrow money from financial institutions.

Elsewhere, a 37-year-old Kenyan woman who earns a monthly net salary of KSh 130,000 sought advice on how to manage her expenses and savings to ensure she secures her future.

The middle-income earner broke down her monthly expenses, including allocations to rent, chamas, shopping and parents' support.

Muchoki advised her to grow her investment portfolio and invest in a Money Market Fund (MMF).

Proofreading by Asher Omondi, current affairs journalist and copy editor at TUKO.co.ke.

Source: TUKO.co.ke