My salary is never enough for my daily needs yet I want to start saving for a house. What salary range can enable one to comfortably begin saving for a house? Rose
The propensity to save is highly dependent on one’s level of income. The more your earnings, the more you can be able to save.
Hence the desire to build wealth and plan for the future may seem impossible when you are surviving on low income. However, the saving culture is an innate practice that may not correlate with how much one earns.
Any amount of salary earned can attract a saving that can help achieve your dream of a house, nonetheless you might have to put into consideration the type of house you are looking at and the saving duration not forgetting the fact that savings get eroded by inflation.
You can consider having a monthly budget and the discipline of living within it. You will feel more in control and happier about your finances if you plan and think carefully about your spending.
It is vital to understand what your priorities are and have a saving plan for instance you can consider opening an account with a hardware company and pay money in small installments towards building materials like cement and iron bars.
You can also consider diversifying your income by starting a side hustle.
Think about what you are good at doing, what kind of hobbies can earn money or what you already enjoy that can be turned into a side job.
You can also utilise facilities such as salary advance, staff saving schemes if they are available at your workplace or take a bank loan.
Alice Nankya L. Nsibuka
HR business partner
NMG - Uganda