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5 Financial Adjustments Teachers And Civil Servants Can Make Before 3% Deductions Are Effected.

The government of president William Samoei Ruto has made it clear that all public officers ranging from teachers to civil servants will be contributing 3 percent of their basic salaries to the affordable housing scheme.

According to the housing principal secretary Charles Hinga, the deduction will be mandatory although it isn't a form of tax but a saving scheme to enable government build affordable houses for kenyans.

Although the opposition, trade unions and even the private sector alliance have resisted the plan, the government has hatched a plan to ensure the proposals contained in the finance bill are passed when they are Brought before Parliament.

Incase they pass as Kenya kwanza administration envisions, it will undoubtedly affect the purchasing power of public officers who are yet to get any Salary Increment for sometimes now.

Below are some of the adjustments one can make so that it becomes easy to cope with the anticipated deductions and the looming high inflation due to high fuel costs.

One, reduce the budget on the most basic needs; for instance, one can move to a cheaper house.

Two, cut the spending on wants and luxuries such as entertainment, nice clothing and holidays.

Three, lower the monthly repayment of loans by stretching the repayment period although it will be expensive in the long run.

Four, explore other additional income sources through investments, renting the excess space or running any other side hustle.

Five, one can defer or downgrade other development goals to a future date when he or she would have stabilized.

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Content created and supplied by: @yokeabu (via Opera News )

William Samoei Ruto


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