Working Towards a Debt free life

My plans towards a Debt Free Life :Debt can be a really downer, at the end of the month the amount of money that goes to paying of your debt is more than your salary and you have to acquire more debt for you to survive the coming month.

Before I got employed I remember saying that I will NEVER take a loan and will NEVER get  into debt, but right now am drowning. The year has ended and I intend to reduce the amount of debt I have or at least pay off all of it by the end of the year 2016.

While looking for Methods that I can use to be debt free I have stumbled upon several on monitoring your spending and putting all the extra amount into an emergency fund and debt payment, some on snowballing your repayments i.e. paying off your least debt first while others on paying of the debts with highest interest rate first. All these methods have worked for different people, I just have to decide on one that will work for me.

Debt Categorisation: Categorise all your debts in a notebook; indicating the amount of debt that you have , the interest rate and the minimum repayment amount.

This will help in, the order of repayment your will choose i.e. (Snowball or High Interest rate)

Calculate the amount of money that you can spare every month; At first you may have very little to spare, but little is better than nothing.

Your calculations should include the amount of money you get, your monthly deduction (rent, food, transport) and also the minimum amount of money you need to repay.

After finalising the calculations the extra amount should go to debt repayment.

I will use the snowball Method and clear the least amount of debt first, then concentrate on the next loan on my list  while placing the minimum payments + the excess amount into clearing the specific debt

I hope I will be strong enough to stick to a budget, and put all the extra amount into my emergency fund and debt repayment, so that i can attain the Debt free life that I crave.

BTW: Just found out that other than the Ksh 5,000 penalty you get from HELB  for  lack of payment there is also an interest rate of 4%pm that is charged on the loan. Apparently I now owe Ksh 156,724 and not Ksh 108, 000 as I had calculated







We  are just coming to the end of the year and I couldn’t be happier,  I have 12 days left to my Estimated due date and every day I wake up being more anxious about the responsibilities that lie ahead of me and mostly the ‘labour process’ I have heard amazing to terrifying stories about child birth, keep hoping my child birth process will be amazing.

These days I cant help but think of all the financial mistakes that I  made this year and how am going to recover and raise my Baby well. So I have been looking into the different avenues that I can use to make a few extra bucks and save more. I have already started working on some, I intend to start others in January, and will definitely advise you on what works and fails so that you can be debt free and invest more.

Some of the ideas that I have started working on are

Online jobs.

There are a couple of jobs that you can find and do online from Spreadshirt for the designers, Etsy for the Do It Yourself enthusiasts (the websites promotes creativity and uniqueness) Olx when you are trying to De-clutter your home. Iwriter and Freelancer for writing jobs; and many other jobs that are perfectly curtailed to your  specific field.

Do It Yourself Projects,

I love DIY, and I do a couple of them monthly especially when it comes to home organisation or home décor. (One of my objectives in life is to do home décor and diy full-time) at the moment, am working on Door mat weaving.

Saving techniques

There are a lot of saving techniques out there, I came across the 52 weeks money challenge and so far i love it, my folks will start the challenge at the beginning of the year

Am also looking into saving plans that will help me reduce my monthly spending, and so far am looking into the 31 Days of living well and spending Zero. I intend to do it in February or March after I have calculated my monthly savings with the new changes in my life. Though I still intend to look into other ideas and try them out.

They say, its never to late to try, and the year might be ending, but its still not late for me to try and remedy the financial mistakes that I have made in 2015 and live a better 2016.

Wish me Luck







I have no idea what I will do to get myself out of this runt that am currently in, this year has also been the most challenging when it comes to finances, I keep getting myself in extreme debts and I have no way  of getting myself out of the situation. most of us blame it on the Economy, But is it really the economies fault that I purchase more stuff that I need, that I leave way-beyond my means that I  impulse buy, and especially on movies. how many times will I keep promising that I wont spend money on movies and I keep going back on my own word.

My current situation is dire,

I have Kes 50 shilling left in my account,

in debts I have a lot more,

  • Starting with a mshwari loan of Kes 6,450
  • A HELB loan of Kes 156,724
  • a Sacco loan of Kes 158,058
  • a Shamba loan of Kes 275,000
  • in total I need to have Kes 596,232

in the sum amount I haven’t added my credit card and the amount which I think should be around 20000 that I own

I still have to pay rent pay for transport to work and also food and basic needs.

I have no idea where am gong to get my money from , or how am going to clear my debts and live debt free, but I know that I have to do something quick since my baby is coming soon and with all the deductions that my account has is facing right now I will not be able to raise the baby and take care of the finances correctly.

Am going to do a lot of trial and errors and document which works and which doesn’t, plus any more debts that I came across

Wish me luck, 

As Always Lex