Kenya, like many other countries, is facing tough economic times. The rising cost of living, stagnant wages, and shrinking disposable income have left many Kenyans struggling to make ends meet. However, with the right strategies, you can navigate these challenges and maintain financial stability.
Here are 10 practical ways to survive and even thrive during these difficult economic times:
1. Manage Your Rent Wisely
A common budgeting rule is the 30% rule, which suggests spending no more than 30% of your gross income on rent. If your rent exceeds this, you may be “cost-burdened,” making it harder to afford other essentials. Consider:
- Moving to a more affordable area
- Sharing accommodation to split costs
- Negotiating rent with your landlord
2. Build and Maintain Savings
Financial experts recommend saving at least 20% of your income. Your savings should ideally cover six months of living expenses in case of job loss or emergencies.
- Automate savings to avoid temptation
- Keep emergency funds in an accessible but separate account
3. Stick to a Strict Budget
A well-planned budget helps you track expenses and avoid unnecessary spending.
- Categorize spending (needs vs. wants)
- Cut back on non-essentials (luxuries, impulse buys)
- Use budgeting apps like M-Pesa’s financial tools or spreadsheets
4. Take Advantage of Discounts & Offers
Before making purchases, compare prices and look for:
- Supermarket promotions
- Bulk-buying discounts
- Loyalty programs and cashback deals
5. Start a Side Hustle
With salaries shrinking, a side hustle can supplement your income. Ideas include:
- Freelancing (writing, graphic design, virtual assistance)
- Renting out assets (car, extra room)
- Selling homemade products (baking, crafts)
6. Expand Your Professional Network
Your network can open doors to new opportunities.
- Attend industry events (online or in-person)
- Join professional groups (LinkedIn, Facebook)
- Let people know about your skills for referrals
7. Learn an Additional Skill
Employers value versatile employees. Learning new skills can:
- Make you indispensable at work
- Open doors to freelance gigs
- Help you transition into higher-paying industries
Popular skills in 2025:
- Digital marketing
- Coding & AI tools
- Financial literacy & investment
8. Build an Emergency Fund
Even small, consistent savings add up.
- Set aside at least 5-10% of your income monthly
- Keep the fund in a separate account to avoid misuse
9. Prioritize Debt Repayment
High-interest debts (loans, credit cards) can drain your finances.
- Pay off the most expensive debts first
- Negotiate better repayment terms with lenders
- Avoid taking on new debt unless absolutely necessary
10. Cut Down on Grocery Costs
Food expenses can be reduced with smart shopping:
- Plan meals and stick to a shopping list
- Buy in bulk (staples like rice, flour)
- Use leftovers creatively to minimize waste
- Opt for local markets (often cheaper than supermarkets)
Final Thoughts
Surviving tough economic times requires discipline, adaptability, and smart financial choices. By budgeting wisely, increasing income streams, and reducing unnecessary expenses, you can weather the storm and emerge stronger.
Stay resilient, stay focused, and take control of your finances—Kenya’s economy will recover, and those who prepare now will thrive later.
What strategies are you using to survive these tough economic times? Share in the comments!
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