Joseph, a personal finance YouTuber, recently explained why individuals earning a monthly income of Sh100,000 should think twice before purchasing a car for personal use.
In one of his videos, Joseph illustrated his point with a case of a couple earning Sh90,000 monthly. The duo eventually had to sell their vehicle due to the financial burden it caused, leaving them with no ability to save.
“I spoke with a couple earning nearly Sh90,000 a month. After breaking down their income and spending, it was clear that buying a car was a mistake. Ultimately, they chose to sell it,” he shared.
Joseph emphasized that many people acquire vehicles through loans, which require monthly repayments. For someone with a Sh100,000 salary, roughly Sh30,000 would go toward repaying the loan, while necessities such as rent, groceries, and general shopping could cost over Sh40,000 CONTINUE READING
