Greetings, and welcome to the 28th edition of the Wallet Wellness Newsletter - your midweek source of practical financial tips to elevate your money management skills!

We hope you got a chance to read last week’s edition, where we discussed the 48-Hour Salary Rule and how it can help you build your wealth foundation. This week, we shift gears to help individuals surviving on self-employment develop a proper budget.

As always, be sure to check out the Concept Corner below for a deep dive into the money concept of the week.

Let’s dive in!

MONEY254 TIP OF THE WEEK

How to Budget When You’re Self-Employed: 7 Tips That Actually Work

On some days, you handle big cash, feeling like you’re finally catching a break. On other days, however, your jobs dry up and you are left surviving on whatever’s left, unsure when the next gig will roll around.

That’s the rollercoaster of self-employment, depending on your hustle to pay the bills. You don’t get a payslip, but the bills still come on schedule. Yet in between all that, prices keep shifting, emergencies pop up, and someone somewhere always needs help.

So how do you budget when your income doesn’t follow any rules?  You build your own system. Here are 7 budgeting tips that actually work for self-employed Kenyans;

1. Pay Yourself a Fixed “Salary”

Look at your average monthly earnings over the last 3–6 months.
Decide how much you can comfortably live on every month — then treat that amount as your salary.
Everything else goes into savings, investment, or your business.

2. Budget Weekly, Not Monthly

If your money comes in chunks, budgeting by month doesn’t help.
Plan by the week. Ask:

• How much do I need this week for food, transport, and airtime?

• What’s the minimum I must cover to stay afloat?

3. Split Your Income the Moment You Get Paid

Don’t wait. Every time money hits your account, split it into essentials, savings, business reinvestment, and spending.
This stops you from using it all impulsively or reacting to pressure from others.

4. Separate Business and Personal Money

This one is simple, but it changes everything.
Have a till, wallet, or account for business money. Don't mix it with your personal expenses — it’s the fastest way to lose track.

5. Use the Envelope Method

Create digital or physical “envelopes” for each need: food, transport, rent, school fees, etc.
When the envelope runs out, it’s done.
This forces discipline and helps you stick to your plan.

6. Save from Every Good Day

You won’t earn the same every week. That’s the nature of self-employment.
But on good days, save aggressively. That extra Ksh500 or Ksh1,000 is your buffer for dry days.

7. Track Everything — Even Small Spending

When income is irregular, small leaks are dangerous.
Track your spending daily or weekly. This awareness alone can change how you use your money.

Final Thought

When your income is unstable, the budget becomes your anchor. It helps you stay in control even when life is uncertain.

You won’t always get it right. But with a plan, you’ll stop repeating the same financial cycle every month.

And that — more than a fixed salary — is the real foundation for freedom.

CONCEPT CORNER

Property Insurance

On Monday, the country witnessed the saba saba demonstrations that left more than 11 people dead and businesses reeling in losses. According to data by the State Department for MSME Development, businesses lose Ksh3 billion per day during the protests. Property insurance is a type of coverage that protects property, specifically business establishments. It covers losses or damage resulting from fire, theft, vandalism, natural disasters, and civil unrest. Read More.

Money Tips & Career Advice

MONEY254 #MONEYTOK

How I Rose From a ‘Kamagera’ to Being a Boss for Matatu Drivers & Conductors

Right after high school, Sammy (aka JackaB) jumped into the matatu world as a kamagera. Years later, he’s now calling the shots as a stage marshall, managing drivers and conductors at one of Nairobi’s busiest stages.

But at one point, it nearly fell apart—he lost his phone, and with it, his main tool for work. That’s when a friend told him about M-KOPA. Through their Lipa Pole Pole plan, he got a new smartphone and got back on track.
This episode is powered by M-KOPA in celebration of the More Than a Phone campaign, where Kenyans are getting smartphones that come with free health insurance from Turaco

@money254hq

𝐇𝐨𝐰 𝐈 𝐑𝐨𝐬𝐞 𝐅𝐫𝐨𝐦 𝐚 '𝐊𝐚𝐦𝐚𝐠𝐞𝐫𝐚' 𝐭𝐨 𝐁𝐞𝐢𝐧𝐠 𝐚 𝐁𝐨𝐬𝐬 𝐟𝐨𝐫 𝐌𝐚𝐭𝐚𝐭𝐮 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 & 𝐂𝐨𝐧𝐝𝐮𝐜𝐭𝐨𝐫𝐬 Right after high school, Sammy (aka JackaB) jumped into the m... See more

That's it for this edition of Wallet Wellness. We hope these financial tips have added some energy to your hustle. Stay tuned for more practical insights in our next edition of "Wallet Wellness" next week, and watch out for Money Weekly in your inbox this Friday.

Also, don’t forget to download the Money254 App on the Google Play Store, and remember that we can help you compare over 300 loans, savings accounts, current accounts, and more if you’re thinking about your next product.

Cheers to your wallet's well-being!

Money254 editorial team.