This archive report was first published on 8 October 2019.
Kenyan Woman Saves Sh3.9 Million to Buy First Home ¶
At just 27 years old, Molly Beard has achieved a remarkable feat - saving Sh3.9 million in just four years to buy her first home. The young woman's journey to homeownership is a testament to her determination and resourcefulness.
According to Molly, she started by cutting back on unnecessary expenses, including rent. She moved back in with her parents, paying them Sh12,754 a month, which later increased to Sh19,131 after she received a pay rise.
Next, she switched to a SIM-only phone, saving her Sh127,542 over three years. She also started car-sharing, which saved her Sh1,275 to Sh1,913 a week. Additionally, she reduced her clothing expenses by shopping at car boot sales, saving her Sh7,651 a month.
Molly also made significant changes to her cosmetics routine, opting for more affordable alternatives. She used a hot cloth cleanser from Aldi, which cost Sh508, instead of the Liz Earle equivalent, which cost Sh3,060.
By the end of the year, Molly had saved Sh892,769 in the Sharesave scheme at work. She also opened a help-to-buy ISA, which added 25% to her savings when she used them to buy her first home. Molly received a bonus of Sh57,388 from the Government, which she used to boost her savings.
After four years of saving, Molly had accumulated Sh3.9 million. She used Sh3.1 million for the deposit, Sh171,533 for fees, and the rest for appliances and other expenses. With the help of a mortgage, Molly was able to buy her first home, a Sh24.8 million two-bedroom period terrace opposite a pub.
Her mortgage costs her Sh88,855 a month, but her boyfriend James Cooke, 28, helps her cover the bills by paying her Sh57,367 a month for his share of the expenses.
