• Introduction of the Housing Levy Deduction at 1.5% of the gross pay

• The new NSSF rates which are gradually expected to hit 6% of the gross monthly income for all over time

• Changes in Personal Income Tax bands: An increase of 2.5% and 5% of PAYE for those earning over 500,000 and 800,000 respectively

• A proposed NHIF rate of 2.75% on the gross salary toward s NHIF contribution

• Increased cost of living due to a hike in fuel prices

Based on this, it is expected that there will be a reduction in net income while expenses will increase. Adjustments will be necessary in order to accommodate these additional deductions from the present payslip before July 2023.

• Work on reducing other non essential obligations. Some ways you could do this include; shop around for bargains, buy things in bulk, eliminate unnecessary subscriptions or fees and discontinue any expenditure on non-essentials.

• Review your daily activities(wants) and spot where you can make some savings e.g carry out an energy audit in the home to identify areas where you can save some energy to reduce the high electricity bills.

• Consider restructuring your monthly contributions (Loans) to an amount that makes it comfortable to live while being careful not to incur penalties or higher interest rates.

• Postpone big ticket purchases where these are not immediately necessary as some of the hikes in prices may be temporary and it may pay to hold out.

• Defer any future financial plans until you stabilize.