Money254

  • - Homeownership can be a tedious process; as you go through it, you'll have to spend money at almost every stage. First-time homeowners often forget to budget for all these costs and blow their budgets or cut short their dreams.
  • - This is bound to ruffle a few feathers but hear me out for a few minutes. Not everyone who starts a biashara or side hustle gets to ride off into the sunset while sipping on some overpriced wine. Simply put, not everyone is meant to start a business.
  • - There has been a steady rise in the number of Kenyans buying hybrid vehicles over the last few years, with the skyrocketing price of fuel cited as a major reason behind the new trend. One cannot drive for more than a Kilometer in Nairobi without coming across a hybrid car.
  • - Financial slip-ups happen all the time and to the best of us. Many Kenyans admit to having committed not just one or two but countless money mistakes, leading to deeper financial struggles. 
  • - Making and sticking to a financial plan is one of the most effective ways to take control of your personal and family finances. Well-planned finances allow you to apply each Shilling with precision as you know exactly where your money goes and why it has to. 
  • - What quietly screams ‘wealthy'? Not the ‘I’ve landed my first major tender’ kind of wealthy. We are talking about what is commonly referred to as ‘old money...The Old Muthaiga kind of money.
  • - Three things are certain, life, death, and taxes. One other thing is assured, going broke. Being broke is a baffling aspect of life because despite it being a standard norm in everyone's life, no one is ever really prepared for the mayhem it generates. Everyone prepares for old age, for financial…
  • - How much would you pay back in total if you were to borrow Ksh1 million from a tier one bank in Kenya? What if you are a riskier, borrower, will banks start charging you more interest than your les risky comrades? When was the last time you made a Sacco deposit? - this and more on Money Weekly news…
  • - Foreign-used cars make up the bulk of the Kenyan car market because of their generally cheaper prices and higher quality. Car imports have recently declined lately due to high shipping costs caused by rising inflation rates, as well as the scarcity of some car manufacturing parts.
  • - In the past, most employees spent their whole working life at a single company or role. Today, to obtain the lifestyle, career, or ambition you desire, you're more likely to switch jobs multiple times. The days of retiring from your first job after 30 or 40 years of dedicated service and loyalty…
  • - Homeownership is a significant financial decision most people look to make. And as you get older, start a family, find more stability in your career and look for an attractive long-term investment strategy, the thought of owning a home populates your brain more. 
  • - Psychologists have found that money dramatically changes how people see the world. Other researchers have been trying to understand how money impacts interpersonal relationships.
  • - In our current age of one-click transactions and instant access to information, instant gratification has become the norm. The ever-on world of mobile phones and Wi-Fi reinforces the notion that you need to have what you want right away. 
  • - With just a handful of days to go before Kenyans take to the ballot, a group of candidates has been breaking records. These men and women are running for the highly coveted MCA seat in the next government.
  • - Separating personal finances from business finances can be tough especially when the business is small, newer or if it is done as a side hustle. No matter the size of your business, if you do not ensure personal interests do not affect business needs, you could be paving the way for imminent…
  • - Mortgages present one of the fastest routes to living in your own home when you do not have the money required to put up a house at hand. But is a mortgage loan the right route to achieving your homeownership dream? We explore the ups and downs of mortgages to help you figure out if this is the way…
  • - At any given time, anyone can be ripped-off with devastating consequences from losing money, property, or even one's reputation within minutes. Think of the popular Nigerian prince scam, cryptocurrency investment scams on social media platforms, pyramid schemes, and visa and job scams. Not to…
  • - Homeownership provides a number of financial benefits to investors. It can help you build equity, cushion you from rising inflation and help you achieve capital gains when your investment appreciates. However, a lack of time, expertise, and money can delay your homeownership dream. 
  • - You’ll never change your life until you change something you do daily. The secret of your success is found in your daily routine – John C. MaxwellI used to come across this cliché quote back in the day but never really gave it two seconds. I was living my best life and for all I knew at the time, I…
  • - Movies teach all kinds of things: how to aspire, who to fantasize about, how to walk into a room (always like Denzel Washington). They teach who to love and how. They also teach that walking in underground parking lots or walking toward unknown sounds might get you killed.
  • - Everyone makes mistakes. Regardless of how much shame, grief, or agony they may inflict, every mistake we make helps us learn and grow, eventually making us better people. In fact, you should strive to make some mistakes while you are still young since certain missteps are critical to your future…
  • - From the post-pandemic effects and the current economic recession, many people have seen a drop in their family income, worrying about job loss, and piling up debt. Most people will confirm that taking care of yourself and managing your money can be tough, let alone managing a family. As a result,…
  • - No one is immune to mistakes — humans are not perfect after all. Mistakes provide an avenue to learn about the weakness you possess and a chance to deal with them and grow as an individual. By heeding the lessons of failure today, you can allow yourself the opportunity to celebrate the wins of…
  • - Did you know that you can positively impact your finances by being deliberate about when, why, what, and how you spend your money? Fail to do so, and you're looking at late bill payments, saving too little or not saving at all, creating clutter and a host of other financial hurdles. 
  • - After years of outmuscling MPs and regulators, Safaricom may be headed for a split, their game-changing interest-free mobile loan was blocked by CBK, mitumba is now more expensive than ever, uncertainty over upcountry fuel prices, Somalia inches closer to joining EAC - these and more in detail on…
  • - Emergencies are not desirable, but they come uninvited anyway. One sure thing about emergencies is that you can neither predict nor control them. The best thing for you to do is to get an emergency fund. But what happens when you do not have one? Trouble begins.
  • - Does your general mood change depending on the amount of money you have at hand? And is it wrong if this is the case? Is it healthy? Psychologists have long sought to understand the connection between money and happiness. Despite the popular belief that "money can't buy happiness," studies have…
  • - The Higher Education Loans Board (HELB) has opened the application portal for first-year loan applications for the academic year 2022-2023. ‍Applications are now being accepted from students placed by the Kenya Universities and Colleges Central Placement Service (KUCCPS), as well as those enrolled…
  • - If three years ago you’d told her that one day the dark moment she was experiencing would be the light of young mothers in Kenya, she would have written you off. It’s amazing how what seems impossible today, morphs up into possible, tomorrow.
  • - Homeownership is an ultimate financial goal for most people. But it can be a very stressful process that requires much more than comparing prices. Fully understanding the process of home ownership, the options available and what it will take will help reduce stress, and anxiety and save you hard…
  • - Is every bargain a good deal? Think about that trip, car, phone, or place you moved to because it was cheap only to end up drained emotionally, mentally, and financially. Unfortunately, this will probably happen several times in people’s lives since with the fact that no one will ever really have…
  • - You've probably heard that having an emergency fund that can cover three to six months of your living expenses is a prudent financial decision. Although many people find it difficult to save money, it is worthwhile since failure to do so could have serious implications. These might include accruing…
  • - Buying second-hand is all chic because of the wide range of options and quality you can find. Used item purchases also offer a cheaper option to look unique and stylish. It gives many people a chance to buy those name brands that might have seemed out of reach. But buying used stuff isn't limited…
  • - When thinking about homeownership, you must research every step you take and think twice about every decision you make. The first choice you have to make when exploring homeownership is the path to choose, especially when cost is the biggest factor. And one such route to take is building your home…
  • - You're worried about what others might think of you. You feel guilty when you turn down requests. You worry that if you simply say ‘No’, people will think you're rude or self-centered, or selfish. You say ‘yes’ to things you don’t even like or do things you don't really want to. If you said ‘yes’…
  • - On the third anniversary of their wedding, Edwin and his wife April decided to combine their finances. They opened a joint savings account to save money and a current account to manage their bills and daily spending. Once paid, they both transfer all their salary into one account. The couple…
  • - Nothing brings more fun to relationships than getting to do things together. From planning vacations, watching shows together, to even repainting your home. These are all joyous, but it is the no-laughing matter conversations and planning that make a couple’s bond stronger. 
  • - Being financially irresponsible means someone will most likely live way above their means, unnecessarily borrow money from others, not have any savings or investments, and, despite all these, they will not care about their financial position.
  • - The Alchemist – not to be mistaken with the uptown entertainment joint by the same name - but rather the book by Paulo Coelho, is among a handful of books that have changed my perspective on life.
  • - The Public Service Commission (PSC) and the Ministry of Education have posted 3,000 and 1,000 paid internship slots respectively, with applications ending on August 9. According to a notice issued by PSC on Tuesday, July 19, the internship includes multiple different government agencies, including…
  • - Governors serving the second and final term are demanding a Ksh700k monthly retirement package for life, the cost of maize meal expected to fall to Ksh100, Treasury dismisses an IMF report placing the country as the second worst in the world to invest in, dawn of cheaper LPG as fuel subsidy near…
  • - Homeownership, especially for a first-timer, can be challenging. There are different routes to take, and you have to explore each one of them and settle on the one that makes the most sense to you financially. With many factors to consider, it's essential that you take the time to educate yourself…
  • - Whether emotions enhance or impair investment decisions is a lingering question in academia and business. When it comes to allocating funds towards any given project with the expectation of reasonable returns, varying emotions are expected. It cannot be denied that investing is a highly emotional…
  • - It would be fair to say car dealers have built a bit of a reputation over the years. They are generally portrayed as sleazy and smooth-talking guys in finely pressed khaki pants and tucked-in Polo shirts and matching shoes, hell-bent on taking their clients for a ride.
  • - When Adalla Alan, then 21, was locked out of the examination hall at the Technical University of Kenya (TU-K) in 2018 over fees arrears, his world came crashing down. Distraught, the then-second-year journalism and mass communication student momentarily saw his dream slowly fading away as he would…
  • - Finding love is wonderful, a wedding is once-in-a-lifetime thrill. But once all the excitement simmers, life still remains tough, unpredictable but also full of opportunities. That's why it's wise to set yourself up for success before saying 'I do!'. These 10 financial moves could hack it for you.
  • - No one can predict the future, but there are a few things that can give you a good idea of how things could turn out. Ever worried that no matter how much you earn, save, or invest, it’s not enough to meet your long-term financial goals?
  • - Nowadays, a car has become more of a necessity than a luxury. It can be disheartening to get rejected when you need a car loan — it means that you have to postpone your plans to do business, create convenience around your family or work schedules, or enjoy some privacy during those long road trips. 
  • - Homeownership is on everyone's bucket list. It's a dream you've been saving for since you started working. And as you prepare to accomplish this financial goal, you need to learn about all the intricacies involved in the process. 
  • - Everyone is trying to get ahead financially. And there are generally two broad ways of achieving this; make more money, or spend less money and invest. Today, we focus on spending less money by avoiding unnecessary purchases. To start you off, we have identified 10 purchases that can save you tons…