- I am the sole breadwinner, my salary is Ksh100,000 gross. This comes to 73,385 in the net salary. Transport to work in Westlands costs me Ksh4,000. School fees for both kids is Ksh20,000 per term. Mukami is in Grade 2 while Makena is in baby class. My wife is part of a Home Chama, to which we…
- Kenya Raises Fees to Cover Tax Shortfall: IDs, Passports, Work Permits, and Marriage Certificates Now Cost More. Treasury is aiming to collect at least Ksh55.8 billion from administrative fees and charges for services in the next financial year. Learn how the government plans to fill the budget gap…
- President William Ruto on Thursday, July 11, dissolved the Cabinet, firing all Cabinet Secretaries with the exception of Deputy President William Ruto and Prime Cabinet Secretary Musalia Mudavadi.The head of state promised to name a new Cabinet in the coming days.
- President William Ruto has nominated 51 candidates for the position of Principal Secretary (PS) in various State Departments. The Public Service Commission (PSC) forwarded him 250 names after interviews, which President Ruto narrowed down to 51 names.
- I wanted to buy land, learned about I-REITs instead. I now invest in real estate with ease and diversification. I am now earning rental income without managing property! My investment appreciates with the properties, and I can easily sell my units on the platform.Join the Vuka Investment Club for…
- An accountant moves from Molo to Nairobi seeking career growth but faces debt due to lifestyle upgrades. Discover how he restructures his finances, cuts expenses, and regains control, ultimately achieving stability, savings, and career success while navigating the challenges of adapting to a higher…
- The rollout of Kenya's Social Health Insurance Fund (SHIF) faces delay again. A committee set up by the Ministry of Health says that technological issues with the program's digital platform force postponement of the July 1st launch. Government explores alternative solutions, including reviving the…
- "Explore the most profitable export sectors in Kenya, where entrepreneurs thrive and generate significant income. Uncover key industries, market trends, and success stories that highlight how Kenyans make the most money in the export business. From agriculture to manufacturing, learn what drives…
- Explore the highest paying jobs in Kenya across various sectors like technology, finance, healthcare, and engineering. Learn about top-paying jobs in the private and public sectors according to a report by KNBS. Whether you're a job seeker or considering a career change, discover opportunities to…
- Mobile banking has changed how Kenyans manage their finances. With a USSD code, you can check your balance, transfer funds, and pay bills. In Kenya, many banks offer USSD codes that make these services easily accessible without the need for internet access. Here, is a list of all bank USSD codes…
- Potential repercussions of the Finance Bill 2024 not passing: The National Treasury anticipates significant budget cuts in fiscal year 2024/2025 that could impact crucial sectors such as education, HELB, CDF, IEBC, farming, healthcare, infrastructure, and social services across Kenya.
- Kenyans face a 38% hike in fuel taxes despite a recent revenue dip. The amended Finance Bill proposes raising the Road Maintenance Levy to fix roads, increasing petrol and diesel by Ksh7 per liter. This comes with a win for privacy, as a plan for warrantless data access by tax authorities was…
- The 50/30/20 method outlines how you should divide your income. 50% of your income should be used for your needs, which include food, shelter, clothing, and commuting. The other 30% is allocated to your wants, these include the creature comforts that you enjoy. On the other hand, the remaining 20%…
- Treasury CS Prof Njuguna Ndung’u on Thursday, June 13, unveiled Kenya’s 2024/2025 budget totaling KSh 4.04 trillion. The budget projects an ambitious revenue target of Ksh3.02 trillion, driven by major tax reforms, improved revenue collection, and what the Treasury CS described as strategic…
- How Kenyans have fallen victim to fraudsters who take advantage of the popularity of the chama model. These are savings schemes created online and coordinated by individuals who are popularly known as the “admins”. They start well but after some time, the members of these chamas are left in tears…
- Nairobi's stalled Thika Road BRT project gets Ksh3 billion to resume after 4 years. The project aims to ease traffic congestion with dedicated lanes for BRT buses and quicker boarding at stations. The government will pay the contractor Ksh3 billion to finish the 27km BRT line from Ruiru to Kenyatta…
- Struggling to clear your Higher Education Loans Board (HELB) loan? This guide offers 7 steps to help you pay it back faster, including utilizing the grace period, automating payments, and maintaining a simple lifestyle. Learn how to increase your income and avoid taking on more debt to become HELB…
- Kenyan county governments clash with KRA over VAT on local revenue. CoG says this is unconstitutional because the constitution gives counties the power to manage their own finances.. They also argue that VAT is a tax on goods and services, and county revenue isn't the same thing. Legal action looms…
- Kenyan CEOs, particularly in the manufacturing sector, plan significant job cuts due to declining business performance and the need for cost-cutting, due to potential challenges like the Finance Bill 2024. Directline Assurance,a Kenya's motor insurance, halts operations. Kenya's electricity bills…
- The Kenyan government will audit lifestyles of unemployed and self-employed individuals to determine their SHIF contributions. Factors like residence and expenses will be considered. Self-employed contributions are self-declared, and truly disadvantaged unemployed individuals will receive…
- Dropshipping is appealing for new online store owners due to its low entry barriers. However, this ease of entry creates a highly competitive market, as many people can start dropshipping. Additionally, suppliers often sell directly to customers, which further intensifies competition and presents…
- We saved Ksh500K for a lavish wedding but chose a simpler, intimate ceremony instead, spending Ksh240K. Prioritizing our commitment over extravagance, we invested the remaining Ksh260K. Our decision brought genuine happiness, avoided debt, and set us on a secure financial path, emphasizing love…
- Nairobi's housing trend is shifting to smaller units due to high living costs, inflation, and expensive loans. Rental prices vary by area, with bedsitters and one-bedrooms costing Ksh7,000 to Ksh40,000. Financial experts recommend rent should not exceed one-third of one's salary, for cautious…
- As of June 2023, Kenya's total debt rose by 19.3% to Ksh9.6239 trillion. External debt surged 27.0% to Ksh5.276 trillion, while internal debt was Ksh4.347 trillion. High debt levels risk financial strain, with debt servicing charges rising 55.4% to Ksh1.866 trillion in 2023/24. Bilateral debt…
- The foods that will be levied include cereals, legumes, and tubers. In a notice published on Tuesday, May 28, 2024, AFA announced that the new levy will come into effect starting July 1, 2024.The new tax places an additional burden on farmers and exporters, leading to reduced export volumes and…
- Since 2017, forex trading has significantly grown in Kenya. Nonetheless, there are still some pitfalls to forex trading in Kenya. This article will explore five forex trading pitfalls in Kenya.
- Iceberg tiers are a popular internet phenomenon in which degrees of knowledge of a particular subject is conveyed with an iceberg, in which the most commonly well-known titbits are at the top as “the tip of the iceberg”, and way down in the depths are the conspiracy theories and information which…
- I send condolences to the families of those who lost their loved ones in this unfortunate manner. Consequently, having reflected on the continuing conversation around the content of the finance bill of 2024, I will decline to assent to the bill. I propose that equally, Parliament, the Judiciary and…
- For some Kenyans, Finance Bill of 2024 marked the first time they were hearing of the concept of a finance bill, begging the question - why is it different? One unique aspect is that Finance Bill 2024 stands out as it proposed to raise the highest amount of new revenues in Kenya's history,…
- The Finance Bill of 2024 on Thursday, 2024, passed the Second Reading stage after 214 MPs voted for the controversial Bill. A total of 115 MPs voted against the Bill that has been the subject of intense public debate and countrywide street demonstrations in recent days.
- The government has backtracked on several controversial clauses initially proposed in the Finance Bill of 2024. The National Assembly's Finance Committee Chair Kimani Kuria announced major amendments to the proposed law after Kenya Kwanza MPS met President William Ruto for a Parliamentary Group…
- President William Ruto on Tuesday, June 18, hosted the Kenya Kwanza Parliamentary Group meeting at State House. The PG ended with a resolution to amend the Finance Act of 2024 and scrap off unpopular sections in line with the public sentiments. Here is the full statement announcing the changes, as…
- Living off Ksh30,000 is not easy. It means you will have to sacrifice some wants. You will only be able to take care of your needs, but this will not be the case for long. The logic of frugal living is not eternal discomfort, it is making sacrifices for financial independence in the long term,…
- I have a confession. I did not want to hang out with my cousins last Christmas. They live in the city, but choose the Christmas week to throng the village. It then becomes party after party up to the New Year. I was not enthusiastic about partying this time. .
- A journey to early retirement, achieved through disciplined financial strategies and frugal living. Starting with a goal set at 23, I prioritized saving, invested wisely, and lived frugally. By 40, I attained financial independence, proving the power of commitment and prudent financial management…
- If passed in to law, the motor vehicle tax will become the 18th tax that is incurred by car owners in Kenya. When importing a car, there are 5 separate taxes that a buyer pays, the total cost of the tax is roughly the same as the value of the car being imported. While using the car, there are about…
- How do I pick an MMF to invest in? The choice can be overwhelming, with many MMFs available from commercial banks, investment banks, investment management firms, and insurance companies. Like any financial product, selecting the right MMF requires careful consideration to ensure it aligns with your…
- Despite my reckless lifestyle, my mum who worked for a big bank, got me a job at one of their branches. But I couldn't keep it. Heavy drinking had become my routine. Most mornings, I showed up late, if at all. My mum's reputation was on the line and she called me constantly begging me to step up.…
- Joining the Vuka Investment Club has been a game-changer. They’ve helped me understand the importance of balancing physical and financial assets and guided me toward making better investment choices, something my father didn't have.While dad's "maguta maguta" plot is still valuable, it is not…
- In 2023, the economy saw significant job creation across various sectors, both modern and informal, according to the Economic Survey 2024 report published by The Kenya National Bureau of Statistics (KNBS). Wage employment experienced a robust growth of 4.1% from 3,015,400 persons in 2022 to 3,138,…
- The Vuka Investment Club offers investors an opportunity to invest in real estate market with as little as Ksh5,000 per month. By buying units or shares in an I-REIT, ordinary investors can own real estate assets without the need to build, buy, manage, or finance properties directly - making I-…
- Kenya Film Classification Board (KFCB) demands that YouTube content creators in Kenya obtain licenses and submit their content for review before broadcasting is causing uproar among creators who fear the move will stifle their creativity and growth.
- Our plan is to continue saving and contributing to fasten the process of raising the Ksh1.5 million. Our math shows that after 2 years, we will have earned close to Ksh100,000 in interest - money that we would otherwise have lost if we were using the current account. I've started saving in my…
- Diversification is a risk management strategy that helps prevent "putting all your eggs in one basket," which can cause significant losses when things go south. In real estate, diversification can be done in terms of asset type, location, or strategy. The idea is that your investments are not all…
- People always ask the question, should I go into business with my friend? While every situation is different, going into business with a friend can be a risk. You may overlook so many things for the sake of friendship. However, if you are able to clearly outline roles based on competency, then…
- For instance, if your car is valued at Ksh1 million, you will have to pay Ksh25,000 a year. These contributions are capped at Ksh5,000 on the minimum and Ksh100,000 on the maximum. This is to say, if your car is valued at Ksh100,000, you will still pay Ksh5,000 while all cars valued at Ksh4 million…
- If you are going for a logbook loan, you want to make sure that you land the best deal ever from your lender. After all, a loan always comes at a price, but the lower the total cost of credit, the easier and faster it will be to pay back the loan.
- It’s 5 PM, and you are making your way home from work. Even if the day has been lengthy, it is not yet over. You still need to pick up your child from school or buy groceries for supper or accomplish a number of things before you can catch the bus or matatu back home. It will be around 7 or 8 PM by…
- 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…
- Is it possible to survive in Nairobi without a monthly salary? Working a regular 8-5 job is popular because it offers predictability, stability and at times growth. But what happens on the other side of the divide?
