- Formally employed Kenyans should brace themselves for a significant pay cut in their August salaries. This is after the Ministry of Housing announced the decision to backdate the housing levy to July 1st. The ministry also appointed the Kenya Revenue Authority as the sole collection agency for the…
- Executing a debt repayment plan can be daunting. But you can make it a breeze by staying in touch with your lenders as you manage your debt repayment plan. This ensures they know your efforts and may offer assistance or flexibility you might need. Second, avoid taking on more debt and focus on…
- The Central Bank of Kenya (CBK) has launched a new portal that will allow Kenyans to trade in government bonds and treasury bills through mobile-based apps. The platform, dubbed CBK DhowCSD, will be active from Tuesday, August 1, and will be available to Android and iPhone users.
- As a business owner, you will inevitably face moments of doubt and insecurity. Entrepreneurship inherently carries risks, so paying attention to your instincts is essential when you sense things might be wrong. Don't dismiss those feelings, but refrain from making hasty decisions in the heat of the…
- One mistake you should avoid when saving for your December holiday (or any other goal) is to treat it like an afterthought. People often save money at the end of the month, i.e., what they are left with after all expenses. What you should do instead is make it a habit to prioritise saving.…
- Regret is a common emotion, but it is also avoidable. Regret can have many negative effects, including causing anxiety, depression, and poor self-esteem. All this can lead to people making decisions not in their best interests.
- Faraja, which is expected to disrupt the mobile loans market, is open to Safaricom’s more than 32 million subscribers who can now purchase on credit from businesses using the Lipa na M-Pesa service. Through the service, one can purchase goods and services worth between Ksh20 and Ksh100,000 and…
- The last week of July is here marking an end to the seventh month of 2023. As many struggle to keep up with the rising cost of living, the Kenyan workers await with bated breath a crucial ruling from the Court of Appeal. Safaricom has introduced interest-free M-Pesa loans of up to Ksh100,000,…
- On Thursday morning, ICT CS Eliud Owalo admitted that hackers had attempted to take over the eCitizen platform by bombarding it with multiple data requests. The CS stated that they had managed to defeat the hackers and that no data had been lost or compromised. However, eCitizen services remain…
- As you embark on your journey as an aspiring international student, it is essential to carefully evaluate and select the option that best aligns with your individual needs. Take the time to thoroughly understand the qualifications and requirements, ensuring that you meet the necessary criteria.…
- When you increase the import duty from 25% to 35%, the total duties payable on the Subaru Impreza increase from Ksh694,000 to Ksh810,000. If you do the math, the Ksh116,000 jump will represent a tax increase of approximately 16.72%. This is exclusive of Railway Development Levy (2%) and Import…
- When you take care of yourself and practice good financial self-care, you ensure that saving and spending are kept in check, you treat yourself according to your means, and you establish financial plans to take care of yourself in the future.
- The Kenya Revenue Authority (KRA) on Tuesday, March 3, clarified its tax policy regarding worn clothing imports, popularly known as mitumba. The statement came after unverified reports on social media indicated that the authority had raised the levy charged on mitumba clothing from Ksh24.35 to…
- According to the IMF report, the government has already drafted standby legislation that will introduce excise duties, scrap more VAT exempts on undisclosed goods and services, and introduce the motor vehicle circulation tax, a form of road use tax that is common in developed countries in Europe…
- Artificial intelligence has revolutionised how people do personal finance by providing them with intelligent tools and insights to help you better manage their finances. It has altered the way many approach their financial goals, from automated financial management and customised investment…
- Will all car owners in Kenya start paying a tax for every seat in their car if the Finance Bill is passed as is? Social media on Tuesday, May 30, was awash with claims that the government will be taxing every car owner regardless of the use the vehicle is put to. In this article, we delve into the…
- After paying all your expenses, having surplus funds in your budget can bring unexpected joy. And it can be tempting to spend your money on a fancy item or a quick road trip. But if your goal is to better your financial situation, it’s important that you put that money to good use.
- I applied and got a freelancing gig off LinkedIn. In celebration, I called a few friends in my line of work to pop the champagne. We spent a casual evening in my cramped bedsitter. We enforced the ‘No Phones at Meetings’ rule. Conversation ranged from Nobel Award-winning theories to silly, easy-…
- Buyer’s remorse is a common experience that can leave you feeling regretful and dissatisfied with your purchases. It is a lingering feeling that can persist for some time. There’s typically no benefit in dwelling on it, especially if they can’t revere it. Instead, focus on finding ways to maximise…
- Goal-based saving is a powerful strategy for achieving your financial aspirations by ensuring you work towards specific objectives and has multiple benefits. As you create your plan, you should avoid pitfalls associated with a goal-driven plan, such as focusing on short-term goals, being…
- Everyone desires to attain wealth, but acquiring riches is no simple feat. To be rich, you must be ready to preserve through uncomfortable situations. Don’t expect success to come in silver plater — be willing to work for it, embrace uncomfortable scenarios, and make hard decisions. With the right…
- The best way to avoid unhealthy debt practices is to be a responsible borrower. From the time you start searching for a lender to the point you make your last repayment and close your credit account, you need to ensure you make the right decisions that won't jeopardise your finances.
- Life can get stressful in an instant. One minute you are on top of the world, you got your dream job and everything you have worked for is finally falling into place. But all of a sudden, you lose your job and now you are struggling to make ends meet. This might not be your case but one thing for…
- I absolutely love eating at roadside food eateries. Many, many reasons. If you want to experience local culture and cuisine in its most authentic form - visit a Kibandaski. Street food and food shacks offer traditional, local dishes prepared using age-old recipes and techniques for a more immersive…
- Financial love languages are identified by the behaviours that represent individual financial systems. What we value differs from person to person, so it's important to understand your partner's financial love language to build healthier and long-lasting relationships. Once these behaviours are…
- President William Ruto defended the increased VAT, arguing that the standardized VAT would make the market more competitive and ultimately lower the cost of fuel in the long term. The National Assembly's Finance Committee Chairman Kuria Kimani further indicated that the move would help spur the…
- In the new pricing, the price of petrol in Nairobi has increased from to retail at Ksh182.70; diesel increased by Ksh6.40 to retail at Ksh168.40; while kerosene increased by Ksh15.19 to retail at 161.13.
- Taking the time to organise your finances is a decisive step towards gaining control over your financial life. Organising your finances will give you an accurate picture of your current financial situation. This knowledge will put you in an excellent position to control your finances, plan for the…
- As you consolidate your loans, it is imperative to implement strategies to prevent incurring new debt. This includes adopting new financial habits and avoiding unhealthy debt practices. Start by being mindful of your spending and making wise financial choices that can prevent the accumulation of…
- If you file within early, you could avoid unnecessary penalties for late filing. Note that the deadline is June 30, 2023. Avoid last minute filing, sometimes the system may be overloaded and delay your filing earning you a very avoidable penalty.
- If you are contemplating a p2p loan, it is crucial to adopt responsible borrowing practices. Conduct extensive research, avoid borrowing excessively, have a solid repayment strategy, and only borrow within your means. If you adhere to these guidelines, you can make the most of a p2p loan while…
- Prepaid and credit cards offer different features and benefits, so it's important to choose a card based on your financial situation, goals, spending habits, and card usage. If you want a risk and debt-free financial experience, acquiring a prepaid card might work for you. However, if you have good…
- Overcoming impulse buying and saving money while in college can be a challenging task, but with the right mindset, tools, and resources, it is definitely achievable. Creating and sticking to a budget, identifying triggers, shopping with a companion, practicing the 24-Hour Rule, seeking professional…
- When taking a loan, it is important to consider the prepayment penalty and discuss it with your lender. When borrowing money, it is common to think about early loan closure. However, sometimes, it might not be as easy as you think. And even if you don't plan to make an early repayment, having the…
- To avoid mistakes when writing your financial plan, review it consistently and ensure it aligns with your evolving lifestyle. Regularly assessing your plan enables you to identify errors or missteps and take corrective actions before they become problematic. Moreover, reviewing your financial plan…
- Prioritising your mental health is crucial as it directly affects various aspects of your life, including finances and academic performance. Recognising the connection between mental well-being and financial stability is key since neglecting one will inevitably affect the other. Whether you are…
- In Kenya, 50% of new businesses fail by the fifth year. Online businesses aren't an exception, so you need to tread carefully and avoid mistakes by taking three vital steps. The first step is to always have a risk mitigation plan that will help you avoid or minimize losses. Secondly, don't try to…
- In January 2023, I kicked off the year with an implementation plan for a nice list of financial goals. Truth is, today, it seems quite a tall order to achieve. This has inspired a self-intervention. And the annoying man on the other side of the mirror is pointing me at all the failures and missteps…
- "I’ll let you in on an intimate desire I have, though given where I’m at now in life, I may never get to achieve it. Okay, who knows? Maybe, maybe not. Here it is; in another life, I desire to be a professional sniper. It’s an itch bracketed in awe and admiration that I have haboured for a long…
- Salaries from full time employment are rarely large enough to cover all expenses and fund longer-term financial goals. To get ahead, it doesn't necessarily mean quitting or waiting for whenever a salary bump will come. Here are seven ways to increase your income in 2022 as full-time employee.
- Never ever give up, they say. And for most people this overused piece of advice may sound like a cliché. So what if we turned to some of the wealthiest people in Kenya, Africa and beyond and sought to know what really are the habits that guarantee financial success? That's exactly what this article…
- 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…
- He looked like any Nairobi hustler – and I use this term in the sense that Ruto means it. You know how we judge people based on first impressions? We didn’t really talk much at first. Then we started to and you know how conversation leaps from topic to topic.
- Symbols are extremely powerful for communicating to large groups, which is why politics, religion, and advertising make liberal use of symbolism. Every political party has a symbol. Every religion has a symbol.
- In 2017, two young women did a ballsy thing: they started a shoe business. Not only did they sell shoes, but they also made them. Njeri Mbote, then a fresh graduate, was introduced to the shoe business by a friend and was fascinated. Like Julius Yego who learned how to throw a javelin through…
- If the Finance Bill 2023 is passed as is and assented to, loans offered by Digital Credit Providers (DCPs) commonly known as 'digital loans' could rise in cost following the introduction of a 20% tax on interest. What does this mean for digital loan borrowers and the DCPs themselves? We break this…
- Do you find it hard to throw away some possessions and things you haven’t used in a very long while? Is organising or categorising your items or possessions something you term as difficult? Chances are, you are a hoarder.
- The CBK recently launched the Kenya Quick Response Code Standard to increase the usage of digital payments in Kenya. The Standard, which is based on the EMVCo QR Code Specification, has been developed through collaboration between CBK, Payment Service Providers, banks, and card schemes (Visa and…
- Buying an apartment can be a complex and challenging process, but with the proper guidance and knowledge, it is possible to find your dream one. As the buyer, you shoulder a little more risk during the transaction. After all, you are purchasing a property after only seeing it a few times, which is…
- Examples of businesses that are likely to fall within the purview of this law include kiosks, food joints popularly known as vibandas, butcheries, and market traders popularly known as mama mbogas. The turnover tax will be applied before the deduction of expenses and will apply regardless of…
