- In 2018, at only 26, Nyambura Ndiba, had saved some money to tour Europe. But after binge-watching tiny homes on YouTube over and over again, she was convinced she could build her own. And just like that, she put her travel plans on hold and channelled the money into building her own tiny home in…
- Without a solid emergency fund, even a minor financial setback can mess up your budget. But fear not! In this article, you’ll discover everything you need to know about emergency funds including how much a family should save.
- This year could be challenging still, but it does not have to be an uphill task to save money. From earning extra cash to cutting back on expenditures, saving money is crucial to building your financial security. And even though it may be a huge hurdle to put more money into savings if you are…
- The January financial blues are a common feeling of stress and worry that many people experience after the holiday season. The holiday season is often a time of overspending, and when January rolls around, many people are faced with the stark reality of their financial situation. They may be…
- As you usher in the new year, you have many financial goals planned for 2023. To accomplish those goals, you will need to be in total control of your money. You just don’t need to know where your money goes; you must plan for where it goes in advance. And that that all starts by creating an annual…
- Losing money can be frustrating and difficult for a good reason: financial losses can jeopardise your future and goals. They can delay you from reaching your goals and simultaneously affect your mental health. So, how do you cope with money loss and bounce back?
- Not proud of how you spent your money during the holidays? It is easy to lose control of your finance and go over your budget during the holidays. And this can be worse if you go into the holiday without plans or a budget. But all's not lost. You can use January to get your finances back in shape.
- Financial habits are the patterns of behavior or practices that we follow when managing our financial resources. Some of us are very strict with our budgeting, others are very disciplined with their savings, while others are very skilled at 'free-styling' and letting the chips fall where they may.
- Overspending can easily happen even when we try our best to be as frugal as we can to avoid going into debt or going over the spending limit. There are a lot of money wasters secretly lurking that end up eating into your funds if you drop your guard.
- According to financial experts, the first step to ditching unhealthy money habits is identifying and acknowledging them. You might be doing something detrimental to your finances, but you need to know how harmful it is to see the necessity of weeding it out.
- Kenya’s unemployment rate is the highest in East Africa with World Bank data showing that 5.7% of Kenyan workers were jobless in 2021. With the tough economic times, Kenyans - as ingenious as they always are - have managed to come up with some money-making ventures that have helped them to stay…
- For many Kenyans, 2022 began with numerous New Year resolutions, including putting their finances in order. The desire to meet their financial goals means many people have to identify various investment and savings techniques, such as joining a money challenge. Had you joined one in January, how…
- We are living in hard economic times. Inflation is skyrocketing, employers are laying off people, and the government is coming up with ways to raise taxes by the day. In the midst of these hardships, having a second income has become almost a necessity rather than an option.
- The year is finally coming to an end, so it's time to review your 2022 spending habits. One of the best ways of doing that is to look at your purchases. Did you buy any expensive or unnecessary products and services? Is there a better way you could have spent your money? Here are 10 things you…
- With the Shilling weakening against the dollar over the last decade, more and more Kenyans have been opening dollar accounts. As of June 2022, Kenyans had saved nearly Ksh900 billion in dollar accounts ($7.4 billion). Is there really any real benefit to dollar accounts and should you open one…
- How did you make your money in 2022? It has been a tough year, we got served the most expensive ugali ever - courtesy of Ksh250 unga and fuel prices rose by about 50% between January and December. But some people still were making money. Good money for that matter and in areas that allow for more…
- Are you planning to spend Christmas in Nairobi? Christmas is time of the year when most Nairobians pack up their bags and travel to their hometowns or someplace far away from Nairobi for merry-making. This can make celebrating Christmas in Nairobi overwhelming. But do not fret.
- Going on a spending spree during the holidays can be tempting once you receive your annual bonus. This is because it's easy to treat this hard-earned money as a windfall and not feel guilty when wasting it. They are smart things you can spend your bonus on so that they can serve you and your goals…
- By starting your resolution early, you give yourself a head start which gives you time for soft launching your resolutions before the New Year rolls around. The only probable challenge is that you have to actually stick to your resolutions. Ready to do this?
- The holidays are a great time for families and friends to come together, celebrate, and reflect before starting a new year. But it's equally a spending season. For cash-strapped people, keeping up with all the expensive holiday traditions like traveling and gifting is challenging. So they turn to…
- The results of the 2022 Kenya Certificate of Primary Education (KCPE) examinations were released on Wednesday, December 21, 2022 by Education CS Ezekiel Machogu.
- Is marriage an achievement? On one hand, saying that it is not waters down the narrative society has perpetuated for decades. On the other hand, saying that it is makes one an adamant conservative who defines people by their marital status.
- Your December break might be short, and it will pass very quickly. But it is time that you won't get back. It can be tempting to spend it lazily, but you should push yourself to make the best of that little time. Your personal finances will thank you in 2023. Here are 10 financially productive…
- To live an exceptional and fulfilling life, you must have rules that guide your existence and keep you in line. If you plan to live a healthy life, having a clean diet and exercising regularly could make sense. The same applies to money; you must live by specific rules if you want to avoid…
- Your holiday expenditure is about to go up. You will have to worry about more than your immediate dependent's needs and expenses. Relatives and friends might also look your way for financial help. And to ensure that you support them without straining your finances, you will need to set boundaries.
- The festive season is here, and as you know, it is a time for giving and spreading joy to those you love. However, spending your money wisely when buying gifts for friends and family is essential. Overspending can lead to financial stress and strain on your personal budget.
- The holiday season is around the corner and the good old Christmas mood is in the air. You can see it when you turn on the TV and nearly every brand has something on offer.
- The Kenyan shilling has in the past decade weakened significantly when compared to the US dollar - the most common currency in international transactions. The weakening shilling has largely had negative consequences for the majority of Kenyans.
- The growth of the internet and the rise of computer literacy among Kenyan youth has resulted in the growth of online writing jobs. Young Kenyans have particularly embraced this new way of writing and are reputed globally for their services. The most notable has been academic writing which,…
- The state-backed business loans capped at Ksh50k, with an 8% annual interest rate, means you have the best chance to establish that business you have always envisioned.
- Kenya is an enterprising nation. If you were to take a countrywide tour, you would find small general shops, small farms, and hotels that dot both the urban and rural parts of Kenya. The spirit of entrepreneurship lives on although it may take different forms depending on the region and the…
- President William Ruto on Wednesday, December 30, launched the Financial Inclusion Fund, popularly known as the Hustler Fund. The head of state kicked off the historic affirmative action fund at an event held at the Greenpark Terminus in Nairobi - and attended by various stakeholders who will be…
- A few months back, an investment analyst got Kenyans talking after comparing the returns of investing in a bond with those of investing in a real estate. The comparison specifically compared the average returns from a single unit apartment in Kilimani vis a vis investing in the Central Bank’s…
- The national government has issued several guidelines before the launch of the Hustlers’ Fund - formally known as the Financial Inclusion Fund. The Ksh50 billion fund, set to become the biggest affirmative action fund in Kenya, will be launched on December 1.
- In this week’s edition of money weekly, we take a look at what has been happening in the hustler’s arena, with the hustler fund taking lead, Kenyans’ borrowing spree, the banking sector, as well as other significant money news from the past seven days.
- The National Treasury has published draft regulations that have shed new light on the administration and distribution of the Ksh50 billion annual Hustlers' Fund. This week, Treasury Cabinet Secretary Njuguna Ndung’u published the Public Finance Management (Financial Inclusion Fund) Regulations…
- The new administration’s Ksh50 billion Hustler Fund has been the subject of anticipation as ordinary Kenyans await a chance to receive low credit facilities from the government. President William Ruto has promised to officially launch the fund by December 1 - even though many of the finer details…
- How do you decide if someone deserves a taste of your money or not? As you grow older and make more money, more people will start depending on your success. Your family, friends, and community members will call you whenever they want financial help. When should you respond?
- Two unrelated events happened on Mashujaa Day, 2021. One of them invoked an almost-audible sigh of relief across the nation. The end of a long, crippling Covid-19 curfew that had started in March 2020. The other event?
- In this week's edition of Money Weekly, we look at what has been going on in the banking and finance sector and how it will affect your pocket, with CBK's bank rate hike causing jitters, Kenyans' borrowing spree continuing unabated, and other key money news from the past seven days.
- When it comes to saving, few instruments provide the kind of benefits that SACCOs do. SACCOs earn members' money in two distinct ways; You can earn interest on your deposits and dividends on your shares. Compare that to MMFs, bank accounts, or Chamas, and you'll understand why SACCOs are popular…
- Whether you’re thinking about investing or planning for a big purchase, making financial decisions in your 20s and 30s might feel like walking a tightrope. You might find it challenging to create a budget, cope with debt, or take on any other money management task.
- Are you thinking of joining a Sacco? Saccos are one of the most popular financial institutions, and they've been around for over a century. The first one was formed by European settlers back in 1908. Their objectives have remained the same since then: to pull members' resources together and invest…
- Most financial institutions that offer credit to members typically have one thing in common. And that is, they charge borrowers interest. When you take a loan, you agree with the lender that you will also pay interest in addition to the principal (the amount you borrowed).
- My first teachers were my parents. Those early teachings heavily influence my adulthood. Important stuff, like basic etiquette and other social skills to complex issues like money management, and business skills. I'm struggling in the latter, due to a shaky foundation.
- Following the raised benchmark for interest rates by the Central Bank of Kenya (CBK), on September 29, 2022, various commercial banks in Kenya have increased their lending rates by up to 1.1 percentage points which will be effective from the end of November 2022.
- If you have defaulted on a loan with a maximum tenure of 30 days and already are listed in the CRB, you have reason to take a sigh of relief, especially if this has affected your ability to qualify for traditional loans that command higher amounts. The directive by the Central Bank of Kenya (CBK)…
- For years, the term “broker” often has a negative connotation in Kenyan society. Whether in business, politics, or farming - brokers are often blamed for all problems - real and imagined.
- At what point in your life do you think it’s appropriate to start seeking out financial advice? For some, it may be when they start their first job and begin to receive a regular paycheck.
