- The effectiveness of the Kenyan credit information sharing system has come under scrutiny from the public and the government in recent days. President Uhuru Kenyatta’s administration made a number of strides in streamlining the credit information sharing system. For instance, in March 2020, at the…
- What did you want to become while growing up? This is a common conversation that adults often have as they reminisce about their childhood dreams. Some people eventually become professionals in the same careers they desired as kids, while others find joy in other careers that may not have been…
- Is it possible to save yourself from financial instability and get back on your feet? Can you stop living paycheque to paycheque, learn to save, and change your money attitude for the best? Absolutely. And you can do it all without going insane and stressing yourself.
- You've definitely heard about the famous adage, "prevention is better than cure," haven't you? It's not just about getting vaccinated to make yourself immune to specific diseases. It can also be applied to your personal finances when you are looking to protect yourself from financial instability, a…
- Do you have a solid career and a relatively well-paying job but always struggle to make ends meet? You might be experiencing financial instability.Take the case of David, an HR practitioner. He landed a well-paying job immediately after graduating and has been working for over a decade now. But at…
- When you think about entrepreneurship, you envision a fun and exciting state of being your own boss. You contemplate only the good things, including the flexibility and unlimited opportunities just waiting at the corner.
- A youthful comedian recently got Kenyans talking after announcing his bold plan to retire at 45. It was quite a unique dream that triggered the imagination of Kenyans. The retirement age for civil servants is 60, while some public officials - such as judges and lecturers - retire at 70 and 75,…
- Do you want to prevent financial panic from overshadowing the joy and excitement of bringing a child into the world? Then you'll need to prepare a solid budget well in advance. Simply put, adding a new member to your family will drastically change your household budget and your entire finances.
- Men are haunted by the vastness of eternity. And so we ask ourselves: will our actions echo across the centuries? Will strangers hear our names long after we are gone and wonder who we were, how bravely we fought, how fiercely we loved? - King Odysseus in the movie Troy. For those that are…
- Over the last week, several money-related news have grabbed the headlines in Kenya key among them being the country’s troubles with the growing public debt which were brought to light after it failed to make payments on the Chinese loans given for the construction of the standard gauge railway (SGR…
- Financial success is supported by inclusive access to financial products and information should be available for everyone. In today’s financial scene a key factor to consider is to look at how gender diversity influences women’s capabilities in personal finance. In this article, we dive into how…
- Debt is a double-edged sword. You can borrow money and invest, or even pay your high-interest loans. But when you don’t pay your debts, it can take away your financial freedom. Worst of all, you can get into the dreaded debt cycle. When you’re in a debt cycle you fall behind your financial…
- Having a baby requires thinking through all aspects of your life, especially the financial side. You have to communicate with your partner and evaluate your finances several times before deciding. Often, your assessment will be guided by the open-ended question, "are we financially ready to have a…
- A major falsehood that is often peddled around about money is that it’s all about math. The truth is that each one has a unique relationship with money, and as is the case in all relationships, emotions are involved. This line of reasoning also applies to debt.
- The Credit Reference Bureau (CRB) reporting system has been the subject of a national conversation over the past three months. President William Ruto’s administration in late September announced plans to reform the CRB system to unlock access to credit for a bigger group of Kenyans. However, not…
- For most people, becoming a parent entails significant financial changes. However, the thrill and joy that a newborn provides can frequently overpower the desire to adapt to your new reality right away. With so much going on, you may lose control of your finances and even waste money if you are not…
- Peter Njoroge Kagwe, who goes by the stage name Sharvin, is a music artist. He recently dropped a new music video on Youtube, Baki na Mimi (Stay With Me), and he runs a youth organization called Focused Youth Movement. The mandate of his organization is to empower the youth and help restore those…
- More and more Kenyans have been making the shift to small-engine cars and hybrids over the last couple of years. According to an August 2022 report published by the Business Daily, second-hand car dealers who were interviewed said that they had registered a huge spike in demand for such cars since…
- Money doesn’t grow on trees. As such, you can be forced to get into debt to fund an investment, deal with an emergency, purchase a big purchase item, and so on. But getting out of debt can be daunting.
- The setting sun spills an orange glow between the trees, casting beautiful shadows on a bare courtyard. It's a typical village homestead with a couple of chicken picking scraps off soiled utensils in a large Sufuria that has seen better days. Beneath a low-hanging 'apple' variety of mango fruit, an…
- Over the last week, a local commercial lender experienced a bank run that saw clients rushing to withdraw their money in fear of collapse. Over the same period, Kenya’s inflation rate once again went past the government’s recommended threshold. This had a domino effect with CBK adjusting its…
- Just like you might have had from everyone, parenting doesn't come with a manual you can follow. But being aware of the pitfalls in advance prepares you on how to avoid them. The biggest mistake parents often make, and one that's rarely highlighted is money wastage. Many parents often spend more…
- Have you fallen for the common assumption that selling foodstuff is one of the surest bet businesses in Kenya? Of course, food vending is among the most vibrant businesses because the average Kenyan will eat at least one meal or two as they do their business.
- Childcare is the single most expensive thing you'll have to pay for, and it's almost unavoidable when you are career parents. Immediately after your maternity and paternity leave, you'll want to jump back into the workforce and keep chasing your goals. But at the same time, you'll be looking for…
- Many firms rely on Kenya's favorable economic and technological conditions. Because of Kenya's excellent road infrastructure, security, and devolution, you may conduct business nearly everywhere in the country.
- I recently overheard a conversation that got me thinking. Friend A asked Friend B ‘where do you think I should invest now? Friend B answered with an interesting question ‘what is your biggest financial fear?’
- In your 20s, you’re transitioning from dependency to independence. Balancing your expenses such as rent, utility bills, and food can be challenging. As such, many young professionals end up accruing large debts that can afflict them for many years. The good news is that you can avoid this by…
- Owning your first home while still in your youth is a big step towards financial freedom. It allows you space to focus on other investments as you settle into midlife and prepare for retirement. But often it feels like an impossibility, interviews with young homeowners dispel this myth.
- Scammers, fraudsters, and con men are more common than you think. If you fall victim to cons, never feel ashamed, for it isn't your fault. You are dealing with sophisticated tricksters and criminals good at their game. First, make haste to recover the cash or at the very least, minimise the damage.
- For most working Kenyans, a monthly salary, even when guaranteed is never enough. There is a whole movement for side hustles with varying levels of success and a messed up work-life balance and then there are weekend gigs that promise a boost to regular income without the rigors of a full-fledged…
- It’s a great idea to start investing early. But when you’re a beginner, it can be challenging to figure out how to invest, where to invest, in what order and how to manage the associated risks. If you’re looking for a guide, here are 10 great investment books that can get you started.
- I know that this was just a treasure hunt and I wasn't actually enrolling my niece but good God when did schools get this expensive? I now understand why all my friends who have kids keep saying 'kulea ndio gharama - raising a kid is real deal'.
- You may already be familiar with freelance work, the online kind such as writing, design, transcription and the like. But are you aware that you can be paid per hour as opposed to the compensation being task-based. Being paid per hour for creative work in Kenya can have enormous advantages you…
- Fuliza costs slashed 40%, the rich want CBK to raise the lending rate, Kenya Power is going green, betting companies on the radar of President Ruto over taxation, manufacturers warn over 30k jobs on the line as Kenyans turn back to charcoal - money news in detail on Money Weekly.
- President William Ruto on Wednesday, September 28, announced that his administration was in the advanced stages of delisting over four million Kenyans who have been blacklisted through the Credit Reference Bureaus (CRBs). A move seen to be in line with his "hustler" campaign promise of financial…
- Over the past two decades, there has been a growing debate on whether owning a home should be a great life accomplishment. A new school of thought has described home ownership as a liability. That a personal residence only becomes an asset when you decide to sell it - otherwise, it remains a…
- There is no denying that affording big purchases in your 20s can be an uphill task. You want to get the best comforts possible such as good quality furniture, appliances such as fridges, entertainment units and so on but you do not have enough to do all this at once. Is borrowing going to be worth…
- There are great stories of Chamas that made some serious money for their members through smart investments. Chamas too have helped members going through rough patches come above water. But there are not-so-good stories too. In fact, there are very sad stories of outright conmanship. So, should you…
- We spend so much time and money on other things and too little on our health. And while there is nothing wrong with spending time or money on other things, the first investment should be in ourselves. What used to be seen as 'rich people diseases' is now everyone's.
- Is there anyone who doesn't love money? Money is good, and it can move mountains figuratively. The issue is that some people mistake love for money for hoarding or obsessing over it. Loving money is about how conveniently it can help you to meet your financial goals.
- We spend money we don’t have, on things we don’t need, to make impressions that don’t matter. When it comes to buying second-hand, there is a common misconception that it is something reserved for the lowest in society. The extremely poor who have no other option. It's laughable.
- If you have worked in formal employment, you probably have witnessed the pressure to try out one or more side hustles. But as you may already know, it is not always a walk in the park. Many people quickly realise that the nicely named 'side hustle' is an act of entrepreneurship and to make money,…
- A newborn will bring a lot of joy to your home and a lot of changes to your lifestyle. How you manage your time will change, and your perspective on almost everything will be different. But the most drastic change will be in your budget. You better be prepared.
- How you view and think about money matters a big deal. Your thoughts can attract or dampen any effort to create money. If things haven't been working for you recently in the financial department, you most likely need a positive mindset to see positive changes, moneywise.
- Big-ticket purchases aren’t items you buy everyday and are costly. You thus need to be cautious when making these purchases. To help you out, keep the rules we’ve discussed here in mind whenever buying a big purchase item. This way, you’ll stay on track and put your hard-earned money to its best…
- A lot can happen in seven days in the world of news, from the imminent inflation adjustment on excise tax, digital lenders coming under the supervision of the CBK, a hike in matatu fares, increase in the cost of electricity and in Parliament, MPs are busy defending allowances, relaxing reporting of…
- The earlier you start investing, the more wealth you’ll build. However, It can be challenging to start investing early when you are not earning so much, have lots of responsibilities and little knowhow. Your income has to accommodate big purchases, and other expenses leaving you with little to…
- Passive income is defined as money one earns in a way that demands little to no daily effort to keep running. Generating income without having to attend to the venture on a constant basis. The emotional benefits that come with successful passive income streams are worth so much more than the…
- Defaulting on bank loans has generally spelt disaster. It means one stands a very real chance of losing everything. It is every borrower’s worst nightmare which, given life’s uncertainties, can happen to anyone - even the most financially prepared. But lenders in Kenya are now softening their…
- High-risk investments might sound exciting, especially when you are still relatively young and approaching your prime earning years. But before you dive in, you should know that this type of aggressiveness is unsuitable for beginners. Therefore, first invest in learning before you start taking…
