How to Build and Protect your Wealth in 2024
The dawn of a new year comes with fresh opportunities, renewed energy, and the chance to redefine your personal finance and investment trajectory. Money means different things to different people but has been proven to be an essential tool in helping individuals get the best out of life. Money management is essentially the process of […]
The 9 Most Important Reasons to Save Money
Savings are typically achieved by setting money aside to be used for emergencies or to meet short-term goals. Saving money is one of the most cardinal financial planning principles. Generally, saving is a fundamental starting point for you to grow your wealth and also prepare for financial emergencies. For a better financial standing, it is […]
8 Saving Mistakes I Learnt By Observing My Friends
Are you struggling to save money for your future? You’re not alone. For most people, focusing on saving for the future is a top priority. The road to financial freedom can be long and challenging, but it all starts with developing a great saving plan. Unfortunately, along the way, many people make innocent mistakes that […]
20 Money Moves to Restart Your Failed 2023 Resolutions
By Farah Nurow Did you procrastinate or abandon your 2023 New Year resolutions? Well, you are not alone. By February, the enthusiasm is usually gone, and people return to their old habits. An astonishing 80% of new year resolutions fail by February. A combination of different things can cause your money resolutions to fail. But […]
7 Common Habits of Debt-Free People
If you’ve ever looked at a debt-free friend or family member and wondered what their secret was, you might be surprised to know there isn’t one. In fact, most debt-free people share a common set of habits that help them achieve and maintain their financial freedom. Let’s take a look at seven habits of debt-free […]
Five Financial Resolutions Every Kenyan Should Make in 2023
2023 is finally here, heralding that time of the year when people start making resolutions. These resolutions are likely to range from getting in shape to improving relationships and achieving a work-life balance, all in the hope of changing your life. However, one area that is often forgotten is with regard to our finances, yet […]
5 Essential Financial Lessons to Teach Your Kids
If you’re a parent, you have the power to shape your children’s financial futures. From a very young age, kids see how you conduct your financial life, and will follow your lead as they start to earn, save and spend money. Be sure you are modeling the types of behaviors that will lead to your […]
Why a scarcity mindset can cost you
We all saw it at grocery stores in 2020. The shelves, once brimming with toilet paper and hand soap were bare. We hid in our homes, deep-cleaning every surface, occasionally braving the threat of Covid-19 to hunt down the last remaining bottle of hand sanitiser in a 50-mile radius. We felt out of control, so […]
Is your money too little to do much?
There is a widely accepted mantra among Kenyans on money use: “if that money cannot solve your problems, then eat it”. It is one of the glorified sayings about money. Probably the most glorified considering how it gives birth to other hilarious sayings and memes of individuals mimicking how they started their ‘thriving’ transport businesses […]
Are you a youth? Why you should invest in a Sacco.
The evolution of mankind has influenced the way humans interact with their wealth, with savings, investment and credit access at the fore in every financial decision that we make. And while Savings and Credit Cooperatives (Saccos) have been in existence for years and have been lauded as priceless savings and credit extension avenues, there is […]
15 Money Saving Challenges to Try in 2022
These creative saving challenges can help you spend less and save more. With inflation running high and gas prices soaring, saving money is a top priority for consumers. And although it may be a struggle to save money right now, finding creative ways to cut back can help – including gamifying savings with a money-saving […]
Why Entrepreneurs Need To Save And Invest Money
An entrepreneur is meticulous about his marketing strategy, will not compromise on the product or service quality, and will leave no stone unturned to make sure the team meets its target. His saving acumen and investment insights, however, maybe a different story altogether. Ironically, saving and investing money is as important for an entrepreneur as […]
How to Save Money in Kenya Every Month
You want to save money, but you don’t know how. You’re tired of living paycheck to paycheck and never having any extra cash in your bank account. Imagine saving money without sacrificing the things that are important to you. With our tips, we will show you how easy it is to cut back on your […]
9 Mistakes we make in retirement planning
“ Retirement is the only time in your life when time no longer equals money.” – Unknown Retirement planning is an intricate balancing act, between accurate forecasting and a bit of hope. It is not possible to forecast the future with 100% accuracy, however, with data and science, it becomes easier to imagine what the […]
Saving in a SACCO: Is it relevant anymore?
“You may delay, but time will not.“ – Benjamin Franklin I am currently reading a book, Franklin’s Thrift by three co-authors David Blankenhorn, Barbara Dafoe Whitehead, and Sorcha Brophy – Warren. One of the themes the book covers is the genesis of Savings and Mutual banks better known to us today, as Savings and Credit […]
How to save in Kenya; 5 Ideas to get bargains when buying.
“ He that does not ask will never get a bargain” French Proverb We love a good bargain. I am yet to meet someone who insists on purchasing full price when they have the opportunity to get a discount! When you make a purchase it definitely feels good to get good value for less. I […]
Staying motivated while you get out of debt: A 12-step guide.
“ You can only fix a financial problem by fixing yourself” – Nancy Levin Not all debt is bad. I thought I would start from there just so we are clear that I am not anti-debt. There is the good debt which I encourage people to get, in moderation. This could be debt you have […]
Dear Entrepreneur, Here Are Top 10 Lessons From the Book “The Psychology Of Money”
In this book, Morgen Housel explains the psychology of money. It doesn’t really give investment advice, but very nicely explains the psychology that comes with investing and what to keep in mind when making financial choices. When it comes to money, many people focus on hard numbers and simple truths, but they ignore one key […]
5 Mindsets that are key in wealth creation
“ Formal Education will make you a living, Self education will make you a fortune .” Jim Rohn In financial planning, you need the right mindset to win. It does not matter how much effort you put in, if you are not in the right frame of mind it is going to be an […]
How to Save Money with a Low Income in Kenya.
“Do not save what is left after spending; instead spend what is left after saving.” Warren Buffet Saving is no doubt an important tenet of wealth building. Everyone needs to save no matter their income level. And dare I add that it is not an easy habit. Some people dismiss this step by insisting […]
Christmas on a Budget – Ho, Ho, How to Save and What Not to Forget.
Here it comes again, it’s the most wonderful expensive time of the year! It’s no secret that as the holidays get closer our spending increases and having Christmas on a budget seems very unlikely. According to a recent report by Equifax*, credit card spending and consumer debt has gone up by almost 4% during this […]
How to avoid scams and make wise investment decisions.
This feature on how to avoid scams and make wise money decisions in Kenya was written by Economic and Financial Analyst Ephraim Njega: I don’t know where people got this impression that trading in currencies is the easiest way to get rich these days. Before you invest in any asset you need to understand about the […]
The top 7 books every small business owner needs to read.
One of the major habits that are common amongst most of the successful Entrepreneurs is reading. Studies show that an average CEO reads about 52 books in a year. This means they read a book each week. With the kind of schedule that most of these CEOs have, it would be quite hard to find […]
How to Find the Money to Pay Off Debts – Try a No Spend Challenge
If you’re looking to find the money to pay off debt quickly, or even jump start your savings fund, taking on a No Spend Challenge is a great tactic to curb your spending. A No Spend Challenge is exactly what it sounds like – a fixed period of time where you don’t spend any money […]
7 Smartest Things You Can Do for Your Finances – Bright Ideas for Your Money
Have you ever wondered what the best things are that you can do for your money and your financial future? Here is our list of the smartest things that anyone can do for their finances. 1. Create a Spending Plan & Budget If you are spending more than you earn, you will never get ahead—in […]
Avoid an Unexpected Financial Crisis and What to Do If Disaster Strikes.
Sometimes catastrophe strikes and we end up in a financial crisis. From natural disasters, large-scale pay system errors, illnesses, or sweeping layoffs, Canadians can face major financial emergencies, leaving them suddenly without steady pay or on the hook for significant expenses. Do you know what you would do if payday came up and you didn’t […]
Managing Stress and Your Finances During the COVID-19 Pandemic.
There’s no doubt that as we weather the coronavirus pandemic, stress has increasingly become a regular part of our lives. As if worries about our own health and the health of our loved ones isn’t enough, many of us are feeling the pressure of financial stress from mounting bills, reduced incomes, and job uncertainty. That […]
Moto Hope SACCO WASH (water, sanitation, and hygiene) loans: WATER FILTER LOANS 2020.
Nazava water filters are now available in all our branch offices in Molo, Kitale and Nairobi with deliveries countrywide. We endeavor to continue impacting our members’ lives with this product that will ensure better health and economic outcomes for them. Most members depend on rivers, streams and wells for their source of water; sources that […]
Moto Hope SACCO WASH (water, sanitation, and hygiene) loans: WATER TANK LOANS 2020.
Our recent partnership with select trusted water tank dealers in the towns we operate will enable us to finance our members to acquire affordable WASH (water, sanitation, and hygiene) loans to purchase water tanks of their choice brands and capacity. The water tank loan will have them harvesting and storing clean water for domestic use, […]
5 ways entrepreneurs and SMEs can build resilience in a coronavirus economy.
Just because you weren’t prepared for COVID-19 doesn’t mean you shouldn’t be building up your resilience during it, to get through the crisis but also as a buffer against the next. Resilience is as much a tool for surviving during crises (or “shifts”) as it is for thriving. Leaders of SMEs and entrepreneurs must focus […]
From surviving to thriving: Reimagining the post-COVID-19 return.
The 1966 World Cup marked a low point for Brazilian soccer. Although the winner of the previous two tournaments, the team was eliminated in the first round, and its star player, Pelé, failed to perform. Fouled frequently and flagrantly, he threatened never to return to the World Cup. Many wondered if Brazil’s glory days were […]
Strategies to Save Money During The COVID-19 Crisis.
VAN NUYS, Calif.–(BUSINESS WIRE)–We are all looking for ways to save money to help us through this crisis. With this in mind, we’ve compiled some effective hacks that could alleviate some of the financial anxiety you may be feeling. You might well be exercising some of these ideas already. For example, you’re probably not driving […]
How Can Small Businesses Reduce the Impact Of Corona virus On Their Cash Flow.
The lack of effective cash flow management means businesses being unable to pay their suppliers, incapable of meeting their immediate needs, and even going bankrupt. Small businesses have been severely hit and are struggling to get through the difficulties posed by the corona virus outbreak. Although the government has taken various measures to provide relief […]
Get Growing: How small businesses can manage cash flow and cut expenses during COVID-19
In a recent survey conducted by Goldman Sachs and completed by over 1,500 small business owners, 51 percent of survey participants said their business will only be able to operate for up to three months if the COVID-19 trajectory continues. During these difficult times, efficiently managing your cash flow is one of the best strategies […]
Cash flow management is essential to a small business’s survival. Here’s how to improve your own cash flow management.
A business can’t survive without money. But how much does cash flow really impact a business, and what happens when that business runs into a cash flow problem? In the simplest of terms, cash flow is the amount of money that a business has, whether that money is being transferred in or out of the […]
6 ways to raise your net worth.
Mastering personal finance is key to increasing your net worth. There are those who are born with silver spoons in their mouths, and there are those who work hard to purchase those silver spoons. But no matter where you start, the bottom line is the same: it takes work to maintain your wealth and grow […]
7 things to stop wasting money on.
Financial stability is one of those things none of us would turn down. Sadly, however, many of us go through life struggling financially, even with a steady source of income. This tends to indicate we’re spending more than we earn, throwing us into a financial cycle that doesn’t lead to freedom. Financial advisors, however, will […]
The money you need to start 18 most profitable small businesses in Kenya (2020).
Most profitable small businesses in Kenya: Intending to start a business venture soon? Here’s a breakdown of the amount of capital you’ll need to start each of the following businesses in different counties in Kenya: 1. Gym and Fitness Center Total cost depends on the location and type of machines bought. It is ideal to […]
Women dominate saccos, parents enroll children.
Summary The membership of the Saccos stood at 4.9 million members including members of chamas last year. The Sacco subsector Demographic Study Report 2019 found that within the 36- to 50-year cohort, the female gender represents 31.45 percent (514,679) of total sacco membership compared to males at 28.74 percent (833,421). Sasra’s report also demystified the […]
10 Ways to Trick Yourself Into Saving Money.
Saving money isn’t that hard. What’s hard is keeping money saved. It’s too easy to cut expenses in one area only to spend more somewhere else. Sticking cash into savings won’t help if it comes right back out again. What you need are some ways to trick yourself into saving money that actually last. Such […]
7 terrible mistakes when borrowing a business loan.
Business loans are good. They can fuel your business in terms of operations and capital budgeting. But you have to prepare yourself and your company to get the money and make sure the business loan is right for you. Joanne MacKean, a Senior Account Manager at BDC in Winnipeg has loaned money to hundreds of […]
Want to create wealth? Stop overspending and start saving.
Financial experts say saving is the beginning of the road to creation of wealth. They add that a country of robust savers has high chances of significantly reducing poverty and building a firm foundation for economic take-off. The question then is; how is Kenya doing in as far as saving is concerned? The answer is […]
Easy ways to save money daily.
A wise man once said that when money realises that it is in good hands, it wants to stay and multiply in those hands. Are there ways that you could make yours stay longer? 1. Use the 50/20/30 rule: 50 per cent of net income goes to living expenses, 20 per cent goes to savings […]
Mastering the 50/20/30 principle of budgeting.
“A budget is telling your money where to go instead of wondering where it went,” Dave Ramsey. Putting together an effective budget is about knowing the full extent of your monthly expenses including your outstanding debt as well as how much you’re contributing towards savings and investments. You will need to gather together the following […]