Financial Strategies For Households During The Covid-19 Pandemic

Covid-19 has hit hard on most households in Kenya. Businesses have shut down. People have lost jobs. Savings are running out and there little hope for most people in Kenya.

Almost everyone is worried about tomorrow. Numbers are rising with each passing day and anxiety is all over the place. On Thursday, the numbers stood at 1106 after 80 new cases were recorded according to the Ministry of Health.

The pandemic has negatively impacted the income of most households. With kids out of school, the budgetary numbers just don’t add up. People are being pushed into depression and only a thread of hope can save some of them.

What are some of the financial strategies that households in Kenya can adapt to to sail through the pandemic?

Save any little you have

Today is here but tomorrow is not assured. Save any little you get for a more rainy day even if it is already raining. With no source of income, some might say it is hard to save but try as much as possible, that even in the face of a pandemic, you have some coins set aside for tomorrow.

Buy only what you need

This is not the time for the “emotional purchase” of goods and services. This is the time to have a plan and strictly follow it when thinking of what to buy. Before you buy something, ask yourself; do I really need it? If you have doubts, leave it out.

Stay at home

Well, this sounds like a cliché but it must be part of your strategy to save money. Sometimes venturing outside playing a big role in pushing you into buying something that you hadn’t really thought of. Stay indoors but if you want to catch some fresh air, let it be just that, fresh air. Not shipping.

Have a good bank

Why should you have a good bank at this time? Well, you don’t know about tomorrow. Let your bank know you. Know your bank too. Familiarise yourself with the products and services they offer. Find out their individual loan products and see if they suit you. Having a good bank is a great thing at this time.

The #CEOChat 

This is not a strategy but if you want to learn more about the strategies you can put in place as a household to sail through the Covid-19 economic pandemic, then you need to be part of this chat. (today, Friday, May 22, 2020), the CEO chat is on, amplifying this subject. On the bench is Mr. Charles Mudiwa, the CEO of Stanbic Bank. Be part of the conversation.