Living without an EMERGENCY FUND can be detrimental to your financial health and security. Yet, far too many Kenyan consumers do just that.
The idea of saving money to build financial security is not alien to anyone YET we never do it. Kenyans have no culture of savings at all. Am I being too judgmental?
We all desire to make great money and have serious financial independence but alas, if our wishes come true, I would be balling in Monaco. Having money is not the issue. We all come across a lot of money, and we fail to learn the lessons fast enough to multiply the money and create the right environment for it to grow and stay with us. But life is a paradox. We get to learn, and opportunity always comes back. I want to look at the culture of saving money to invest and create a buffer for us on a rainy day. Why is saving such a difficult task? Even when the benefits are obvious?
I learned the hard way that it is important to Pay yourself first if you are in entrepreneurship, That it is CRITICAL to save for a rainy day, and That it is IMPORTANT to build an emergency fund ( This is something we are not taught and we never discuss) I always wonder if this is an African issue or we avoid doing this so that we do not tempt fate? That it is VITAL to save to invest. The idea of saving money to build financial security is not alien to anyone YET we never do it. Kenyans have no culture of savings at all. Am I being too judgmental?
If you come from a poor background and you want to raise funds to do business, what do you do? When you do not have any social network to raise funds or no collateral for a bank to give you credit? The only alternative you have is SAVINGS. But this requires a culture that seems to be alien to Kenyans.
The practice of saving consistently and putting the money in the right place can help one avoid predatory debt and expensive loans which can relieve stress. And this is backed by science. But do we listen to prudent advice?
According to a study on financial anxiety, by the Centre for Social Development, financial anxiety and stress may increase the risk of experiencing other mental health symptoms, negatively impact parental quality, and negatively impact children’s development and academic outcomes and in essence, this is what we Kenyans are going through. It is time we read the right content and spoke to the right people so that we can heal financially. We always talk about healing emotionally or spiritually or physically BUT we never talk about healing financially and I believe it is high time we did talk about healing financially that process starts with us, each one of us adopting and deciding to practice the culture of saving. I hope am talking to myself too.
Living without an EMERGENCY FUND can be detrimental to your financial health and security. Yet, far too many Kenyan consumers do just that. We live without any… ‘Tunapenda Sherehe Tu’….With budgets already tight, many people wonder where they can find the money to save, leave alone for an emergency. Committed to providing PRUDENT financial education, sokodirectory.com brings you this article and shares the best way forward on saving and creating funds for investments and emergencies.
It’s hard to save money, especially when you have a family. Money and time both seem to shrink. This is when you truly tested on discipline and the essence of sacrifice. It can be stressful to have that paycheck-to-paycheck feeling while also knowing that you’re behind where you should be. Not to add the social media pressure where it looks like all your friends and family are making serious progress and you are stuck in a hand-to-mouth rut.
I have found that there are 7 main reasons why saving money can be a challenge by working with clients and also through my personal experiences. Especially coming from a global pandemic that many of us are still recovering from. The good news is that each money-saving challenge has a solution, and we’ll be sharing that below we even have a Twitter Space to discuss this; (link) please join us this Thursday at 1930 on Twitter to discuss this with over a thousand other people who are keen to change their lives with a revamped savings culture using the available technology. Tell a friend to tell a friend.
Why do we hate to save? What challenges make us have the worst saving culture? Join me this Thursday as we delve into this. Tell a friend to tell a friend https://t.co/i5ldrsSFWE
— SokoAnalyst (@SokoAnalyst) September 20, 2022
What happens if you are unable to save money for say an emergency?
If you cannot save money, the consequences can realistically dire like:
All is not lost and that is why we at sokodirectory.com through research and data analysis are focusing on bringing you the right content that will help you and your family for generations to come.
From experience, it’s about getting a lot of money. It’s about managing the little you have successfully. This requires TWO KEY habits that must be done on a sustainable CONSISTENCY. These are;
The above are sacrosanct to your financial independence and success. Let no one else tell you otherwise. If you can start on the two habits today and purpose to save for investments and emergencies, then the following EIGHT things will happen to you and lead you on your journey for a better future as you nurture your SAVING CULTURE using modern technology that has become central in our lives. These are things are;
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