Entrepreneur's Corner

Mastering Motherhood, Money And Mindset – NCBA

BY Juma · May 20, 2024 08:05 am

To empower Kenyan mothers financially, NCBA Bank Kenya held a session with Kenyan women and took them through a discussion on how to master motherhood, money, and mindset. The session came at a time when there was a push for Kenyans to save more for the future.

Did you know that 50 percent of women aged 55-65 have no savings compared to 47 percent of men in the same age group? Women also save 30 percent less money than men. This was according to Linda Kameme, Head of Retail Products at NCBA during an engagement session with mothers.

According to Linda, savings should already stand at 20% of your income. The key to successful savings lies in discipline and consistency. Breaking down the importance of saving regularly is essential to secure your financial future.

She pointed out that one of the challenges women face is a fear of taking risks. She encouraged them to overcome this fear and make informed financial decisions that can lead to greater financial independence and security.

“About “black tax,” be okay with saying no and prioritizing yourself financially. When you’re asked for 100, give 70—it allows for better financial planning and freedom,” she said.

At the same time, Elizabeth Karanja, Head of Business Development Retail Asset Finance at NCBA, shared crucial insights on financial planning. Her key message: Save for the future with your family in mind. Prioritizing long-term financial stability is essential.

She emphasized the importance of consolidating and sharing financial information among family members. Open communication ensures everyone knows the family’s financial situation and plans.

“Estate planning can be a difficult conversation, but it’s crucial. Many of us consider it taboo to plan for death, but discussing and planning for the future can provide peace of mind and security for your loved ones,” she said.

Mercy Kagwira, Deputy Director & Head of Consumer Banking at NCBA, shared essential budgeting strategies for every stage of motherhood. She emphasized the importance of percentage allocation income management to ensure financial stability.

“Handling debts faster, especially the larger ones, is crucial to achieving more financial freedom. Consider the tenure, fee structure, and overall cost when taking out loans,” she said.

About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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