Achieving financial freedom is a journey that requires discipline, commitment, and smart financial habits. Here are nine habits to help you reach financial freedom: 1. Set Clear Financial Goals Setting clear financial goals is the foundation of financial planning. It involves identifying specific objectives, such as saving for retirement, buying a home, or building an […]
Navigating the complexities of personal finance can be daunting, particularly as financial landscapes evolve and individuals face increasingly diverse investment options and retirement considerations. In this intricate realm, a professional financial planner emerges as a beacon of expertise and guidance. Who is a Financial Planner? A financial planner is a trained and certified professional who
commonly known as an FD account, is a type of savings account offered by banks and financial institutions. In a fixed deposit account, customers deposit a certain sum of money for a specified period, at a fixed interest rate.
Being in constant debt poses a multifaceted challenge that extends beyond financial strain, impacting emotional well-being, and future prospects. High-interest payments, reduced financial flexibility, and strained relationships characterize the financial aspect, while stress, anxiety, and depression mark the emotional toll. This might lead to long-term consequences including perpetuating a cycle of debt, limiting opportunities, and
In a world dominated by debt, prioritizing loan repayments is crucial. It alleviates financial stress by boosting credit scores and enabling personal and professional growth. Managing loan payments efficiently helps achieve long-term goals like home ownership, entrepreneurship, and comfortable retirement. Additionally, a thorough repayment plan battles interest rates, prevents late fees, and fortifies against economic downturns, securing a stable financial future and empowering you as the ultimate financial superhero.
In the dynamic and often unpredictable world of business, having access to quick and reliable sources of cash is crucial for maintaining operations and seizing opportunities. One financial tool that has gained both popularity and controversy is the payday loan.
I have a secret that will get you out of the impending jam and since I care about you, I’ll let you into it. OK, listen (or read) carefully. To avoid all the hassle that comes with January shopping, buy your school supplies now
But like most humans, advice follows the path of least resistance going from one ear to the other without having any interaction at all with the brain. Careful spending is thrown out of the window as we let wastefulness in, not knowing that we’re reducing the quality of our lives.
This informality is sometimes necessitated by the idea that lending folks we know, is better for reasons known only to psychology and Advanced Economics. At other times, though, ni kwa sababu wako CRB and thus banks, for a lack of a better word, hate them
In Kenya, check-off loans are a type of loan provided by an employer to an employee, with the loan payments being deducted directly from the employee\’s salary. The employer acts as a facilitator of the loan, as they are responsible for deducting the loan payments from the employee\’s salary and forwarding the payments to the
As the year winds down, many of us look forward to the joyous holiday season. However, it can also be a financially demanding time. To make the most of your holiday without draining your bank account, it’s important to plan and save ahead. In this article, we will explore practical tips on how to save
Living in Kenya has become an expensive affair, especially with the rising costs of housing, transportation, and food. In 2023, it is expected that the cost of living will continue to increase. However, with the help of HelaPesa, you can navigate these rising costs and manage your finances effectively. The cost of living index in
Investing vs. Saving: Which one can help you achieve your financial freedom? In today’s fast-paced world, financial stability is a top priority for many individuals. When it comes to managing our money, two key strategies often come to mind: investing and saving. Both methods aim to grow our wealth and secure our financial future, but
What comes to mind when you hear check-off loan? The first thing to understand about check-off loans is that they are a transaction between the company you work for, the financial institution that gives the loan, yourself (as an employee of the firm), and your income. If you need money quickly, a check-off loan is
Mobile money has revolutionized the lending landscape in Kenya, providing quick and convenient access to loans. With just a few taps on a mobile app, individuals can secure funds for various purposes, such as emergencies, business ventures, or personal expenses. These digital lenders leverage technology to streamline the loan application process, eliminating the need for
According to a survey conducted by the Kenya National Bureau of Statistics, more than 80% of Kenya’s adult population uses mobile money providers, and digital loan services have become an increasingly important avenue for people to access credit, as many are unable to obtain loans from traditional providers such as banks. So, why do Kenyans
When your relatives or friends are struggling financially, lending money to them can be a kind gesture. However, it can become troublesome if your efforts to assist result in conflicts or you encounter financial problems as a result. Truth is, we have all found ourselves in a situation where we could not say ‘no’ to
When a lender gives you a line of credit, they also have a set of checklist to see that you are not likely to default on your loan. It’s a system designed to warn the lender early on so that they can take the necessary steps to ensure they don’t lose their repayments
Have you tried to apply for a line of credit and it was denied by your lender? Sometimes it’s not always obvious what you did wrong for your credit to be declined.
One of the biggest roadblocks to financial stability is high levels of debt. To reduce your debt, you’ll need to focus on paying off high-interest loans first, such as credit card debt.
Debt management in Kenya refers to the strategies and practices used by individuals, businesses, and government agencies to manage and reduce their debt
A loan default occurs when a borrower fails to repay a loan according to the terms agreed upon in the loan agreement.
what is a collateralized loan? Usually, when applying for a loan you personally guarantee its repayment in full. This includes putting your assets in line to cover the loan in case of a default. This is called collateralization of the loan. Collateralization is the act of using an asset as a security for a loan.
These alternatives have been designed to cater to the specific needs of small enterprises and have been instrumental in providing financial services to low-income populations and small enterprises in Kenya
Digit is a savings app that automatically saves small amounts of money from your checking account into a savings account.
with the current economic headwinds in Kenya, a recession is inevitable. A recession is a period of economic decline characterized by a decrease in the gross domestic product (GDP), employment, and trade lasting typically for six months or more. Recessions are usually accompanied by a drop in consumer spending, business investment, and government spending, leading
living paycheck to paycheck can make it difficult to build financial security and prepare for the future and can create stress and financial instability.
Online banking has become an essential part of our lives, providing us with the convenience of managing our finances from the comfort of our own homes. However, with the growing popularity of online banking come increased security risks. As a result, it is crucial that we take the necessary steps to stay safe while banking online
Kenya’s finance sector offers a lot of loan products. Secured loans are those that have collateral—an asset the debtor promises as collateral for the loan—as its backing. If the borrower defaults on the loan, the lender may seize the security to recover their losses. Collateral acts as an assurance that the loan will be returned.
Phishing scams are one of the most common ways that identity theft occurs. Criminals send emails or messages that appear to be from a legitimate source, such as a bank or government agency, asking for sensitive information such as passwords or credit card numbers.
Creating a saving culture from one’s pay slip is essential for achieving financial stability and security. A saving culture is one where individuals make saving money a regular and consistent habit. A consistent habit of saving from the small you earn will help in building a good nest for rainy days. This can be accomplished
Saving culture in personal finance is the practice of setting aside a portion of one’s income for future financial needs and goals. It is an important aspect of managing personal finances and it is encouraged in many cultures to develop a sense of financial stability and security.
It is an organization that maintains a database of credit information on individuals and businesses. The information includes credit history, loan repayment history, and other details that may be relevant to a lender when assessing a loan application.
Breaking bad spending habits is also an important step in being smart about spending. Bad spending habits can include things like impulse buying, overspending on non-essential items or not shopping around for the best deals.
Setting clear and measurable goals is crucial for creating an aggressive saving plan. This means identifying specific, time-bound, and realistic goals
Are you tired of watching your hard-earned money slip through your fingers each month? Then I think it’s time to take control of your finances and start saving. I understand that saving money can be challenging, but it is an essential skill to have to secure your financial future. This is especially so if you
A pro borrower, therefore, takes in this information and comes to the understanding that loans are more than just monetary, they’re emotional
Kenya has come far from getting credit from a bank that was only accessible in large urban areas. Now you can get credit from your phone instantaneously. This is due to the advancement of the Kenyan financial infrastructure over the last two decades. This has opened up access to credit across the entire country giving
Having a good credit score is important for a variety of reasons, including making it easier to obtain loans and credit cards, qualifying for lower interest rates, and potentially even increasing your employment prospects. In Kenya, credit scores are used by financial institutions and other lenders to assess an individual’s creditworthiness, so it is important
Wasteful spending can be a major drain on your finances, leaving you with less money to save or spend on things that truly matter. It’s easy to rationalize unnecessary purchases, telling ourselves that we deserve to treat ourselves or that we need a certain item to be happy. However, this kind of thinking can quickly
Interest rates play a crucial role in the economy, as they affect the cost of borrowing and can influence economic activity. In Kenya, as in other countries, there are several factors that can affect interest rates on loans, including inflation, economic conditions, competition, central bank policy, credit risk, and foreign exchange. Inflation Inflation: Inflation is
In Kenya, check-off loans, also known as salary-deduction loans, are a common form of credit offered by employers to their employees. These loans are deducted directly from the employee’s salary, making them a convenient way for employees to access credit. The employer plays a key role in facilitating check-off loans for their employees and is
Debt can be overwhelming and often feels like a never-ending cycle of payments and interest. I know this feeling all too well, as I used to be buried under a mountain of fuliza debt and personal loans. But, with determination and the right strategies, it is possible to take control of your debt and get
Defaulting on a loan payment can have significant consequences for both the borrower and the lender. It can lead to financial problems for the borrower, damage their credit score, and potentially result in legal action being taken against them. In this report, we will explore the risks and consequences of defaulting on a loan payment
In Kenya, check-off loans are a type of loan provided by an employer to an employee, with the loan payments being deducted directly from the employee’s salary. The employer acts as a facilitator of the loan, as they are responsible for deducting the loan payments from the employee’s salary and forwarding the payments to the
Skills You Need talks of personal finance as involving being aware of your position financially and then undertaking steps to ensure that you have meaningful outcomes that you can be proud of in the end.
What is a check-off loan? A check-off loan is a type of loan provided by an employer to an employee, with the loan payments being deducted directly from the employee’s salary. The employer acts as a facilitator of the loan, as they are responsible for deducting the loan payments from the employee’s salary and forwarding
Applying for a personal loan in Kenya can be a useful way to borrow money for a specific purpose, such as consolidating debt, paying for a major purchase, or financing a home improvement project. Here is a comprehensive guide on how to apply for a personal loan and the documents you will need to provide
The basis of the principle is simply that 80% of results come from 20% of input.
To avoid being in a constant financial crisis mode. When you don’t have your financials in order, any small emergency will turn into a crisis.