- The Kenyan government will audit lifestyles of unemployed and self-employed individuals to determine their SHIF contributions. Factors like residence and expenses will be considered. Self-employed contributions are self-declared, and truly disadvantaged unemployed individuals will receive…
- Dropshipping is appealing for new online store owners due to its low entry barriers. However, this ease of entry creates a highly competitive market, as many people can start dropshipping. Additionally, suppliers often sell directly to customers, which further intensifies competition and presents…
- We saved Ksh500K for a lavish wedding but chose a simpler, intimate ceremony instead, spending Ksh240K. Prioritizing our commitment over extravagance, we invested the remaining Ksh260K. Our decision brought genuine happiness, avoided debt, and set us on a secure financial path, emphasizing love…
- Nairobi's housing trend is shifting to smaller units due to high living costs, inflation, and expensive loans. Rental prices vary by area, with bedsitters and one-bedrooms costing Ksh7,000 to Ksh40,000. Financial experts recommend rent should not exceed one-third of one's salary, for cautious…
- As of June 2023, Kenya's total debt rose by 19.3% to Ksh9.6239 trillion. External debt surged 27.0% to Ksh5.276 trillion, while internal debt was Ksh4.347 trillion. High debt levels risk financial strain, with debt servicing charges rising 55.4% to Ksh1.866 trillion in 2023/24. Bilateral debt…
- The foods that will be levied include cereals, legumes, and tubers. In a notice published on Tuesday, May 28, 2024, AFA announced that the new levy will come into effect starting July 1, 2024.The new tax places an additional burden on farmers and exporters, leading to reduced export volumes and…
- Since 2017, forex trading has significantly grown in Kenya. Nonetheless, there are still some pitfalls to forex trading in Kenya. This article will explore five forex trading pitfalls in Kenya.
- Iceberg tiers are a popular internet phenomenon in which degrees of knowledge of a particular subject is conveyed with an iceberg, in which the most commonly well-known titbits are at the top as “the tip of the iceberg”, and way down in the depths are the conspiracy theories and information which…
- I send condolences to the families of those who lost their loved ones in this unfortunate manner. Consequently, having reflected on the continuing conversation around the content of the finance bill of 2024, I will decline to assent to the bill. I propose that equally, Parliament, the Judiciary and…
- For some Kenyans, Finance Bill of 2024 marked the first time they were hearing of the concept of a finance bill, begging the question - why is it different? One unique aspect is that Finance Bill 2024 stands out as it proposed to raise the highest amount of new revenues in Kenya's history,…
- The Finance Bill of 2024 on Thursday, 2024, passed the Second Reading stage after 214 MPs voted for the controversial Bill. A total of 115 MPs voted against the Bill that has been the subject of intense public debate and countrywide street demonstrations in recent days.
- The government has backtracked on several controversial clauses initially proposed in the Finance Bill of 2024. The National Assembly's Finance Committee Chair Kimani Kuria announced major amendments to the proposed law after Kenya Kwanza MPS met President William Ruto for a Parliamentary Group…
- President William Ruto on Tuesday, June 18, hosted the Kenya Kwanza Parliamentary Group meeting at State House. The PG ended with a resolution to amend the Finance Act of 2024 and scrap off unpopular sections in line with the public sentiments. Here is the full statement announcing the changes, as…
- Living off Ksh30,000 is not easy. It means you will have to sacrifice some wants. You will only be able to take care of your needs, but this will not be the case for long. The logic of frugal living is not eternal discomfort, it is making sacrifices for financial independence in the long term,…
- I have a confession. I did not want to hang out with my cousins last Christmas. They live in the city, but choose the Christmas week to throng the village. It then becomes party after party up to the New Year. I was not enthusiastic about partying this time. .
- A journey to early retirement, achieved through disciplined financial strategies and frugal living. Starting with a goal set at 23, I prioritized saving, invested wisely, and lived frugally. By 40, I attained financial independence, proving the power of commitment and prudent financial management…
- If passed in to law, the motor vehicle tax will become the 18th tax that is incurred by car owners in Kenya. When importing a car, there are 5 separate taxes that a buyer pays, the total cost of the tax is roughly the same as the value of the car being imported. While using the car, there are about…
- How do I pick an MMF to invest in? The choice can be overwhelming, with many MMFs available from commercial banks, investment banks, investment management firms, and insurance companies. Like any financial product, selecting the right MMF requires careful consideration to ensure it aligns with your…
- Despite my reckless lifestyle, my mum who worked for a big bank, got me a job at one of their branches. But I couldn't keep it. Heavy drinking had become my routine. Most mornings, I showed up late, if at all. My mum's reputation was on the line and she called me constantly begging me to step up.…
- Joining the Vuka Investment Club has been a game-changer. They’ve helped me understand the importance of balancing physical and financial assets and guided me toward making better investment choices, something my father didn't have.While dad's "maguta maguta" plot is still valuable, it is not…
- In 2023, the economy saw significant job creation across various sectors, both modern and informal, according to the Economic Survey 2024 report published by The Kenya National Bureau of Statistics (KNBS). Wage employment experienced a robust growth of 4.1% from 3,015,400 persons in 2022 to 3,138,…
- The Vuka Investment Club offers investors an opportunity to invest in real estate market with as little as Ksh5,000 per month. By buying units or shares in an I-REIT, ordinary investors can own real estate assets without the need to build, buy, manage, or finance properties directly - making I-…
- Kenya Film Classification Board (KFCB) demands that YouTube content creators in Kenya obtain licenses and submit their content for review before broadcasting is causing uproar among creators who fear the move will stifle their creativity and growth.
- Our plan is to continue saving and contributing to fasten the process of raising the Ksh1.5 million. Our math shows that after 2 years, we will have earned close to Ksh100,000 in interest - money that we would otherwise have lost if we were using the current account. I've started saving in my…
- Diversification is a risk management strategy that helps prevent "putting all your eggs in one basket," which can cause significant losses when things go south. In real estate, diversification can be done in terms of asset type, location, or strategy. The idea is that your investments are not all…
- People always ask the question, should I go into business with my friend? While every situation is different, going into business with a friend can be a risk. You may overlook so many things for the sake of friendship. However, if you are able to clearly outline roles based on competency, then…
- For instance, if your car is valued at Ksh1 million, you will have to pay Ksh25,000 a year. These contributions are capped at Ksh5,000 on the minimum and Ksh100,000 on the maximum. This is to say, if your car is valued at Ksh100,000, you will still pay Ksh5,000 while all cars valued at Ksh4 million…
- If you are going for a logbook loan, you want to make sure that you land the best deal ever from your lender. After all, a loan always comes at a price, but the lower the total cost of credit, the easier and faster it will be to pay back the loan.
- It’s 5 PM, and you are making your way home from work. Even if the day has been lengthy, it is not yet over. You still need to pick up your child from school or buy groceries for supper or accomplish a number of things before you can catch the bus or matatu back home. It will be around 7 or 8 PM by…
- Everyone makes mistakes. Regardless of how much shame, grief, or agony they may inflict, every mistake we make helps us learn and grow, eventually making us better people. In fact, you should strive to make some mistakes while you are still young since certain missteps are critical to your future…
- Is it possible to survive in Nairobi without a monthly salary? Working a regular 8-5 job is popular because it offers predictability, stability and at times growth. But what happens on the other side of the divide?
- Once you decide to start a family, which may take the form of a formal wedding, the popular route of ‘come-we-stay, or the birth of a child, this is a significant juncture in your financial journey that will necessitate changes. If you are not prepared, you may have a tumultuous family life.
- Pay yourself first, save for a rainy day, build an emergency fund, save to invest, etc. the idea of saving money as a means to building financial security is not alien to anyone. The practice of saving consistently and putting the money in the right place can help one avoid predatory debt and…
- Are you tired of living paycheck to paycheck? Do you want to save up for a downpayment on a house, have a healthy savings account, get out of debt or diversify into long-term investments? This guide will teach you how to budget and save much more money in your career than you are right now, no…
- Budgeting can be tedious, especially for beginners. Yet without it, accomplishing any of your goals is impossible. With many budgeting strategies to choose from, it is essential you pick one that aligns with your immediate needs. If you plan to save money and pay off your debt, you should consider…
- The development phase is quite costly and can take time. Many landowners in Kenya end up holding on to valuable but unutilised land that does not earn them any money in their entire lifetime. With the Vuka Investment Club, for example, you can start buying the ASA I-REIT for as low as Ksh5,000 per…
- In creating a successful financial habit, there are many ups and downs. And the downtimes could be more than the ups before one figures their journey out. We all struggle with consistency from time to time - and that's where the financial buddy system comes in - to the rescue.
- After earning your trust, they ask if you can help them by sending the money - either directly to their phone or to one of the herdsmen. They promise to return the money when making the payment for your car. If the target sends the money, the con trick becomes successful, and the number is…
- Six months later, I am slowly rebuilding my life. Back to the bedsitter with another 4 years to clear my first loan. Luckily, my work has been superb and I got a Ksh30,000 raise in January. I am directing all the new income to clear the outstanding loan. As I look back, I feel hopeful about the…
- KRA noted that it expected rental income and the reciprocating rental income tax, to grow in line with market trends. This, however, has not been the case - with some landlords reporting the same rental income tax over the years. The move is expected to see some tenants pay more rent as the…
- To start with, you have to have a piece of land where you will raise the chickens. You cannot do that in an apartment or estate in Nairobi. This presents the first major hurdle for most people. If you are able to access a piece of land, it does not have to be a large portion. A 20 feet by 20 feet…
- The amendments made a number of changes to the Traffic Act that will now allow police officers to use mobile and digital technology in the fining of minor traffic officers. For instance, minor traffic offenders can now be summoned to court through notifications sent through mobile or electronic…
- The Ministry of Cooperatives has announced the dismissal of the board of directors of Kenya Union of Savings and Credit Co-operatives Ltd (KUSCCO), an umbrella body for Saccos in Kenya. This follows an audit that revealed several discrepancies in the union's management including suspicious…
- How can I afford a German car with that salary? Well, it’s not my car to begin with. It’s my wife’s. She earns more than thrice my salary, she is the lucky one - having gotten a job with a leading investment firm just after we graduated. After we got our first kid, she took a loan and bought our…
- President William Ruto on Wednesday, May 8, announced a public holiday for Kenyans to remember victims of the ongoing floods menace. Ruto announced that Friday, May 10, would be gazetted as a public holiday as way of remembering Kenyans ho have lost their lives or faced displacement in the…
- The same applies to driving licenses and logbooks where most Kenyans have no hurry in picking them up - unless they are in need during a transfer or a financial transaction where the documents are needed. The new plates were launched on August 30, 2022, at an event presided over by then-Interior CS…
- From the devastating effects of the ongoing floods to a new report on the state of digital workers in Kenya, to a looming increase in the cost of fuel after a five-month deep, the 6% increase in minimum wage and how workers received it, plus top money news from the last week on Money Weekly by…
