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    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Asante EPZ Limited Fined For Illegal Merger By CAK

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    Emirates Takes Triple Gold For The Third Year In a Row For Safety

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    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

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    Johan ICT Kenya launched to offer data protection for firms

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Kenyan Business Feed
  • Home
  • News
    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Asante EPZ Limited Fined For Illegal Merger By CAK

    Mobile phone subscribers decline by over 200,000 – CA Data

    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

    IBL Group acquires Amethis stake in Naivas International

    IBL Group acquires Amethis stake in Naivas International

    High Court Orders Shut Down of All Sports Streaming Websites

    High Court Orders Shut Down of All Sports Streaming Websites

    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

    Türkey ambassador promotes bi-lateral trade with Kenya

    Türkey ambassador promotes bi-lateral trade with Kenya

    Police boss with checkered history breathes his last

    Police boss with checkered history breathes his last

    Nairobi County Offices Switched off Over Ballooning Power Bills

    Nairobi County Offices Switched off Over Ballooning Power Bills

  • Markets
    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    IBL Group acquires Amethis stake in Naivas International

    IBL Group acquires Amethis stake in Naivas International

    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

    Agricultural subsidies unfair – Kenya tells WTO

    Agricultural subsidies unfair – Kenya tells WTO

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    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    Bad News for Kenyans As Fuel Prices Increase By Sh 9

    Bad News for Kenyans As Fuel Prices Increase By Sh 9

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Gov’t to Give Sh100, 000 for Someone Who Will Name This Building

    Gov’t to Give Sh100, 000 for Someone Who Will Name This Building

  • Real Estate
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    National Construction Authority Suspends Licences of 18 Contractors

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    NEMA Re-Introduces Another Tax for Developers

    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

    Centum Digitalizes Real Estate Sector

    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

    Regional property summit kicks off in Nairobi

    Regional property summit kicks off in Nairobi

    Five Reasons Why Real Estate Increases in Value

    Five Reasons Why Real Estate Increases in Value

    Optiven Foundation Launches TVET Sponsorship Program

    Optiven Foundation Launches TVET Sponsorship Program

  • Tech
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    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Nairobi Women to start offering online outpatient services

    mTek Secures Sh340m to Accelerate Paperless Insurance in Kenya

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    Central African Republic Adopts Bitcoin as an Official Currency

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    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

    Winfall For Tea Farmers as Bonus Set to Increase

    Winfall For Tea Farmers as Bonus Set to Increase

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    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

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    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

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    Kenya set to host first ever transport awards

    Zamara Feted as the Overall Best Insurance Broker of the Year

    Zamara Feted as the Overall Best Insurance Broker of the Year

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    Jambojet and Cellulant Partner on Loyalty Customer Rewards

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Money rules to bend without wrecking your finances

by Kenyan Business Feed
October 31, 2019
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There’s no shortage of money advice. You have probably come across numerous “rule of thumb” guidelines. But as you might have realised, while the rules are a good place to start, there’s no one-size-fits-all advice when it comes to personal finance.
Every individual has unique circumstances, needs, and goals. Therefore, blindly following every piece of financial advice might not lead to good results.
There are basic rules in finance you’re better off following. But there are some that you can bend without wrecking your finances.

Here are some of them:

1. Don’t Borrow Money to Invest

In a 1991 speech at the University of Notre Dame, billionaire Warren Buffet reportedly said “I’ve seen more people fail because of money and leverage – leverage being borrowed money.”
Financial experts agree that borrowing against an important asset, such as your house, to buy stocks is a bad move. However, there are instances where borrowing to invest makes sense. When the return on investment of the loan is high and the risk is low, then a loan is definitely good.  A prudent investor also makes sure that the investment will mature before the loan is due. Certificates of deposit or bonds are great investments for someone who’s using borrowed money.

2. Don’t Use Credit Cards

Credit cards make it super-easy to spend money that you don’t have, getting you deep into debt. No wonder most people feel that it’s best to avoid credit cards.
But if used wisely, credit cards are not that bad at all. Having credit cards can help you build credit score, which can make you eligible for more credit. Credit cards also come with awesome incentives and rewards such as travel points and even cash back. They can also be a tool to track your spending while also protecting yourself from the risk of cash payments.
Instead of using credit cards to go on crazy spending sprees you can’t afford, stick to your budget and spend within your means. Focus on your credit card balance- not the card limit. Rather than just making minimum monthly payments, set auto payments from your checking account to pay credit card debts in full. By paying the entire balance as soon as you get your statement, you will avoid accruing interest and thus escape the credit card debt trap.

3. Save 10 per cent of Your Income for Retirement

Saving 10 per cent of your income is the golden rule when it comes to preparing for old age. However, with longer life expectancy and rising costs of healthcare, in many cases 10 per cent isn’t enough. This is especially so if you start saving for retirement when you’re already in your 30s or older. If your income fluctuates, saving 10 per cent of the cheque might also not cut it.
Think of 10 per cent as a good place to start. Any money saved is better than having no savings. However, to have sufficient funds for your golden years, you have to save more. If you have a short-term high-paying job, you might have to put aside as much as 50 per cent of your pay check. By saving more when you can, you will have a cushion when you have major reductions in your income.
Another scenario where the 10 per cent rule doesn’t apply is when you simply can’t afford it. You might have unforeseen expenses or loss of income. In that case, it is better to put as much as you can afford to, even if it’s less than 10 per cent instead of being dissuaded from saving at all.

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4. Spend No More than 30 per cent of Income on Housing

Spending 30 per cent of income on housing is a common benchmark when it comes to budgeting. This idea comes from US housing regulations in the 1960s, where studies established a rent threshold of 25 per cent of family income because of the rising costs of living. In 1981, the rent threshold had risen to 30 per cent of family income. 

But using rent standards crafted decades ago for a different society might not be realistic today. A 2012/13 study by Kenya National Housing Survey found that Nairobi residents spend as much as 40 per cent of their income on housing.
Consider affordability, instead of focusing on the 30 per cent rule. Considering factors such as how much you earn, your debts, where you live, rent can be more or less than 30 per cent of your income. If you live in an expensive city or neighbourhood, work on earning more. In the long run, that might be easier and more affordable than relocating. On the other hand, if you in less expensive towns, you don’t have to spend 30 per cent on housing. In that case, you have more wiggle room and can channel the rest of the money into your savings or investments.

5. Pay off Mortgage before Saving for Retirement

A mortgage is a long-term loan, and you might feel pressed to pay it off before you start setting money aside for retirement. After all, not having a major loan hanging over your head, and having a home that is fully yours gives you and your family security.
However, financial experts say that paying off your mortgage at the expense of retirement savings is not always a smart move. If you can pay off the house you plan to stay in for five years or more after the debt is paid, it makes sense to focus on paying off the mortgage as soon as you can. If not, you’ll be better off saving the money for retirement or investing it in assets that have potential for growth.  The key is to prioritise your expenses.


6. Buy in Bulk

Buying household goods in bulk makes sense, especially when you buy goods on offer or from wholesale shops. However, buying in bulk doesn’t work for everyone, and it can even cost some people more money.
In studies, shoppers have confessed that they bought more than they needed when they came across “super deals.”
Additionally, perishable goods bought in bulk can go bad even before you’ve had a chance to get full value from them. Instead of buying in bulk, buy only what you need and can use within a specific time period.  


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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