Tribe Finance

The Financial Wellbeing Partner for the New Generation

[Tribe Finance @tribe_finance]

We are a vibrant community of young like-minded individuals pursuing financial freedom. We believe that when it comes to finances, smart people start learning, planning, saving and investing early.
Is financial freedom your kind of vibe? Start with us: https://t.co/1iif47XmCx

[Tribe Finance @tribe_finance]

The current economic situation has been uncertain especially due to rising inflation rates and the looming recession.

Here are 4 strategies you can implement so you are better prepared for financial uncertainties.

This blog is a must read!

Read at https://t.co/vDskI5k1ly

[Tribe Finance @tribe_finance]

1.Increase your income/ have additional streams of income.
2.Track your expenses and optimize your spending
3.Diversify your investment portfolio with assets like real estate, stocks, equities and inflation-adjusted asset classes e.g bonds, fixed income securities.

[Tribe Finance @tribe_finance]

Inflation has become an important topic especially when it comes to the current economic situation today.

The annual inflation rate in Kenya accelerated for the eighth straight month to 9.6% in October of 2022. This is the highest recorded since May 2017.

[Tribe Finance @tribe_finance]

3. Decreases your saving capacity
Having a stagnant income while prices for essentials rise, will eat into your budget more than normal.

You will therefore probably not set aside as much money as you would into your savings and investments account.

Here are 3 ways to help you:

[Tribe Finance @tribe_finance]

Expense tracking helps you be in control of your finances.

By tracking your expenses, you are able to eliminate non essential expenditures so you can capitalize on saving and investing and become better at making, managing and multiplying your money!

[Tribe Finance @tribe_finance]

Expense tracking is a key component to developing better money management skills.

It helps you:
1. Literally figure out where your money goes
2. Identify your wants from your needs
3. Spot areas where your spending habits could be more efficient.
4. Create a budget that matters

[Tribe Finance @tribe_finance]

Secondly, you need to start tracking your expenditure and comparing your budgeted expenses vs your actual expenses by:
a. Reviewing your M-Pesa/ Bank statements monthly
b. Using a money journal and write down your spending.
c. Using an expense tracking app/ excel spreadsheet

[Tribe Finance @tribe_finance]

Many Kenyans rely on loans to create #wealth ie. start a great business, repay the loan and continue to earn profits.

So good loans can make you rich! It is vital that you know exactly when and where to get them. One good place to start is with a SACCO at https://t.co/kiv1jJPTFz

[Tribe Finance @tribe_finance]

If you are wondering whether to #invest in a SACCO, here are some checks to look out for to know whether a particular SACCO is credible or not.

Watch the full video at https://t.co/kiv1jJPlQ1 to understand whether #saving with a SACCO is a good investment strategy for you!

[Tribe Finance @tribe_finance]

b. Guarantors- You can borrow up to 3/4 times your savings, but must have 2 fellow SACCO members who can pay the loan on your behalf in case you default.

This is why it is recommended to join a SACCO where your friends and family are a part of or you can all join one together.

[Tribe Finance @tribe_finance]

SACCO loans are known to be affordable and accessible.

This is because SACCOs can provide you with a variety of loans of up to 3/4 times your #savings at better interest rates and with better repayment options as compared to banks and other financial institutions.

[Tribe Finance @tribe_finance]

3. There are 2 types of loans you can get from a SACCO:

a. Self guarantee/Cash Advance Loans- You borrow less than you have saved. Your SACCO savings will act as collateral.