This archive report was first published on 3 October 2019.
Dear Dr Pesa, I'm a 32-year-old single mother of two school-going children, living in a good two-bedroom apartment and paying Sh12,000 rent. I'm in three 'chamas', two saccos, and a merry-go-round, contributing a total of Sh22,500 every month.
My friends say I'm overcommitting, but I don't see it that way. I contribute Sh2,000 every month to one 'chama' with four friends, saving to start a business. I give Sh5,000 per month to another group for buying kitchen items and foodstuff. I also put in Sh500 monthly for a kitty to help my cousins.
Additionally, I contribute Sh3,000 to one sacco and Sh12,000 to another, hoping to get a loan. In the merry-go-round, I give Sh1,000 weekly, and I get money twice a year. I often borrow from loan apps to manage all this.
Published on October 3, 2019, Dr Pesa, a financial advisor at Cytonn Investments, advises setting personal financial goals, considering retirement, education needs, and basic needs. He asks, 'Will you be able to take care of your financial needs at the age of beyond actively working years?'
Dr Pesa's advice is to set financial goals, considering the future, and not to focus solely on the investment vehicle. He suggests picturing oneself at the age of beyond actively working years and wondering if one will be able to take care of their financial needs.
