This archive report was first published on 3 January 2020.
January Blues: A Time for Reflection and Action ¶
January, often referred to as 'Njaanuary,' is a month of reckoning for many Kenyans. The harsh realities of the season include financial struggles, inflation, and the need to make sacrifices.
According to Central Bank of Kenya Governor Patrick Njoroge, 2020 may prove to be as challenging as 2019. The inflation rate rose to 5.82% at the end of the year, eating into the purchasing power of consumers.
Dr. Susan Gitau, a counselling psychologist, advises individuals to be honest with their families about their financial struggles. 'Financial challenges negatively affect our emotions, and it is likely to see people getting angry over petty stuff. This is why it is essential to communicate,' she says.
Ken Gichinga, chief economist at Mentoria Economics, recommends being prudent with spending during this period. 'If you are at your rock bottom, you will have no other option than borrowing money from friends, relatives, or financial institutions. Even then, do not overborrow or else you risk being in the same situation for consecutive months,' he warns.
For the youth, Solomon Ruhiu, a youth leader, suggests finding decent ways to earn an extra coin and borrowing from friends, ensuring timely repayment.
