This archive report was first published on 9 May 2020.
As we approach the end of the year, it's natural to reflect on our progress and evaluate our financial goals. However, the COVID-19 pandemic has brought about unprecedented challenges, making it difficult to know how to proceed.
According to financial expert Bett Kinyatti, a certified accountant with ACCA and a former financial auditor, our financial goals can be categorized into four basic principles: save more, invest more, spend less, or increase our income streams.
However, with the pandemic's impact on our economy and daily lives, it's essential to reassess our goals and prioritize our well-being. As Kinyatti notes, 'it's ridiculous to be worrying about these financial goals while the directive to stay at home draws the frightening fine line between life and death.'
So, what can we do? Kinyatti suggests that we can use this time to learn new skills, get online, and prepare for the future. 'You can carry some of your goals into 2021, Inshallah,' she says. 'Others you can drop all together.'
Ultimately, it's essential to be flexible and adapt to the current circumstances. As Kinyatti concludes, 'you will have something to show when the gods fold the paper next year.'
Bett Kinyatti is a certified accountant with ACCA and a former financial auditor.
