Learning
June 11, 2021

How To Be Financially Prepared For The Upcoming Elections

A few months from now life might be very different. Who knows. Kenya’s next general elections are not scheduled to take place for another 5 months.

But we’re not here to discuss politics at all. We are here to discuss the preparedness of your finances during the elections period because you matter to us. Whatever happens, we must be ready to take on the unprecedented chain of events that might unfold.

We are looking forward and anticipating nothing but peaceful elections this year and it’s important if you’re financially set for it.

Since COVID-19 officially hit the world in March 2020, we all learned one thing, there’s nothing as important as being financially prepared for any and all circumstances. And hey, we’re not just talking about your emergency fund which is as important as the air we breathe, we’re talking about general financial readiness.

Read and learn as we break down how you and your loved ones can be financially ready for the upcoming elections.

1. Start cutting costs where possible

Yes, we know it’s 5 months to the elections but imagine how much you could save if you immediately cut costs where necessary? Just think about it.

Be mindful of every coin you spend because it all matters in the long run.

You don’t need to go out every weekend; watch some Netflix or catch up with family two or three weekends a month. We both know how expensive the country is right now, just breathing is enough to cost you 2K.

2. Get ahead of your priorities

That rent, that mortgage, that loan, it’s important to pay for to stay on track with your financial plan. But in case of any emergencies in the country, it would be best if you maintain open communication with your landlord or creditors. You owe some honesty to these people.

3. Develop a budget for lean times

This is more of a strict version of the normal budget you have. At this point, you have to pause all “fun budget categories”. We’re talking eating out, treating yourself to expensive shoe shopping every month…Basically, anything that’s more of a want than need gots to go!

Create a more workable budget for essentials and food. It’s easier if you also make a list of your current responsibilities so they don’t get lost in the cuts.

4. Start saving on Koa right away

Not only can you create goals for each saving, but you’re also going to enjoy earning a compounded interest of up to 10% p.a. That means your money will start to grow by simply depositing it into the app.

Just imagine if you create a goal now and start saving today, in 5 months to come, you’ll be ready for anything. The best part besides the seamlessness of Koa is you can start saving from as little as 100 bob.

Now, what’s stopping you? Start here.

FYI, we have an emergency fund goal! 🥰

5. Have a flexible financial plan

With a slim budget and saving as well, your financial plan has to be flexible. The plan has to cope with changing times. While it’s hard to predict what the future holds for the financial market, it’s necessary to have a financial plan that can be altered accordingly.

You’re a champion at your finances, we believe in you. We just want you to be mentally prepared, save more and cut out unnecessary costs to provide more stability and control on your finances. You can do this!