Thread by @mmnjug

Coming up in a few: @BLAZEKenya is hosting a Twitter Space discussion on Money Management: How to save from 2000hrs....

Set your #BLAZESpaces reminder:

#LetsGoBeyond

twitter.com/i/spaces/1kvKp…

#BLAZESpaces is now live.....

.@MichaelThotho is a personal financial trainer

@val_njoroge is a a financial entrepreneur

@GanjiAfrica is a CBO and a financial digital content producer

@wanjikumsusan is founder of Legacy Hub and a certified life coach.

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#LetsGoBeyond

Savings is hard because it is not something we have been taught to do. Our culture doesn't teach us how to save money - @wanjikumsusan

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Saving is about thinking ahead of time -

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Intentional saving is the most important thing to engage yourself in. Save for short, medium and long term. Attach a purpose to why you are saving - @wanjikumsusan

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Start saving early irrespective of how much you are earning - @MichaelThotho

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Where are the best places to save as a young person?

The best place to invest is an investment like a mutual fund where you can start with as little as 500/- - Ted @GanjiAfrica

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What is the value of being in a CBO?

Being in a group pushes you to achieve more as a group - @GanjiAfrica

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How should I split my income?

50:30:20 rule:

50: Needs
30: Savings, debts repayments
20: Saving leisure

- @wanjikumsusan

50:30:20 can be adjusted to meet the needs of anyone depending on their stage in life. Be the CFO of your own life. - @wanjikumsusan

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Factor in what the community around you needs as you save, issues like Black Tax etc. - @val_njoroge

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Save first before paying debts. The best thing to do about debts is to pay it as fast as possible because the more you stay with it, the more problematic it becomes - @MichaelThotho

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Save your money in an avenue that will give you a return that is higher than the current rate of inflation - @MichaelThotho

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Where to invest money:

Money market fund - @val_njoroge
Depends on your financial goals - @wanjikumsusan
Bonds, T-Bills, depends on financial goals - @GanjiAfrica
Fixed Deposit accounts in banks etc - @MichaelThotho

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Your money can go into savings and debt repayment.

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Allw yourself to be a beginner in financial matters, take baby steps and get out of bad debt.

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#TwendeTukiuke

Money is a tool, you direct it to where you want it to go.

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Winners getting financial classes from Legacy Hub.

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A rigid budget will always fail. Create flexibility in your budget by having a miscellaneous vote head

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#TwendeTukiuke

The funds you should have in your budgeting:

Emergency fund
Sinking funds
Retirement funds

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The next session should be about where to invest your money in 2wks time. - @ItsKwambox

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