The Significance of Personal Finance
Personal finance is crucial for achieving your financial goals, whatever they may be. These goals could range from covering short-term expenses, planning for retirement, or saving for your child's education.
It all depends on your income, spending habits, saving strategies, investment choices, and personal protection measures such as insurance and estate planning.
Not having a solid grasp of financial management or lacking financial discipline has resulted in many Kenyans accumulating significant debt.
In recent years, household debt in Kenya has been on the rise, posing challenges to financial stability. Understanding how to manage finances becomes even more crucial in such a scenario.
Read: Essential Personal Finance Tips for Kenyans
In Kenya, similar to many other countries, individuals are increasingly relying on debt to finance purchases. This trend emphasizes the importance of effectively managing personal finances, particularly as inflation erodes purchasing power and prices continue to rise.
Being financially savvy and disciplined can help individuals avoid falling into the debt trap and secure their holistic financial well-being in the long run.
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