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If things don't change in 2025, then it will be appropriate to note that President William Ruto's first term has been the hardest for Kenyans, especially economically.
On a personal level, I never knew that there would be a time when my income would be this low. I now had to re-examine my personal finance.
Due to the paradigm shift, I have had to cut my expenses exponentially.
It will be hard to continue maintaining the same lifestyle even during a period that is highly associated with festivities in Kenya (October to December).
A wrong political choice or the economy continues to get harder by day regardless of the ruling regime in place.
Things were much better during President Kibaki's two terms (2002-2007) and (2008-2013).
Yes, there were price increases in most commodities but money was circulating in plenty. This is contrary to what's happening now which begs the question, how does one become financially stable during tough economic times?
When the economy gets tough, keeping your finances in check is the only way to survive. Since 2022, when William Samoei Ruto became president, things have been getting out of hand day by day. In the previous regimes, we used to make a lot of money during festive season, situation is not the same. The purchase power of people has gone down immensely. If you are finding things really hard on your end, just know that you are not alone. Here’s a simple guide to help you stay on top of things when money is tight.
First, take a good look at your spending habits. What can you cut out? Focus on basics like food, rent, and healthcare. Avoid impulse buying—it’s the fastest way to blow your budget. Instead, stick to a plan and buy only what you need.
Buying in bulk is a game-changer for saving money. Stock up on essentials to avoid multiple trips that cost more. Always compare prices before you buy and look out for sales. Little savings here and there add up.
Living within your means is key. Switch to affordable brands, cook more meals at home, and reduce unnecessary luxuries. Share costs with friends or family, like carpooling or splitting large purchases. These small adjustments go a long way.
If your salary isn’t enough, look for a side hustle. Whether it’s freelancing, part-time gigs, or selling a skill you have, extra income can help fill the gaps.
Even when times are tough, set aside something for emergencies. If you can, put money in assets you can quickly sell if needed. This safety net will keep you from financial panic during a crisis.
Learn to negotiate prices, cut down on services you can do yourself, and find creative ways to save. Every shilling saved brings you closer to stability.
Remember, tough times don’t last, but smart habits do. By staying disciplined and adjusting where needed, you’ll make it through stronger and more financially secure.
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