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PERSONAL FINANCE: Do you ever track your expenses?

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Have you ever tried to lose weight, keep fit, or maintain a healthy diet?

One of the highly recommended procedures that you must undertake to achieve your goal is faithfully keeping a record of everything you eat and drink.

The road to a healthy lifestyle becomes much easier if you habitually keep a close eye on the type of food you eat, including the amount of sugar, carbohydrates, proteins, and fats you consume.

When it comes to maintaining a healthy financial lifestyle, the same philosophy applies. You must keep a record of everything you spend your money on. This involves knowing where your money goes every month and turning this knowledge into a source of financial wellness.

For example, can your account for every shilling you spent in March? None the least, tracking expenses is usually easier said than done. Let’s take a look at some of the ways you can get it right:

What is your monthly net income?

This is the first thing you need to know. Personal finance coach Robert Kimani says that knowing what your monthly net income is will give you the benchmark figure with which you will contrast your expenditures.

“”You must have a correct net figure that shows how your money is spent on your fixed and unfixed expenses,” he says.

If you’re employed, your net income will be the amount you have after taxes and deductions such as NHIF or NSSF have been made. It might be harder to get a monthly standard figure if you are in entrepreneurship because business income is not constant. But you can get a good idea by getting the average of net income from the last few years and adjusting it on a monthly basis.

Rob Berger, a financial advisor and the author of Retire Before Mom and Dad, says that apart from your net income, you should also track your net worth. “You need to come up with a statement of your net worth. It should include a list of the assets you own and the debts you owe,” he says.

Rob also says you must not literally include every asset you own, but all debts on your statement. “Include critical financial channels such as checking and savings accounts, investment and retirement accounts, and, businesses and real estate ventures. You can track these using a spreadsheet such as the Google Sheets spreadsheet,” he says.

There are a host of mobile phones and web financial tracking applications that you can use to track your spending.

In Kenya, there are certain mobile apps that have been designed in such a way that individuals and businesses can monitor both their daily and monthly expenses. There are also apps that will give you details on where you spend your money, with whom, as well as give you added advantage such as saving calendars and programmes.

Take SpendTrack for example. This online platform will allow you to track your monthly expenses. It is subdivided into categories that allow you to examine your utilities, communication, domestic, entertainment and transport expenses.

It will also track your income; from investments, rent, dividends, salary and bonuses, as well as your general assets and liabilities.

When you set out to download personal finance mobile and web applications, it is recommended that you opt for trusted app builders. For example, when downloading apps on your phone, you can start with well-known app stores such as Google Play of Apple’s App Store.

This method will help you track and tame your expenses. To begin with, you need to identify what your expenses are.

You’ll then need to get physical envelopes, and label each with an expense. For example, you can label the envelopes as entertainment, clothing and shoes, utilities or transport. You will then put money in each envelope according to the specific amount the expenditure written on the envelope will consume.

For example, you can put Sh5,000 in the groceries envelope and Sh6,000 in the utility bills envelope.

“Your spending will stop once an envelope for a particular item runs empty. This will ensure that your money tracks itself throughout the month,” says Kimani.

source:Saturday Nation

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I gave my son a dressing down for breaking Covid-19 rules, says President Uhuru

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President Uhuru Kenyatta has told of how he admonished one of his sons for breaching the Covid-19 curfew.

In an interview with a local TV station, the President narrated how the son sneaked out while in a Mombasa trip recently with the other Kenyattas.

He said that he lost his cool when the son tried to defend himself despite putting the lives of other family members at risk.

“Okay, you’ve gone out. You have had fun. Your grandmother is 80-plus. What if something happens to your grandmother? How are you going live with that? Because you want to see your girlfriend?” said the president.

He revealed that his family, comprising his son, wife and mother got contained in Mombasa after the government announced a movement restriction from Mombasa to Nairobi and vice versa.  He said that the war against the Covid-19 pandemic required joint efforts and personal responsibility to win.

“This shall be a factor of personal responsibility. We have seen a surge in this disease and Germany is a good example.” This comes after the country registered the highest number of Covid-19 infections over the past 24 hours.

On Wednesday, 123 people tested positive countrywide as Nairobi remains the hotspot for the virus after recording 85 cases of the 24-hour tally. Kenya now has 1,471 cases after testing 65,000 people.

By Standard.co.ke

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RIP: K24 journalist laid to rest after suicide

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Former K24 journalist George Kori who committed suicide was buried on Wednesday in Elburgon.

The body of the late Mr Kori was found dangling from the tree on Sunday at their farm, six days after he was reported missing.

Kenya Union of Journalists Nakuru Branch Secretary Mr Kioko wa Kivandi on behalf of other journalists said they will campaign and sensitise members on mental health care in order to ensure that journalists are counselled as they face many challenges while on duty.

He said the country needs to invest in mental health. The late Kori suffered from depression.

“We need to know what triggered Kori to commit suicide and the cause of depression,” added Mr Kioko.

Eulogising his colleague, People photojournalist Raphael Munge called on journalists to share their problems with colleagues and family members.

“Our colleague died because of depression. If he would have shared his problems to us, we could have saved his life,” said Mr Munge.

Nakuru Governor Lee Kinyanjui said the county government will work with the media to ensure that they operate in a conducive environment.

Other leaders present include Molo MP Kuria Kimani, former MP Njenga Mungai and a host of MCAs, among other leaders.

By NN

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Widow recounts last moments with Jimmy Wayuni

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Widow of Kikuyu Benga Musician Jimmy Walter Githinji aka Jimmy Wayuni, who died Tuesday night in a car crash, says her husband was in high spirits the day he died.

Rosemary Wambui, 37, told Nairobi News at Kahawa Sukari Police Post where she had gone to record a statement, that the last conversation she had with her husband was on Tuesday morning as she left for work.

“On Tuesday morning, I left for work and left my husband back at home. He was in a jovial mood and nothing seemed unusual,” Ms Wambui said, flanked by her friends.

She said she got worried when it reached at around 9.30 pm on Tuesday and Mr Githinji had not returned home.

“I got worried after calling his line persistently and he was not picking yet it was ringing. His mobile phone later went off completely. I suspected that something was not ok,” she added

She said on Wednesday morning, she received a call from her friends who informed her that her husband had perished in a car crash.

The wreckage of benga artiste Jimmy Wayuni Githinji's car at the scene of the road accident. PHOTO | COURTESY
The wreckage of benga artiste Jimmy Wayuni Githinji’s car at the scene of the road accident. PHOTO | COURTESY

“He was a loving husband and a father. I have not believed he is gone. A very generous man. I have lost a gentleman,’’ she said

Ms Wambui said they had been blessed with two children.

The musician’s vehicle a Toyota Ipsum rammed a lorry at Kahawa Sukari near Githurai 45, as he headed to Nairobi from Ruiru, Kiambu county to drop a fellow musician home.

Ruiru OCPD Phineas Ringera on Wednesday told Nairobi News by telephone that the musician was trying to exit from Thika Road Super Highway and enter the service lane that leads to Githurai 45 when he hit a lorry from behind.

“What we have gathered so far is that the said musician was heading from Ruiru to Nairobi. He tried to exit the Super Highway at Kahawa Sukari and join the service lane that leads to Githurai 45 when he rammed into a lorry,” Mr Ringera said.

“He was seriously injured and was rushed to St Joseph Hospital where he passed on while undergoing treatment,” said the police boss.

Mr Ringera said the deceased’s body was transferred to Kenyatta University Funeral Home.

The musician is well known for his hit song ‘Airitu a Ruiru’ which translates to ‘Ruiru Girls’. In the song, he castigates them for being exploitative and manipulative.

His mangled vehicle was towed to Kahawa Sukari Police Post.

Fellow musician Kamande wa Kioi told Nairobi News that the deceased was escorting a fellow musician home by the name Jack Sam Kibandi, who resides in Githurai 45, when the accident happened.

The said musician was treated and discharged from hospital.

“Jimmy was taking a fellow Musician home using his car who resides in Githurai 45 and it’s when he was trying to branch from Thika Superhighway at Kahawa Sukari that he rammed into a lorry from behind,” said the artiste

Mr Kioi said the two were coming from Ruiru bypass where the deceased lives with his family.

By NN

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