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Financial Mistakes to Avoid During This Holiday Season

A recent report seen by Kenyans.co.ke indicates that salaried Kenyans spend more than half their salary on Christmas holiday expenses.

But according to experts, some financial undertaking and mistakes can be avoided during this year’s festive season.

According to Waithaka Gatumia, the Chief Executive Officer, Centonomy, dishing money out to relatives is one such mistake that can be avoided.

While speaking on financial prudence in a morning TV interview, Gatumia noted that, it is important to empower such relatives as opposed to giving them handouts.

“You begin to realize not every single relative need my support, I know that is controversial but guess what it is also not African to be lazy and not work. If you think about what our African history was, it was community and everyone participated as a community,” he insisted.

“There was no one waiting on the side of the road with hands out, no if you didn’t have work you’d come and work together in the farm and you would gather together and learn from that. So this idea of just giving handouts, empower that person.”

Waithaka also notes that it is important to automate finances to avoid unnecessary spending citing that if one does not have the money it is impossible to spend it.

“If you don’t have the money you can’t spend it, get it out right away, so the same way you have that check off system of repay the bank a loan they just remove it from your account before you know it, do the same with your savings and investing."

He also called on Kenyans uninstall all mobile lending application from their mobile devices to avoid being tempted and also leaving their credit with relatives or spouses to avoid the temptation of spending without a plan.

“Give it to your spouse, give it to someone else who is responsible in your home and tell them keep this somewhere safe for me because this is actually going to help me if I don’t have access to it,” Gatumia explained.

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African Centonomy Gatumia Kenyans.co.ke Waithaka Gatumia

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