Managing money has always been a daunting task for most people especially those that have no access to financial management services.
This has seen them suffer financial challenges which often seem impossible to overcome.
However, in this article you will learn some of these challenges and how to overcome them;
1. Trouble saving
Saving part of your earnings is never easy for most people especially those with low monthly income.
Most Kenyans literally live from hand to mouth with the current economy.
But do you know you can actually save some money that will be of use to you later?
First, before you choose to save money, you have to assess your expenses and statements so you can know how to begin saving.
Secondly, set your priorities right and allocate appropriate funds to them.
After that, you can easily calculate the amount you need to save.
Once you've checked your statements, monitored your expenses and funded your priorities then you will be able to set aside money to save effectively.
2. Too much debt
Debts are the largest barriers to financial success.
Getting rid of debts can be so hard and discouraging, but you can actually do it.
The only way to reduce your debts and eventually clear them is by paying them back whenever you can.
Sometimes we choose not to pay off the debts when we get some money not knowing that they accumulate more interests with time (for the case of bank loans).
Therefore the only way to limit the stress your debts impose on your life is by paying them whenever you get some money.
Give them a priority and avoid skipping.
3. Difficulty in investing
You might have some capital, and you intend to start some business, but you can't because you have no idea or you have no clue how you would run the business.
The only way to solve this is to seek help from business consultants who will advise you accordingly.
You could also seek help from your friends and family members who might have knowledge of that particular field you intend to invest in.
Do not rush to invest in a business you hardly have an idea of.
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