As you enter the working world, you may need to know more about managing your money and knowing which banking account to choose that best suits your needs. Do compare rates and the benefits offered under the different products. For budgeting, do use the ICEA budget calculator (Our simple budget calculator enables you to make monthly budget and keep track with your income and daily expenditure. Every month end, you will be able to know your actual financial position -you can start using this tool now! to help you plan your finances better).
You may also want to look into alternative methods of payment for your purchases. If your annual income exceeds a certain limit – for example, Kshs.50,000 per month, you may apply for a payment card. Shop around for the various cards offered, but equally important, learn how to manage the use these cards as uncontrolled use could lead you to financial difficulties.
If you’re thinking of buying a house or a car of your own, there are a variety of housing loans and vehicle purchase financing packages offered by different banking institutions. Remember that when it comes to buying a house or car, you’ll need to get the necessary house insurance, motor insurance and loan insurance.
Consider what you can do with your surplus funds wisely. Check out the tips on investment and ways to minimize bad investment from ICEA Guide to Investing Your Money.
You can also learn more about health and funeral insurance as well as investment-linked assurance to ensure that you are taken care of if unforeseen risks occur. Protect your possessions, with the appropriate insurance plans and assure peace of mind for you and anyone who depends on you.
