Being broke is frustrating, stressful and a great barrier that will slow the process of achieving your financial goals.
Many Nairobians complain about being penniless despite having good jobs. Here are some of the reasons why you are always broke.
Frequently buying credit on MPESA
Although the digital transaction of cash is a great invention, many people fall for the overspending temptation. You might not realize it until your MPESA balance reads zero.
You can argue that it costs nothing to buy credit on MPESA but the concern is that we forget to budget for credit money.
Whatsapp fundraising groups
Giving financial support to family and friends is a good thing; however if overdone, this could cripple you financially.
There is a habit of being randomly added in baby shower groups, wedding or burial fundraising and people expecting that you send in your contribution.
It is so difficult to meet these expectations if those who will benefit from the contribution are total strangers.
It is advisable to allocate some amount that will go towards charity or fundraising to avoid spending on unplanned activities.
Impulse Buying
This is a very common behaviour among the female species but men have equally fallen for this trap.
Buying items randomly would obviously have an impact on your finances and in most instances, it could drift you away from the priorities you set according to your finances.
Spending on what you cannot afford
You all know that kind of person who is such a show-off. Many Kenyans have bowed to the pressure that requires them to have a posh lifestyle.
Especially for this social media generation, everyone wants to appear rich and this is a very dangerous place to be.
Spending on what you cannot afford can be so draining and although it might gain you fame, it is never really worth it.
Alcohol
Alcoholism among Kenyans is very common. Alcohol is pretty expensive and embracing this drinking habit as a daily routine will definitely milk your pockets dry.
Some Kenyans have confessed to taking loans so as to facilitate their drinking lifestyle.
Impressing others
This is common among the young generation. Some people can go out and even buy drinks for their friends yet they know so well that they are not financially stable.
Betting
Betting in Kenya has always been such a hype especially for campus students. There are a number of reported cases where students used their fee money to bet.
Apart from leaving you broke, worst-case scenario is when people end up committing suicide as a result of frustration.
Shylocks and Mobile loans
Kenyans addicted to Shylocks and mobile phone loans are always broke because of the exorbitant interest rates they usually pay.