 We will talk about what we've been through over the last ten years and about what we've been through over the last ten years and about what we've been through over the last 10 years. We will discuss on the matter of money management and how we can manage our finances in 2020. Reports indicate that this year is going to be a tough year. We need better and proper financial planning. It will be a fair year. You never know. And instead of me to help us discuss this, we have Andrew Shonkou, he is a business coach. Yes, Andrew Karibusana, and we have Robert Geshiye credit advisor, Karibusana. Thanks. Yes, now I will start with you, Robert, because you're from Asako, right? Yes. Yes, now I'll start with you because we need to know because most of our viewers are students and guys out of campus maybe they are looking for employment and they need to, those others who need to start a business, now what are these good opportunities that circles have that can actually attract youths and students? Because you know, when you tell youths matters saving, the first thing that comes to your mind is just a bank, but they are circles as well. So what are these good opportunities and circles that can actually attract the youths? Well, thank you very much for having us as your guest. But first, I would say the wise man says, you do not save. Savings are not what you go to remains after spending. In fact, you should save, you should spend what remains after saving. And there are very many opportunities when you save with circles or other medium term enterprises, other than banking institutions, of course, because of economies of scale. When you come to circles, the scale is smaller. So meaning you are likely to experience tailored services. They are likely to, you are likely to be attached to a personal banker who will guide you through your saving, probably improve on your saving habits. One thing, something else I would also like to add is that saving is not a matter of, especially for students. When you get a coin, maybe it's held, maybe it's something you're given by your parents. Do not look at only saving that. Think of how you can invest that, especially if you're in campus. There are small businesses you can do. When you look at, when you see a problem, do not be afraid of a problem. In fact, wise people rejoice in a problem because they look at ways of showing those problems, in the price of showing those problems, they generate income, and that is what you are supposed to save. OK. Andrew, Robert is talking about saving, but there is someone somewhere in campus who is sitting watching you and saying, saving, what do you save? What actually are you saving? So how can these people generate income to save actually? I think one of the most important things that youth will actually be able to understand is about saving is not about the amount of income that you have maybe as an individual. You can, let's say for example, 100 shillings, and then you can say maybe out of these 100 shillings I can save at least, let's say for example 20 percent. And as my colleague just said about investing, there are very, very many avenues that actually youth can be able to invest into the money that they have. For example, one of the things that is bad in youth right now is debt. And one of the things that maybe we actually want to look into this is to actually live a debt free life when it come to this here because in the first place you cannot start saving when you are in debt already. So one of the things that maybe people need to first do is to clear their debts and be debt free. And then now from there the little income that they have, the little pocket money that they are given, they can be able to invest them to meaningful businesses. Look at campus for example, if you go to Gikomba market, you can be able to pick shoes, you can be able to pick clothes that are lower prices. And then from there you can actually be able to sell them and be able to get income that at the end of the day you can start saving. So saving is a discipline and if you instill this discipline into yourself, at the end of the day you will find that you have been able to save little by little and then as the year goes by, you will find that you have been able to save a lot of money from the little that you had. Yes, Robert let me ask you, where do you invest? Where can you invest? You've talked about saving and investing in tumba, where else can you invest? I think I would say there are millions of opportunities in investments starting from the, you remember the government introduced the you can now open a CDS account and save for asito as 3000 shillings. Remember when you invest in government, both that's a risk free investment. It's a passive investment that you don't need to do anything else other than depositing that money with a CBK. Then like I said, when you see problems, you see opportunities in campus. I remember when we were in campus, there used to be there was introduction of computers. That was an opportunity and I can also call it a problem because many people didn't know how to simple repairs of computers. So currently in campus, there must be that being that you can see was a problem to other people look at it, you can invest in it, invest your mind. It's not always that you invest your money, you can also invest your mind and generate income out of it. And when let me let me let me ask this should someone save fast then invest or should they invest fast then save or we can just do all all of them together at the same time. Robert. I think I would classify that based on age. And now that we are speaking to the youth, I would advise the youth to save fast. Not to save, to invest fast because right now you have the time to make all the mistakes that you can do in investment. You can invest in a project and if it is there will be no harm. You can always start again, but they will come an age when you cannot afford to fail. So I would advise you to invest fast then you save what comes out of your investment. And there is another trend of betting. I know Andrew is aware of this. There is another trend of betting. You get your money in your bet, you get all the money you bet on your money, you invest in it, the income you bet and you make losses. They also call it investment. But then again when it comes to investing you need to look at the issue of risk because at the end of the day you cannot have a risk that is so high. Although there may be the income that maybe we will get from it will be so high. But this is something as I mentioned earlier it's all about discipline because for example if whatever I'm saving it's what I'm investing in a business let's say in a venture not a business because you can't say that betting is a business. In a venture let's say for example in betting because for me I think I will classify betting as a social activity, one of the activities that maybe we do for fun. But if you bring it into the saving and investing issue then it removes the aspect of saving into it. And it's one of the things that maybe you'll find big and a huge number of youths are actually engaging into it. And what I will say they need to have a measure and the control of the activity of betting that they are involving themselves into because at the end of the day if you invest all your savings into it you might not be able to achieve whatever you want to do at the end of the day. Also there is the culture of student not saving. What makes them not to save? Because I remember even personally I'm a victim you know in campus you start saving from Monday in Afikafrida you take the money and go out with it. Maybe it's something that actually need to be instilled into people right from home for example because if let's say in the household where maybe the family is there is not that display of saving then the tendency of someone using their savings will be so high. Another thing is where do you save your money? Because let's say for example transaction has now become so mobile in such a way that maybe you save your money in M-Pesa for example and the tendency of using that money is just a click of a button. So where do you save your money for example? My colleague will actually add on that because there are other avenues in which you can actually invest your money and even if an agency arises you cannot actually be able to use that money when they need the rises. Yes and a lot we are going to take a short break we'll be back with more on financial management. So let us keep the conversation going on. Yes the hashtag to use is why 254 news update and my name is Miriam Asaba and we're talking today about financial management where to invest, when to save and how to begin your planning towards saving. And to help me discuss this is Andrew Shonko who is a business coach and Robert Geshiye, credit advisor. Yes and before we went on a break Andrew was telling us when to save, where to save. So I just want Robert to clarify this which are the proper challenges where you can save because there is mobile money where you can easily access the money once you start saving. When an emergency comes up you can be on pay or you do whatever you, what is the word I'm missing we withdraw the money, yeah but there are other places where you cannot even access the money once you begin saving. So which are the better and proper channels for youths to save? I think it's good first of all to mention all the savings because I think sometimes you may miss interplate save custody of your cash and saving. For example if you have some money on empeza those are not savings it's just like money in your pocket waiting to be spent and I would also like to mention that based on how humans are created it is possible for your brain to convert each and every savings you have in your pocket to expand each other unconsciously so like my colleague said it's a habit you have to form you have to control your mind to save and you have to know the proper channels to save now like your question you cannot save money in empeza and you cannot save money in an account that you can easily access when you need to spend I would advise people to save money and you know some expenditures are foregone and you come to realize later they are not even necessary expenditures so you can save money probably somewhere to take you some struggle to get that money and nowadays there are mobile apps that you can be able to save and you create probably a fixed saving habit like you can say you will deposit this money for six months for one year you can only access after that period any attempt to access your money area attracts a penalty which definitely thinking about it you would rather forego that expenditure than incurring that penalty so saving is not you should differentiate saving with a safe custody of your cash so it's a big difference it's a big difference someone usually imagines if I just put money there that's saving but you can actually access it at any point and that's saving actually that's not saving and you know when it comes to our generation and group we were not told more about finances we were told that money is not enough money is not enough so money is not enough so money is not enough you know the way our parents raised us up and you wonder should we be financially literacy should it be should we be included as primary school I think we have to accept the fact that things are actually changing very very fast and maybe when it comes to the introduction of money because you will find like the time that you will say like this is my money you are actually maybe after you finish your high school that is when you are being told or maybe let's say for example when you join you join for one that's when you are told like these few hundreds are your money they are your pocket money but at the end of the day we need to actually look at the bigger picture when it comes to the issue of saving we actually need to note to note that saving should be like a lifestyle it should be something that you practice each and every day it should be something that maybe it is not something that your first best circumstances to do because you will find the urgent situation that normally comes up let's say for example someone may fall ill economy is changing day in day out let's say you want to save some money for your kid to be able to join high school and to join school and so on so when it comes to the issue of saving it should be something that is introduced as early as possible and even maybe be able to be taught to be taught maybe in our institutions of learning how can people actually be able to save because as I began by saying it's not about the income that you have you will get someone maybe who earns maybe 100,000 shillings spend all that money and at the end of the day you will find someone maybe who is earning like 20,000 they are able to have that discipline and be able to save that cash Yes, before I come to you I'm a mini robot remember Facebook page is Y-254 news Y-254 channel so I want to sample some of the comments here because these will lead us to one of the questions I will ask robot so there is one called Shadrak Juma after Christmas and Happy New Year Nikurudi Shula Dandora in Timoja, Phase 4 Wembuli, Stadium and guys what I can be sure of is that guys spend their money during Christmas during festive season so here is a crisis I think it's actually a crisis because children need to go back to school you need to pay rent there are other needs there are other requirements and you spend all your salary during the festivity can you address this kind of person because the first thing that will come to their mind is go and borrow in a circle go and borrow in a bank all these mobile apps when is the best time to borrow and why should one borrow where? of course because nowadays it's very easy to borrow from mobile apps I think all institutions are in the business of marketing their loans so loans are all over but twice you know to get sunk into debt it's good to plan it's always good to plan before you borrow first of all know the amount of money you need probably there is more money available than what you need but it's good to have a discipline of the amount of money you need and borrow what you know you can put into good use I heard you mentioned about overspending during festive season of course I would attribute that to maybe Pia people are blessed differently it's good to accept that so it's not good to spend because others are spending probably others are spending whole year of saving and planning to spend in December but probably you are spending the whole of your salary the size that you are spending in December probably you never saved anything in the other month so I would advise it's good to spend during Christmas but it's also good to know that in January you know December is coming and Christmas is coming so start saving asarias now start planning for it and how important is planning under? I think I will just speak from what you have said but if let's say for example you want to go for a holiday in December you actually in the beginning of the year you actually know that December will come and this December I will have to plan for it so planning is one of the key things when it comes to even in our social life for example we need to forego some things and maybe prioritize whatever that you want to do and when you are doing planning this will allow you to prioritize let's say for example you want to invest into a business at the end of the year so you need to plan for that business know the capital that you need for that business to be able to pick and know what you will need in terms of capital in terms of labor and so on and plan for it and that's why we said set aside the amount of money that you want to save and that will be able will assist you when it comes to planning and knowing at the end of this period of time I want to have achieved this and if you did not maybe achieved that you need to question your planning why I wasn't able to achieve whatever I had set aside in my planning so planning is a very important thing because let's say for example tomorrow you know what you will be doing that means you had planned for it but when it comes to money why do you overlook the planning aspect when it comes to saving well thank you so much yes Robert final comments final comments as you wind up also you could tell us where you are from and what you do well I'm from Cubs Credit Limited I'm a finance manager there maybe as a parting short I would say charity begins at home the easier if you teach your kids that you can get money so easily they will spend so easily let your kids as they grow know that you earn that money maybe you can even maybe you want to give your kid some money to buy sweets send that kid or maybe give her some simple jobs once he or she completes let her know that this money is earned and you will find the saving culture instilled in that kid from there yes final comments I will finish by saying we need to have a turnaround because Kenya is a country we have a very poor saving habit and you need to save first and then spend not the other way round don't first spend and then save because at the end of the day the saving normally is normally given a very small share when it comes to finances so save first and then spend thank you so much that was Anrushonko Business Coach on my far left then we have Robert Gashia Credit Advisor if I could just read some of your comments on Facebook thank you so much for interacting with us there is Maurice Makohar he is hashtag Y254 news update Kaka Megan Dany I like what you are discussing about thank you so much Maurice we also have Shadwak Juma who is saying Dendora first full Wembling Stadium Nekondani Dany Nye Vasha well guys thank you so much for interacting with us on Facebook and thank you so much for staying tuned here on Y254 news business news yes I hope you learn something or you fit up something and what I can tell you is just live within your means yes and financial planning is very important especially since you are in January you can plan and save and how you will spend your December spending your December and wondering where you get money to finance your things in January yes that was our time my name is Miriam Masaba we own social media at Miriam and Skil Masaba until next Tuesday that's our wrap for mass good bye and good night and God bless you