President Uhuru Kenyatta’s new restrictions caught many by surprise and affected the livelihoods of thousands of Kenyans in the five counties that were put under lockdown.
With thousands facing job losses, and many others worrying about their future following the revised measures, Rina Hicks a finance specialist has tips on the best way to manage the situation.
Lost your Job?
The first thing someone who has lost their job should do is take some time to understand where they are financially by taking stock of money and assets.
“Try and cut costs as much as possible so that the money you have can stretch further,” Rina advises.
Looking for ways of generating an income is important because it prevents one from being idle and also brings in much-needed money.
One of the easy ways one can generate an income without capital is by selling items, which only requires one to act as a middle man or link between a buyer and seller.
In some instances, one may need to take drastic measures such as moving back home to cut costs since the duration of the pandemic is uncertain.
A word of prayer is also important as it can help open up your mind to creative ways and ideas to generate income.
“Please stay in the community because the more you talk to people the more they will know you are in that situation and you can then get help. Whether that help is a meal on a job hook up, speak to others and stay within the community,” the finance guru advises.
Currently, employed but anxious about your job security/income?
“This is not the time to upgrade your kitchen or renovate your home. This is not the time to buy that new couch. In the next few months remain in a state of conserving and saving everything you can to ensure you have an emergency fund that can last 12 months,” she says.
Despite the vaccine providing hope to contain the pandemic, the economy will take a while to recover.
It is important for those in employment to avoid getting into unnecessary debt during the pandemic.
Rina advises that any investment during this period should be directed towards things that will create additional income or buying an asset that will generate value.
Running a business and worried about the future?
“If you run a business and you have been adversely affected, I want to urge you to please cut all the costs you can as quickly as possible. Speak to employees because they also have ideas. Express your challenges and together you can come up with solutions,” the financial expert counsels.
Business owners should also contact their lenders about the status of current debts to find solutions on how to manage them.
After monitoring the situation, entrepreneurs should start figuring out ways of generating additional income either through more sales or value-added services.
Lastly for those in business, collaborate. You are not in this alone, every single business has been affected in one way or another. I want to encourage you to collaborate with other businesses in your industry and hold each other to survive this season,” Rina encourages.
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About Rina Hicks
Rina is a Corporate Finance Specialist and Coach. A Director at Faida Investment Bank. She is a Certified Investment and Financial Analyst by ICIFA; as well as an authorized representative under the GEMS market segment.
She holds an MBA degree from Strathmore Business School and a Bachelor of Business Degree, majoring in Finance and Marketing from Edith Cowan University, Perth, Australia.
Over the last 17 years, she has increasingly become a recognized voice on financial literacy, and investor education. Her desire is to see a financial sector that will promote a high level of savings to finance Kenya’s overall investment needs.
She is involved in investment consultancy, coaching, and training, and is a Certified Professional Coach, and a member of the ICF. Through her professional training sessions, Rina has worked with individuals, groups and corporates and has trained over 1,500 people.
In her quest to use social media as a tool to educate, she runs a YouTube Channel called Money-Wise With Rina Hicks that has over 400 Videos, 19,000 subscribers, and 914,000+ total views.
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