Spending my savings – The smart way.



So, five months in and I’m excited to say that I’m feeling really good about this savings challenge. The last two months were riddled with bad vibes, but they were not enough to deter me. I’m still saving, despite the bad luck. Maybe even more so because of it. And, I’ve been doing lots of research on how to make the money I’m saving work for me.




There’s something powerful about taking control of something that previously had power over you. Before, it feels as though I had an almost Love/Hate relationship with money. Money has always been good to have, and it’s been important for bills and responsibilities and such. But even after paying these off, I don’t think I have ever in my life felt financially secure, no matter how much money I had in my account. (Kind of like that feeling of never being completely happy with how you look, regardless of how much exercise you do or healthy food you eat.) And one of the ways this has adversely affected me is that I usually feel a sense of guilt whenever I spend money on myself for a treat. But that’s the thing. I feel as though spending money on things that are not bills or essentials, are somewhat, unnecessary treats.





But now, with all the options in the market, I feel confident about my financial future. I’m not quite there yet, (Okay I’m kinda far from where I want to be), but I’m confident that I’m on the right path. I also feel as though I can finally fully enjoy those instances when I treat myself, without feeling bad about it.

These are some of the ways I’m going to spend the money I’ve saved and anticipate on saving in the future.


On myself.
Now, let me clarify. I don’t mean to spend it all on myself. This is what I mean. I am an entertainer, and I feel it’s about time I stop waiting for gigs or shows to find me. I can create them myself. Two years ago, I staged my first solo stage show, “Life in the Single Lane” and it was wildly successful. I ended up doing it six times over the course of six months and it sold out every single time. That experience showed me that I am great at creating entertaining content, and all I need to do is believe in myself enough, and invest in my creative capabilities to do even bigger and better shows. This means registering a company, investing in the basics when it comes to equipment and hiring a couple of people to help me create this empire that I envision. Right now, I’m doing everything by myself and this can be detrimental.



Property.
One of my ideas is to invest money into this asset. Whether it's land to be developed for resale or, land for farming or even buying an apartment, if the options are right and fit my budget, I’m going in.


Investment portfolio.
There are a lot of financial advisors who can help to demystify the world of the finance. I believe this is one of the ways I can diversify my financial capabilities.




30th Birthday.
I’m turning 30 in about a month and a half and I have never thrown myself a birthday party or really done something special for myself on my birthday. So, I am going to throw a party. Yep. I said it. This will be my one splurge and I can’t wait to do it.



Life Insurance.
This is a great way to help protect my loved ones from any financial worries they could face if I passed on. High medical bills and funeral costs can be financially debilitating for families when a loved one is diagnosed with a terminal illness or passes on. Life Insurance is one way to alleviate this crippling cost and even an opportunity to leave my family with something substantial after I’m gone. At the moment, I have no dependents, but my close family consists of my parents and two younger brothers. Hopefully, I have many more years to live but if not, I would want to make sure my family have a soft landing.



Have you been participating in the #AfricaSaves challenge? How do you plan on spending your savings?

PK.

Follow the Barclays Savings Challenge and discussion on Twitter and Facebook. Share your own experience by using the hashtag #AfricaSaves. Visit the Barclays website for more information about their savings account.

23 comments

  1. How about I get you a good life plan from Old Mutual Kenya?

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  2. Great insights Patricia, I liked the bit of life insurance and the bday bash....very few people recognise the importance of covering your life. All the best in your plans.

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  3. Great insights Patricia, I liked the bit of life insurance and the bday bash....very few people recognise the importance of covering your life. All the best in your plans.

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  4. Wow...somehow, those are my exact saving goals. Am no entertainer but I have always wanted to go into showbiz, I wanna do events: for kids, teens, adults and even companies. I have a collection of ideas for when that money comes. Everything else on your list is basically what's on mine. I hoped I would have done a part for my 30th birthday (7 months ago) but never did...am looking into the 31st birthday now. Land, I want a big vast of land somewhere in Nakuru and develop the one of a kind resort (best ever done yet in Kenya). Insurance is very important. I had a call sometime back from Liberty for a policy that my mum had taken up for me with the then CFC; it had matured back in 2012 (I wonder why it took them so long to let me know. I had no idea myself since both my parents passed on without them sharing). In 2012, I would have been 100k richer. But the 20k plus am getting now from them is evidence Insurance is a good investment and way to save. Now am planning on that Medical Insurance. I had plans to get into farming, but with every young person out there going into it, it may be a risky involvement (the supply may surpass demand) in time to come. Instead I will go into the manufacturing industry, turning waste into reusable items.

    All the best Pat. I would be happy to be a part of some of your saving goals (entertainment). Happiness in life is discovering yourself and knowing how to live.

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    1. Wow! Thanks for your comment. I'm feeling somewhat encouraged by it. I feel you on that resort story :-) Sorry to hear about your folks passing but that's wonderful what your mum did. Manufacturing sounds interesting, all the very best! And yeah, maybe our paths will cross sometime. Cheers!

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  6. Savings culture is what Christ Kirubi has always sung about for years. I am trying to follow suit and congratulations PK. Regards, Peter Oluoch, http://vc.uonbi.ac.ke

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    1. Thank you Peter! All the best with your saving!

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  8. Good insights there Patricia. Life insurance is a good initiative. I have one with Jubilee n a saving plan with Old mutual. Its almost an year now since i started the saving. On the other hand,i bought 2 acres of land n am doing ma MBA now.....i will be turning 30 yrs in a months time.

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    1. Wow! That's wonderful! Bless. :-) That's very encouraging.

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  9. Good insights there Patricia. Life insurance is a good initiative. I have one with Jubilee n a saving plan with Old mutual. Its almost an year now since i started the saving. On the other hand,i bought 2 acres of land n am doing ma MBA now.....i will be turning 30 yrs in a months time.

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  10. Any lady who invests in property is wisest of them all... Keep that up... Working on that too...

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  11. Any lady who invests in property is wisest of them all... Keep that up... Working on that too...

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  12. Great insights. Am new in investments and hungry for information. I believe il start by buying land. Am 3+ and I believe this is the right time. Thank you partricia & happiest 30th birthday. Stay blessed.

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  13. Great insights. Am new in investments and hungry for information. I believe il start by buying land. Am 3+ and I believe this is the right time. Thank you partricia & happiest 30th birthday. Stay blessed.

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  14. Hi Patricia, I would love to work with you in supporting your Entertainment ventures.

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    1. Hi Charles. In what ways do you have in mind?

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  15. Hi Patricia, I would love to work with you in supporting your Entertainment ventures.

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