Greetings, and welcome to the thirty-sixth edition of Wallet Wellness in 2024 - your weekly source of practical personal finance tips to elevate your money management skills!

 
We hope you had a chance to check out the last edition where we discussed how to decide if something is worth spending your hard-earned money on. In today’s edition, we are enlightened on the 5 important people to spend your money on.

As always, be sure to check out the Concept Corner below for a deep dive into the money concept of the week. 

Let’s dive in! 

MONEY254 TIP OF THE WEEK

5 Important People to Spend Your Money On 💰🤔 

Over time, it’s easy to slip into the habit of spending without reflection. This may sometimes lead to resentment, frustration or even regret. 

Perhaps you’ve noticed a pattern where your generosity has made you the go-to person for the infamous “I need a favour” text or you've been enabling bad habits in friends or even family members. 

Let's take a moment, pause, and think about where your hard-earned money is actually going.

Now, let us explore 5 important people to spend your money on and assess whether those choices truly benefit you, your loved ones and your wallet!

1. Yourself ❤️

Investing in yourself–your future is one of the most rewarding financial decisions you can make. Whether through education, health, or personal development, the money you spend on yourself enhances your potential and overall well-being.

• Impact on Growth: Enhances your skills and knowledge, leading to better career opportunities.

• Consider Self-Care: Prioritize mental and physical health to ensure long-term success. Set aside money for fun. Read More.

• Plan for the Future: Allocate funds for courses or wellness that promote personal growth.

2. Your Immediate Family  👨‍👩‍👧‍👦

Your family is your support system, and investing in them strengthens those bonds. Financial support for your immediate family can alleviate stress and provide security.

• Secure Their Future: Contributions to education or health can yield lasting benefits.

• Quality Time Matters: Allocate funds for shared experiences that create cherished memories.

• Evaluate Needs: Regularly discuss financial priorities with family to ensure mutual goals. Read More.

3. Someone Who Held Your Hand 🤝

Think about those who have supported you in your journey. Whether a mentor, friend, or colleague, showing gratitude can reinforce your relationship and encourage a cycle of support.

• Impact of Gratitude: Your financial support can help them achieve their goals.

• Evaluate the Relationship: Consider how this person has influenced your life positively.

• Give Wisely: Be intentional about how much and when you choose to support them. Read More.

4. Someone Who Will Put It to Good Use 💼

Before handing over cash, consider if the recipient will utilize your support wisely. Investing in those who are responsible and driven can lead to fruitful outcomes.

• Impact on Their Success: Your financial assistance can help them grow and prosper.

• Key Considerations: Research how they plan to use the funds before committing.

• Set Expectations: Communicate your hopes for how your support will be applied. Read More.

5. Charity: Giving Back to the Community 🌍

Supporting charitable causes can have a profound impact on both the recipient and your sense of purpose. Consider where your contributions can make the most difference.

• Impact on Society: Your donations can provide essential resources to those in need.

• Align with Values: Choose causes that resonate with your beliefs and priorities.

• Engage Actively: Consider volunteering time alongside monetary contributions to deepen your connection. Read More.

In times when things are not as easy as they were before, it’s vital to reflect on where your money goes and why it matters.
We’re not advocating for stinginess; rather, we want you to ensure that your spending aligns with your values and truly serves you and those you care about.

CONCEPT CORNER

Business Shower

A “business shower” is an event where someone can invite their nearest and dearest to celebrate the launch of a new venture. They’re similar to baby or bridal showers but instead of marital or natal gifts, these are more business-enabling gifts. Read On.

Money Psychology

Does Money Change People?

…Each individual is wired differently. Interests, fears, and aspirations vary. And everyone has a different set of thoughts and feelings when they hear the word money.
However, understanding the psychology of money and how it may or may not affect our behaviour helps one be aware of their thoughts and emotions…Read More.

MONEY254 #MONEYTOK

Taxes and Fees You Pay When Building a House in Kenya

Building a house in Kenya is a dream for many, but it requires more than purchasing construction materials and paying labourers.  In today’s #MONEYTOK  we explore the numerous fees and taxes levied by the government. Watch the video and read the article to learn more.

@money254hq

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That's it for the thirty-sixth Wallet Wellness edition of 2024! We hope these financial tips have added some energy to your weekly hustle. Stay tuned for more practical insights in our next edition of "Wallet Wellness" next week and watch out for Money Weekly.

Also, don’t forget to download the Money254 App on the Google Play Store, and remember that we can help you compare over 300 loans, savings accounts, current accounts, and more if you’re thinking about your next product.

Cheers to your wallet's well-being!

Money254 editorial team.