Welcome to the second edition of ‘The Bridge’ – our monthly newsletter on all things finance.

This month, we look at taking control of your finances. Doing so will help you establish and maintain financial stability. This stability provides a sense of security and peace of mind, allowing you to handle unexpected expenses and emergencies without undue stress.

We understand the importance of managing your finances effectively. That’s why we’ve put together some financial tips to help you achieve your financial goals. They are easy to implement and can have a significant impact on your financial stability. Enjoy the read.

1. Set a budget and stick to it – Creating a budget can help you keep track of your expenses and ensure that you’re not overspending. When you see where your money goes every month you are able to make necessary adjustments. Always remember that, no money is too little to budget.

2. Save regularly – Saving even a small amount regularly can help you build up a good amount of money over time. Make sure to choose a savings plan that suits your needs. Pay yourself first when you get any income. Again do not save all of your income or a bigger percentage then start getting into debt. Save what you are comfortable and gradually increase when able.

3. Avoid unnecessary expenses – As they say, what you can’t buy twice comfortably, you can’t afford it. Always identify your needs and wants to avoid impulse spending. “Beware of little expenses, a small leak will sink a great ship”.

4. Seek financial advice from experts – Knowledge is power. Seek advice from experts from how to save with whatever budget you have, to save and effective investments. Do not gamble your money on schemes you are not sure of. Seek a professional for advice.

5. Track your expenses – One of the most effective ways of creating wealth and being debt free is by tacking how you use your money. Account for every coin by using tracking mobile app, excel sheets even recording every spend and transaction on your phone. Whichever method comes easy to you, track your expenses and see yourself grow in leaps and bounds.

6. Insure your assets and business – whether you are a business person or not, insure your assets and business for the unexpected. At Edenbridge capital, we offer various insurance premiums like Public Liability, domestic insurance, medical & motor insurance, professional indemnity among others. Visit our website to know more www.edenbridgecapital.co.ke.

7. Avoid debt – Only take on debt if you absolutely need to, and always make sure to pay it off as soon as possible to avoid unnecessary interest. Debt is classified into two, good debt and bad debt. We will soon explain deeper about types of debt. Simply avoid taking loans for consumption e.g. for shopping, outings, birthdays etc. these are debts that cannot repay themselves. Take loans to grow your business, expand, add stock etc. At EdenBridge capital, we offer tailor made loans to help you achieve what matters most to you.

8. Invest wisely – Do your research before making any investments, and make sure you understand the risks involved. Any investment has its pros and cons, understand your risk appetite and always do your due diligence before investing.

By following these simple tips, you can take control of your finances and work towards a brighter financial future. We hope that the above tips will help you towards your financial stability.