The brighter side of global pandemic in Kenyans’ pockets

The COVID-19 pandemic has drastically changed literally every part of our lives from how we live, eat, clean, interact with others, and especially how we handle our money.

For millions of Kenyans, it’s been a time of making tough choices on what’s really important and necessary, to what to cut back on or ditch altogether. Some of these drastic changes are bound to stay with us for good.

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Kenyans register for mass testing exercise. Photo: MoH.
Source: Facebook

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Here are a few of the major choices being made that are sure to stick with us permanently going forward:

1. Eating at home

Most of us have discovered that there is a lot of money to be saved by eating at home than the regular lunches, dinners, coffees and other joints we are used to.

Kenyans are seeing a difference in their wallets because they are eating out less, and these big savings can be drawn from doing simple things like budgeting, making grocery lists, meal planning, and buying generic brands.

More Kenyans are eating at home during this COVID-19 period. Photo: UGC.
Source: UGC

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2. Paying through digital channels

Before the pandemic, many Kenyans had to use hard cash to transact because they perceived digital channels to be more expensive.

However, with the waivers and reductions on transaction fees by most financial institutions on transactions, it’s a lot cheaper to use digital channels like the new Co-op bank’s internet banking to make payments, send money to loved ones, save, and much more.

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4. Spending only on necessities

This isn’t the time to splurge, whether you are rich or not. In fact, the rich are cutting back on spending right now, because they need to save that money for the near post-COVID-19 future.

Kenyans are limiting their spending and delaying gratification by avoiding impulse buying. They’re looking closely at their spending habits and making smart money moves and the net effect is improved finances.

The pandemic has taught people to only buy what they need and avoid impulse purchase. Photo: Coop Bank.
Source: UGC

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5. Paying down debt

Debts drag us down and are a setback to our progress. However, COVID-19 has taught us not to neglect the debts and start working out tighter plans to get out of them.

This has made them super-focused so that they don’t have to go through such harrowing experiences again.

Section of Kenyans has pumped money they were using for leisure into servicing their loans. Photo: UGC.
Source: UGC

The savings from other expenses like salon, dining out, entertainment, and more are helping people ease their debt burdens faster, but even better is internet banking that helps them transact faster and safely.

6. Saving more money

If there is a time when Kenyans are more conscious about their money, it’s got to be during the COVID-19 period.

They are educating themselves on how to budget, save, make more money, cut down on expenses, and watch every coin that comes their way.

Now more than ever, spending has become less about wants, and more about needs. They are also building financial emergency kits to ensure they transition smoothly post-COVID-19 and in case of any future disasters.

Many people are saving money more than they are spending in a move to prepare for any future eventualities. Photo: Coop Bank.
Source: UGC

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7. Supporting local brands

With the transport industry at a standstill, it’s almost impossible to import anything right now, and even if you do, it may take months to get to your doorstep.

For many Kenyans, the reality that local businesses exist and need our support has dawned, and there is a lot more support towards helping Kenyan business owners right now.

They too need customers, and in turn, it supports the growth of jobs in the country.

COVID-19 has impacted people across the globe and it has come with some benefits like internet banking, but also challenges, some of which we are slowly working our way through.

One thing is for sure, life won’t be business as usual for all of us, but we look forward to better times ahead.

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