How to survive the harsh realities of ‘Njaanuary’
I am inspired by how she [Jackie] handles her money and her career. She seems like a very focused young lady.
What you need to know:
- Inflation rose for the fourth consecutive month to close the year at 5.82 per cent, eating into the purchasing power of consumers.
- The heavy rainfall and flooding experienced in the past few months has also destroyed crops and left farmers counting heavy losses.
Hello, I am January.
If the first month of the year had a human face, most people would have looked away or hurriedly walked past.
To most quarters, this is perennial, the toughest season of the year. The days are long, the tempers are short, regrets are nigh, and essentials such as food and toiletries, conspire to deplete.
It is dark when you wake up and you soon realise that you have exhausted your electricity tokens and are late on mobile loans repayment.
Before you can figure out how to face the day, a notification pops up on your phone reminding you that schools re-open next week.
If you are living in a rented house, a date with your landlord is imminent. You will also need to renew your car insurance, driving licence and other services such as gym subscription.
‘Njaanuary’ -- as informally described on social media -- is the month that you atone for the ''sins'' committed over the Christmas period.
INFLATION
And that reality is here, with experts saying it may be a steep climb into a tough year ahead.
According to a recent tweet by Central Bank of Kenya Governor Patrick Njoroge, 2020 may prove to be as challenging as 2019.
At the end of the year, inflation rose for the fourth consecutive month to close the year at 5.82 per cent, eating into the purchasing power of consumers.
The rise was from 5.56 per cent recorded in November, 4.95 per cent in October and 3.83 per cent in September, which was the lowest rate in 2019.
The heavy rainfall and flooding experienced in the past few months has also destroyed crops and left farmers counting heavy losses.
So then, how can you survive these harsh realities of January?
BE HONEST
Dr Susan Gitau, a counselling psychologist and a lecturer at Africa Nazarene University, advises that you let your family know that you are not doing well financially.
Let them know why they will need to make sacrifices here and there, she says.
“Financial challenges negatively affect our emotions and, as a result, it is likely to see people getting angry over petty stuff. This is why it is important to communicate,” she says.
Further, the psychologist urges partners to be helpful to each other throughout this season.
“I have heard of situations whereby one partner has some money stashed somewhere while the family is suffering. It is wrong and selfish,” she says.
FRUGAL SPENDING
Ken Gichinga, chief economist at Mentoria Economics, says this is the month to keep things simple and be prudent with spending.
“If you are at your rock bottom, you will have no option other than borrowing money from friends, relatives or financial institutions. Even then, do not overborrow or else you risk being in the same situation for the consecutive months,” he says.
Further, Gichinga warns against gambling. “If there is a bad time to gamble, it has to be now. Keep in mind that gambling is all about predictability and, if you are thinking of wins, the outcome can be a loss.”
For the youth, it is time to make use of the social networks you built at parties over December as Solomon Ruhiu, a youth leader, advises.
“My advice to the struggling youth is to find other decent ways that they can use to earn an extra coin and, if they have to borrow, let them borrow from friends and ensure that they pay back."
