The Standard Group Plc is a multi-media organization with investments in media platforms spanning newspaper print
operations, television, radio broadcasting, digital and online services. The Standard Group is recognized as a
leading multi-media house in Kenya with a key influence in matters of national and international interest.
As we head towards the last two months of the year, I have been doing quite a lot of introspection into the main areas of my life one of which is finances and financial independence.
I am currently reading two books on money and the psychology around money (The Energy of Money by Maria Nemeth and Tony Robbins’ Master the Money Game) that push me into confronting some of my internal beliefs and planning.
I therefore committed to cleaning up some areas of my money life by December, after realizing how much money I am letting slip through my fingers.
Pension
Do you belong to a pension scheme within your organization? What about in past organizations where you have participated in a pension plan and do you know where your money is sitting and how much interest it’s earning?
I have observed that when we leave organizations we do not track the funds in our names and where they are, neither do we move our funds to new schemes or keep tabs on the changes in legislation.
This is tantamount to throwing your heard earned money away. Ensure you have visibility on where your pension funds are at all times.
Statutory deductions
Whether you are employed, self-employed or taking a break from working, it is very important to track that the funds deducted from your salary reflects in your NHIF, NSSF and HELB accounts.
Remember that if you are admitted in hospital and your NHIF remittances are not up to date - whether or not you have a medical cover - you pay close to Sh2,000 per day.
The last point at which you want to deal with remittances is when you are in hospital or need a clearance to present to say, a new employer. Make an effort to check these every year either from your HR office or preferably, NHIF or HELB offices.
Remember that in some cases, being listed as a defaulter, say with HELB, could affect your credit score.
Loans
If you have loans that you are repaying, ensure you get statements at the very least every three months. There’s no bigger nightmare than clearing a five-year facility only to find a payment you made in Year 1 is missing.
join