Why you're broke this January, how to be financially stable

Over the last few weeks, Kenyans have been cracking jokes on social media about the dreaded 'Njaanuary' drought. From memes about 'broken calculators' to playbooks on how to dodge the landlord, the inter-webs are teeming with jokes about the dreaded 90-day month.

Hidden behind the humorous smokescreen is uncomfortable, yet familiar truth: Kenyans are struggling to make ends meet this month – just like they did in previous years.

So why do we find ourselves cash-strapped every January? Did we overspend again over the holidays? Is the financial crunch just part of our economic cycle?

Financial Literacy Coach Patrick Wameyo argues that this trend is often an indicator of imprudent financial habits – habits that he says have far-reaching implications.

Drawing lessons from his 19-year banking career and financial literacy consultancy, Wameyo says these eight habits often land people in tough financial situations:

1.  Not having clear goals

Our life goals and personal values dictate how we spend our time and money. Often, those who are not working toward a specific life goal misuse money on unnecessary expenses.

"Clear goals give you priorities which are aligned with your values. Those who do not se