Am I trying too hard to get money?

Dear Dr Pesa,

I am a 32-year-old single mother of two school-going children, earning Sh50,000 a-month. I live in a good two-bedroom apartment and pay Sh12,000 rent. I am in three 'chamas', two saccos and a merry-go-round.  I contribute Sh2,000 every month to one of the 'chamas' I have been in with four friends for 2 years; we don't withdraw any money because we are saving to start a business. I give Sh5,000 per month to another group for buying kitchen items and foodstuff. There is also a group where I put in Sh500 monthly for a kitty to help my cousins. To the saccos, I contribute Sh3,000 to one and Sh12,000 to another because I want to get a loan. In the merry-go-round, I give Sh1,000 weekly; we are 26 people and I get money twice a year. I host at least one meeting for the 'chamas' every month where I provide tea and cake for the members. It may look tricky but I often borrow from loan apps to manage all this. My friends say it's an issue, but I don't see it. Do you think I am the right track? If not, how can you help me?

Confused mum.

Dear Mum,

Investment is a personal decision. Investment begins by setting your personal financial goals that you feel when you achieve them success will be your portion.

It has a lot to do with you as a person because at the end of the day, it is your financial life, which affects almost everything on the face of the earth.

It is not so much about the investment vehicle, for this case SACCO, Chama or Merry go round, but a lot to do with fulfilment of your financial goals.

I would advise you set your financial goals considering there is a time you will have retired from your monthly pay job, education needs of your two school going children, basic needs of you and your loved ones among other factors.

Picture yourself at the age of beyond actively working years; will you be able to take care of your financial needs? A question to ponder.

Dr Pesa - Victor Namunyu, a Financial Advisor at Cytonn Investments

vouma@cytonn.com