According to a survey conducted by pollsters Consumer Insight, the average Kenyan woman would rather spend her money on clothes, her face and hair rather than on school fees or rent.

The survey found that 64 per cent of the women surveyed said enhancing their physical appearance was a top priority. Seven in 10 women prefer to buy beauty products ahead of paying rent, fees, saving or buying clothes for their own children.

So it’s not shocking that more women end up in a skewed financial state.

Below are 6 strategic financial management tips for women who want to emerge winners financially.

Prepare a monthly budget and track your expenses: Plan your expenses for a given period and monitor if you have spent more than you originally planned. At the end of the month, make the necessary adjustments to optimize it; daily follow-up can help you save up to 15%. 

Use different accounts for different purposes: The secret to generating wealth is money management. One of the ways is to divide the money into specific accounts for specific purposes and relate each account to an area of your life – and to use it only for that purpose. Each time you receive money, assign a percentage to each account.

Invest instead of saving: Money is too volatile to focus only on saving. Aim to accumulate to invest, generate returns and more income. It is good to be an active investor and, above all, to understand the chosen method. 

Normalise money conversations with your spouse: Know how much your partner earns and where the money is to effectively budget your finances and maintain your standards of living.

To have a healthy relationship with money, actively participate in financial decisions, goals and aspirations around the home.

Preparing for Emergencies: Life is full of emergencies. From health to loss of life to accidents, there is no shortage of negative experiences. Hence, women will need to have a contingency fund to cope with these unexpected curveballs.

Live below your means: Don’t spend what you don’t make or what you can’t afford. Always understand that going past your income puts you in a never-ending cycle of debt.