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24 October, 2023

Financial Goal Setting

What is Financial Goal Setting?

Financial goal setting is any plan you have for your money. You can have short-term financial goals or long-term financial goals.

What is Planning?

Planning is the act of deciding how to do something, e.g., how to budget, grow your savings etc.

What is a budget?

A budget is a plan that helps you manage your money. It shows you how much money you have, how much money you need to spend on different things, and how much money you can save or use for other goals. To build your budget plan, you need to follow these steps:

1. Increasing your income.

Income is money made from the work you did.

Here are some ways to increase your income:

  1. Parents sending money to your M-PESA GO account for upkeep.
  2. Use the money you have in M-PESA GO wisely e.g., buying artworks and reselling them at events.
  3. Have a saving plan for the money or gift cards that you receive for your birthday or other occasions.

2. Decreasing expenses.

You can reduce on some expenditures such as buying the things you don’t need so that you increase on your savings.

3. Savings

Savings is the portion of money you did not spend, when you were buying stuff.

  1. Compare prices and look for discounts or coupons before you buy something.
  2. Avoid impulse buying things you don’t need or didn’t plan to buy.
  3. Swap, or reuse items instead of buying new ones. E.g., Bikes and Shoes.
  4. Pack your school lunch instead of buying it outside.
  5. Choose free or low-cost activities for fun, such as reading, playing games, or going to the park.

4. Shifting the funds

You can skip going to the movies or video games for a week so that you save more money in your M-PESA GO account for your next purchase.

 

 

 

 

This is a product specifically designed for children under 18 years (linked to their parents/guardians) to enable them to use select M-PESA services independently.

Registration can happen:

  • Independently by the parent, through an online onboarding portal – M-PESA Go (for parents with lines already being used by their children).
  • By visiting any Safaricom shop/agent – buy a line and child gets directly registered on M-PESA GO.

You may register your child on M-PESA GO, using a clear copy of their birth certificate or passport. These can be uploaded onto the self-onboarding portal. (M-PESA Go Portal).

No, you don’t have to.

However, you must present an original copy of the child’s Birth Certificate/passport, where registration is done at the shop.

You can have up to four (4) M-PESA GO accounts under your M-PESA profile.

In this case,  you will visit a Safaricom Shop where the line will be registered directly on M-PESA GO for your child.

You will need to have the child’s birth certificate or passport.

This will be done exclusively at a Safaricom shop.

The new line will first be registered on the Safaricom network using your (the parent’s) information (name, ID/Passport, Date of birth) and on then the M-PESA GO account is added while capturing your child’s details – name, date of birth.

You can convert the line to M-PESA GO by logging on to the self-onboarding portal –  M-PESA Go

As a parent, you will verify your identification details (name and ID/Passport number) and then provide the child’s details (name and Date of birth) that you wish to convert to M-PESA GO.

To check the M-PESA GO accounts on your profile:

  • Dial *334# > My Account > Manage Junior Account > Manage Junior Account Relationship>View Junior Account List.

Yes, you can.

However, if you have an outstanding loan or savings, you must repay it and transfer/withdraw your savings before proceeding.

During the conversion process here –  M-PESA Go you will be asked to consent to any of these accounts being closed.

The M-PESA GO customer will transact using:

  • The M-PESA APP – i.e. this will be the M-PESA Go version with limited features. (M-PESA Go)
  • The STK (Sim Tool Kit)

You can enable and disable these services on your child’s M-PESA GO account:

  • Send and receive money services.
  • Lipa na M-PESA Paybill and Merchant Payments.
  • Buy Airtime
  • Buy Bundles
  • My Account services.

Yes. M-PESA GO customers (children) may not access the following services:

  • Any payments to all betting companies.
  • All loans and saving products – e.g. Mshwari, KCB M-PESA and Fuliza.
  • The Withdraw Cash – which requires an ID number to be shown.
  • All Payments to political parties.

No. Normal M-PESA account transactional limits and charges will apply for all M-PESA GO children accounts.

As a parent, you will dial *334# on your handset where you will get the following options.

Manage services ·       Enable or Disable services such as send money, buy airtime, lipa na M-PESA from your child’s account.
Manage Junior Relationships ·       Add / Remove any junior Accounts and view all children under your profile.
View Junior Account Info ·       View M-PESA GO account balance or mini statements.

No. Only you as the parent/guardian can call Safaricom customer care on behalf of the M-PESA GO customer to request for a sim swap. Your KYC details will be used for the vetting process.

For all reversal requests you as the parent will be required to give consent, since the M-PESA GO customer is under the age of 18.

Your child can access Safaricom Customer Care on Line 100 or Line 200 for GSM related issues and Line 234 for all M-PESA related issues on their account.

However, for all requests about the M-PESA GO account – e.g. reversal, sim swaps, etc – you as the parent must give your consent.

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