Financial advice

What Is a Microloan and Who Uses It

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  • Microloan is a small loan, often between $10–$200, for business, emergencies, or personal needs.
  • Offered by microfinance institutions, credit unions, or mobile lenders — not always banks.
  • Repayment is usually short-term — weekly or monthly — so budget carefully.
  • Designed for people with no credit history, especially in rural or informal jobs.

👉 A microloan is not free money — it’s small, fast credit with big responsibility.

How to Avoid Impulse Buying

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  • To avoid impulse buying, sleep on it — if you don’t want it tomorrow, you didn’t need it today.
  • Ask: “Can I afford this twice?” If not, think twice.
  • Compare prices — don’t get fooled by the “Only 3 left!” drama.
  • Consider the upkeep — it’s not just the gadget, it’s the batteries, updates, and repairs.

👉 Spend big only when your mind — and your money — are both ready.

Seasonal Income Management

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When your income comes in waves – like during holidays or harvest season – smart money habits can help you stay afloat all year.

  • Save more during high-earning months — the dry season always comes.
  • Budget monthly, not weekly — think long term.
  • Avoid lifestyle creep — don’t spend like it’s December every month.
  • Split your income: needs first, wants later.
  • Build an emergency fund — even small amounts help.
  • Start a second stream: teach online, bake, ride Bolt, sell airtime. Seasonal income may be diversified.
  • Use simple tools: envelope method, budget apps, or savings groups.

👉 Seasonal income must meet all-season needs.