THE POWER OF SAVING SMALL AMOUNTS

 We live in a society that believes in big things. But let me pose a question, what if there is a one thousand note missing to make one million Uganda shillings, it will not be equivalent. I have observed a number of youths in training who undermine the little coins. There lies the problem . It is said that Warren Buffet who is one of the wealthiest men in the world does not undermine small notes. Until we appreciate the power of consistency in saving small notes we shall not advance financially as a nation. We need to encourage the youths who form the majority of the population to embrace the power of small savings.

But one can not embrace the power of small savings when they do not have a clear savings goal. In the absence of a clear savings goal, one will divert the small amounts to unplanned expenses.

WAYS TO ENCOURAGE CONSISTENT SAVINGS DISCIPLINE

1.Have a clear savings goal

2.Save as you earn

3. Have accountability partners 

4.Avoid peer pressure

5.Save money in an account in a regulated financial institution

6.Automate savings 

7.Celebrate milestones.

The art of saving is tough. This is especially true in a society where the cost of living is high.  Despite these situations we need to save and consistently so as to achieve our financial goals

It starts with appreciating the importance of saving small amounts and every body can do that.


Phillip Kiryowa

Finance and Leadership Coach 

+256752615916

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