FINANCIAL LITERACY TRAINING IS VERY CRITICAL DURING TOUGH ECONOMIC TIMES

A certain youth noted that life was tough especially financially. It is a common saying and it is true. This shows how central money is in our daily lives. Despite the hard economic times we have to survive. Without money one can easily die because of lack of access to good health services. Without money one can die of hunger since he or she may lack what to eat. With a hike in school fees, parents are finding it hard to pay school fees for their children. There is a lot of pressure in society.


So what is the remedy to this state of affairs? Hard economic times call for different measures to cope up with them. Mental well being is closely linked to  financial issues. I remember during the Covid 19 period there were two cases of Ugandans who burnt themselves because they had failed to contain their financial pressures. Crime normally increases when youths can not find alternative sources of income.

I have seen a positive difference in the lives of Ugandans who have embraced financial literacy training. Did we know that even the wealthiest individuals in the world such as Warren Buffet also seek financial advice before they invest? Last year there is a company that closed down after defrauding many Ugandans of their hard earned money. As a financial literacy practitioner I have moved to places where innocent people have been fleeced of their hard earned money .This explains why financial literacy training is a public good .

It is critical that during times when finances are scarce people should live within their means. In a nation where over 70%of the population is below 30 years there is a tendency of overspending by the youths. The youths should learn to be financially disciplined. There are university students who gamble their money for tuition. There are others who spend all their money on luxuries and in the end they have nothing to show at the end of the month.


HOW TO BECOME FINANCIALLY DISCIPLINED

1.Have long term financial goals

2.Attend financial literacy trainings

3.Save as you earn

4.Save a percentage of your funds

5.Budget before you spend

6.Open an account in a financially regulated institution

7.Write down expenses

8.Hire a financial coach or mentor

9.Live within your means

10. Research before you invest.


We are living in hard economic times cause financial stress which has many social ills such as depression, crime and mental health issues. Despite the hard economic times we have to survive. It is not easy but as suggested above something can be done .

Phillip Kiryowa 

Finance and Leadership Coach( PCC)

+256752615916

For Financial Freedom and Sustainable Businesses


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