CELEBRATE YOUR PROGRESS IN THE FINANCIAL JOURNEY

 The financial journey is full of ups and downs. In fact life is tough generally. No wonder Dr. Robert Schuller wrote a book Tough Times Never Last But Tough People Do. All successful people have gone through troubled times in relation to finances. What social media portrays are photos of fancy lives that are devoid of challenges. Since we live in a technology world and over 70% of the population is below 30 years most youths are easily captivated by the success at the top schemes. It is no wonder that sports betting is on the rise. The mindset in most cases is influenced by what it sees most of the time. So a number of youths have sold off valuable property to gamble their way into success. However I have never seen a country whose foundation is premised on gambling. I saw a scene on media where a group of able bodied youths wanted to beat up staff of a sports betting company for having failed to pay their return on investment. 

We applaud all those Ugandans who have focused on setting aside some money for the future. The truth is saving is tough. But it is necessary. The biggest mistake that most people do is to save without a clear plan. A clear savings plan enables the person to save regularly and with a purpose. What one focuses on expands. This explains why as the year is beginning we need to go back to the basics and encourage people to save and start saving regularly. 

It is vital to celebrate every effort because others have either not started or fall off along the way. We are creatures of habit and we need to celebrate where we make milestones however small they may be. There are very many youths and women out there is more than one savings groups and this is an inspiration to the corporates who earn more than the rural dwellers that they can also save more if they are determined.

We need to get read of the culture of waiting for large sums so as to save. Every coin matters and we should strive to save as we earn.

HOW TO IMPROVE OUR SAVINGS HABITS 

1.Have a long term financial vision

2.Create a savings plan

3.Automate savings

4.Save as you earn

5.Develop a budget

6.Track expenses

7.Find a financial mentor

8. Live within your means

9. Celebrate the small steps.


Ultimately saving is tough. It is important to celebrate every progress made. This is because it will motivate us to save more in the long run.


Phillip Kiryowa 

Personal Finance Coach

Advanced Empowerment Link

256752615916


Comments

Post a Comment

Popular posts from this blog

A SAVINGS PLAN CAN AID IN FINANCIAL ADVANCEMENT

 I remember during the Trainer of Trainers training conducted by Bank of Uganda we were encouraged to develop a savings plan. This was a key development because without a plan we may live in financial darkness. In my years of providing financial literacy across the country especially youths I have observed that the intangible practices that may be undermined play a big role in the big picture. I have been asked a question, "how can one save yet their needs exceed their income?. It is a tough question but the best practice remains that even in the hardest of circumstances we should prioritize saving .This is because we do not know what the future holds. As humans we forget so fast. Who remembers during the lock down of Covid-19 when people were not working. Life was extremely tough. It was an opportunity to reflect about the importance of savings during good times. A savings plan enables a person to determine why they are saving. It could be for school fees, buying a plot, a car an...
Read more

THRIVING AMIDST UNEMPLOYMENT

 Ask any graduate what their worst night mare is and they will inform you that lack of access to a dignified employment opportunity is a big hurdle. Over 70% of Ugandans are below the age of 30 years of age. There are very many reasons why the unemployment rate needs to be addressed. Uganda has over 30 universities and all universities graduate over 300,000 graduates per year yet the formal sector produces on average 70,000 jobs. This mismatch is an indicator of the frustrations that the young people face. It was on media last year when I saw a group of able bodied youths who wanted to beat up staff of a sports betting company for failing to pay for their "Return on Investment" in Bugiri District. Iam not saying that all youths are involved in crime .What am trying to point out is that the probability of a youth without a job being involved in crime is high( after all there is a saying that an idle mind is a devil's workshop). Just this year there was youth who was killed...
Read more

WE CELEBRATE GRADUATION BUT AFTER THAT WHAT NEXT ?

 Uganda is officially dominated by young people. Over 50 %of the population are youths. With a high population the job market also shrinks yet people need to survive. It is the means of survival that create social pressure. The unemployment dilemma in the country can be dissected from different angles and each person or all stakeholders have a critical role to play.  Universities and other institutions of higher learning produce over 300,000 graduates per year. The job creation rate is about 70,000 jobs per year. This means that the job market is narrow. It is a common sight to see over 100 applicants for one job. This is a signal that something drastic must be done to change this trajectory. Development partners such as government, private sectors and donors such as Master Card Foundation are playing a critical role in addressing youth unemployment. In fact this suggests that fight against youth unemployment must be multifaceted.  During graduation season it is justifiab...
Read more