HOW CONSISTENT ARE WE IN OUR SAVINGS JOURNEY?

 Everybody desires to have a better financial future. The question is how consistent are we in our savings journey? There was a group of women who were able to save 17 million Ugandan shillings and by December they distributed the money amongst themselves and spent it during the festive season. By January they were back to zero. Without a clear purpose for saving we are unlikely to hit our savings targets. We live in a society that is full of distractions and if we are not careful we can easily be side tracked. As a financial literacy trainer I have interacted with so many trainees who struggle with savings and I should say that saving is not easy in an economy where the cost of living is high and money is scarce. 

Despite the economic hardships we need to find ways of surviving and reaching our savings milestones. When one reads about the most successful entrepreneurs their stories are not any different from us. They are consistent in their savings culture. They focus on the end in mind. They know that money is a seed for wealth accumulation. This is supported by Harv Eker in his book Secrets of A Millionaire Mind that says that rich and successful people think long term. He challenges the reader to shift their mindset about money. We really have to be disciplined as Ugandans in our savings culture. In a nation that is full of young people many see money as a seed for spending. This marks the difference between those who will succeed and those who fail in reaching their financial goals.

There are youths who place their faith in gambling and online schemes where they are likely to lose all their hard earned money. The issue is not the amount of money one earns but rather the discipline to save towards a certain goal that matters. 

HOW TO MAKE WISE FINANCIAL DECISIONS

1.Have a long term financial goal

2.Save as you earn

3.Have a budget

4.Automate savings

5.Reesearch before you invest

6.Set up an emergency fund

7.Avoid peer pressure

8.Learn from setbacks.

9.Celebrate the journey.


Saving is not easy. What gives us hope is that there are people in more disadvantaged positions who save consistently . I have witnessed it in some villages where yo find a market vendor saving in more than one savings group yet they do not have the formal job. The question is what enables them to do so?

Phillip Kiryowa

Personal Finance Coach(CPC,CMA)

Advanced Empowerment Link

+256752615916

Comments

  1. muhwezi vicentJanuary 21, 2025 at 7:27 PM

    Consistency and persistence drives us near to our dreams. Thanks a lot Mr Phillip

    ReplyDelete
  2. PHILLIP KIRYOWAJanuary 21, 2025 at 10:17 PM

    Thank you Vicent. Keep up the good work

    ReplyDelete

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