IF IT IS LIFE CHANGING , DO IT

 This is a new year. The question is what will make it different and better than the previous year? So many times we set big goals and by the third month we are back to normal. This is majorly because change is always hard. The seemingly insignificant activities are what matter in the grand scheme of life. As humans we tend to focus on the top and neglect the small build up activities. 

As a Financial Literacy Trainer I will put my focus on personal financial management in this particular article. We all know how money is important in life but then we neglect the simple processes such as developing a budget. We neglect building positive money habits not knowing that habits can make us or break us. There is a tendency to use money as if it is a static resource. So in a nation where most of the population is below 30 years there is a tendency to spend more than they earn .That is a trap that we need to avoid in this new year. The question is why spend to impress people who have their own lives and needs and in the end we are in a debt trap? Many times we need to get realistic and know that we should run our own races . We all have different financial needs and journeys but self comparison is negatively impacting society.

Peer pressure is very common among the youths especially at university and I interact with so many university students during financial literacy trainings. The point is that we should spend when necessary but not be compelled to spend by others. We should take it as a personal responsibility to build our financial resilience. When we take our power back we shall see a major difference in our lives. We shall see that every coin matters and we shall end up making more responsible financial decisions. 

There is a story of a group of women who saved 17 million Uganda Shillings and spent it on luxuries during the festive season. The question is had they been guided better the situation would have been different. In 2025  we need to be focused on seeking financial mentorship as a way of taking charge of our financial lives. We should not give our power away to external circumstances. We are more than capable of changing our financial trajectories. Even if we are currently in a financial mess the situation can become better with determination and resilience. We should not feel sorry for ourselves. I have read about countless men and women who rose from poverty to riches. In his book Think And Grow Rich : A black Choice, Dr. Dennis Kimbro noted that there are several black Americans who came from humble backgrounds and today are some of the wealthiest people in the world. These include Oprah Winfrey who had a dream of becoming a wealthy lady since her childhood and today she is among the wealthiest women on earth.

There is power in our mindset. We should put a lot of focus on changing our mindset even before we look for money. As a banker and financial literacy trainer I  normally tell the audience while training that there is plenty of money in financial institutions but it requires confidence and commitment tor access it for business growth

HOW TO BUILD HEALTHY FINANCIAL HABITS

1.Have a long term financial vision

2.Develop a budget

3.Save as you earn

4. Track your expenses

5. Live within your means 

6. Create an emergency fund

7.Invest in life long learning

8. Seek financial mentorship

9.Research before you invest.


Life is worth living. Many times we undermine or  discount the small efforts towards financial freedom. It is not a myth that everyone can attain financial freedom .It is not easy but it is possible. If others in seemingly disadvantaged situations have done it, then why not us. In 2025 our habits will play a very important role in who we become. We should be focused on building healthy money habits. True 2024 might have been a difficult year but 2025 can become an outstanding year. It all starts in the mind and belief.

Phillip Kiryowa

Personal Finance Coach 

Advanced Empowerment Link

+256752615916(For consultations)

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