DEAR WORKING PROFESSIONAL: A BUDGET IS VERY CRITICAL IN ENABLING US MULTIPLY OUR INCOME IN 2026.

 It is the desire of every working professional to diversify and multiply their income. I have been fortunate to listen to a number of discussions on how to widen the income base of working professionals. It is important to describe a budget and how it can aid any working professional in making better financial decisions.

A budget is a summary of estimated income and how it will be spent over a period for example a week or month. A budget helps in easing decision making and encourages cautious spending. A budget also encourages discipline in savings and if followed helps a working professional to meet their financial goals.

In a nation where over 70% of the population is below 30 years, it is a common trait to see many working professionals living beyond their means. Many do not track their spending and wonder why they live in financial shortage. I witnessed a young working professional who noted that he did not need to plan for his money because death was inevitable. It is important that every working professional makes a budget so that he or she can control their money instead of money controlling them. A budget enables the working professional to purchase the most important items instead of basing on feelings to make purchases. A budget helps a working professional to have a stable family relationship because money normally separates relatives. But the most successful families candidly discuss their financial matters. They encourage even their young ones to set plans.

The reason why a number of working professionals find it hard to plan for their funds is because they are not trained at a young age. It is important to popularize budgeting from an early stage and at family level such that by the time a youth starts to work they can effectively plan for their income. 

As working professionals we need to emulate some of the traits of Indians who are known for their sense of planning from childhood. The lack of planning among some working professionals is also translated into business undertakings and it is one of the reasons why a number of small businesses collapse before their first birth day.

I have witnessed and read a number of stories about international and national sportsmen who earned a lot of money but spent it recklessly and it was all gone. It is a lesson to any working professional that when we earn money we should plan for it and not base on bandwagon.


For individual and corporate financial literacy training contact :

Coach Phillip Kiryowa 

Personal Finance Coach(CPC)

Certified Master Trainer, Bank of Uganda 

Founder, Advanced Empowerment Link

0752615916

For Financial Freedom and Sustainable Enterprises

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