From yesterdays post, I realized saving stood out in the discussion thread. Saving is one captivating topic we all love to talk about. Some of us are practitioners; others are spectators; while others simply have wonderful excuses for not saving. Yesterday Pipi Kiki mentioned she needs a financial manager, and confessed: “I am reckless with money. It worries me.” Then Fiona Rukundo chipped in the thread indicating saving is difficult. Added Namara Kettie: “Let’s learn a habit of saving, however small we are earning; we don’t know what tomorrow will bring.” In holding each other’s hands we have realized all we need is discipline. Let me reproduce something I once posted on the Mama Tendo Forum for illustration. I hope it sends you thinking about your financial habits. In the sessions we have practical financial self review processes, and out of them, we are realizing, all we need is the personal power to change. What sometimes this calls for is a reality check; nothing technical. It is simple assignments to review our personal habits. Through these assignments, one participant realized cumulatively they had lost UGX 200M ($80,000). Reflecting on this situation (we do a lot of reflection), she said: “I can’t believe I have lost all this money. I would be better off if it was with the National Social Security Fund, but now I don’t have it. It is even more annoying that I have all my records clean. I know where each penny has gone.” Another participant realized she had wasted UGX 74M ($29600) in a period of four years (2010-2013), whilst in another scenario, one participant who had not saved a penny in four years was able to realize they could save UGX 1,050,000M ($420) on a monthly basis. These people designed plans to handle their finances differently. I will use the one who realized he could save UGX 1,050,000 on a monthly basis. When we went through what his scenario was, part of the problem they had as a couple was an accumulation of debt. This couple agreed to split this money into percentages. Some goes to clearing debts starting with the smallest debts, while saving some other money. No more excuses for not saving, and yet instead of borrowing, they are clearing debts. Friends, it has been written in several places, “Pay yourself first.” If you think your situation needs critical assessment, seek help. A great day to you all.
Posted on: Tue, 12 Aug 2014 03:14:46 +0000
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