The Money Diaries

One Christmas, my parents bought my siblings and I, brightly-coloured piggy banks to keep any money we got as gifts or from odd jobs. These containers came with keys to open them up, but wisely, my parents held onto those. We were only ever allowed access the money when we had been “good”. So, we behaved like little cherubs, and were rewarded with the privilege to spend that money as we saw fit – usually, we bought ourselves treats. This simple reward system was my first experience with saving, and it taught me about discipline, self-control, delayed gratification, and intentional spending. To this day, I still keep a piggy bank, and it has helped me more times than I can count – particularly when I require some quick cash. We all know that saving means you’re putting money aside as a safety net and to fulfil future goals. It isn’t a one-off decision, but a habit. One that requires a mindset change from YOLO (You Only Live Once) to “future me says – thank you”. That’s why, any tim...

Life happens, and you have no choice but to adapt accordingly. One morning, your car refuses to start, or your refridgerator goes kaput. Another time, you need to go to a hospital or clinic, and that visit comes with a hefty medical bill that you must pay. The hits just keep coming: business slows down, you lose your job, and the cost of living is at an all-time high. Over the years, I’ve learned the hard way, that surviving life’s jabs isn’t just about luck – it’s about preparation, and we’re all one bad situation away from having to start from scratch. Your money needs a system because without one, every emergency becomes a crisis that can wipe you out. I’ve come to the conclusion that we need to build 3 types of saving funds: A Starter Fund: Protection from life’s minor surprises. You didn’t plan to fall into a debt, but you wake up with a toothache. You have no money and resort to the quickest solution – a mobile money loan or a visit to your local money lender. It feels ...

Right now, for the most part, life feels like you stuck repeating the same tired loop – money comes in, bills and debts are long overdue, you’re hit with a random and unexpected expense, and are forced to borrow money to keep you going. Rinse and repeat. Stretching your money to make ends meet has become an art that many of us have down to a science. Truly, it should be a compulsory subject taught in schools, because it’s a miracle that any of us are able to survive in times like these. Believe me, I’ve seen some things, and having been through the trenches, I sympathize and understand – times are tough. Here are 5 practical money-saving tips that you may find useful: Try cash rounds: My mum and her friends would regularly meet at home to discuss shopping tips and money goals, and collectively pitch-in cash. This money would be given to one person to spend on their money goal. This round-table banking model was built on trust, discipline, and agreed terms. For example,...

I may be a single mother of one, but I’m my own retirement plan. My parents spread their risk and had four children, but their generation had the expectation that their children would look after them in their twilight years. Values, no doubt, passed down from our African ancestors who put community above all else. Gen X’ers (myself included) and some millennials are currently taking care of their elderly parents. Many of us are not in formal employment, so we don’t have the luxury of company medical insurance, pensions or retirement funds. We want to build, but the system is broken. And if we’re complaining, I fear the up-and-coming generations (Z, Alpha and Beta) have next-to-nothing. Collectively, our primary focus has been on surviving, and the little we have is nowhere near enough to secure all our futures. So, what’s the plan? Here’s my pitch: Start with your health. You need a health assessment. Do your relatives live long, healthy lives, or are you predisposed to cer...

Unmanaged stress, heavy workloads, toxic environments, and constant conflict are widely recognised as the primary causes of illness and mental breakdowns in the workplace these days. Some companies have taken to bringing in counsellors, but most staff don’t want to be seen seeking help because of the stigma around mental health. In the African diaspora, mental illness is seen as a weakness or personal failing, and it is willfully ignored until someone burns out, or finally snaps often meeting a tragic end. Some people resort to substance abuse, self-harm, violence, or “African magic” to deal with difficult workplace situations, workmates or bosses. Others just grin and bear it for the sake of a steady pay cheque, refusing to take leave or share knowledge, because they fear replacement. My fellow Gen X’ers and millennials often treat red flags like decorations instead of warning signs. As a local comedian – Uncle Mo recently joked, we spot the red flags during job interviews but plo...

One thing you can count on, is that everything changes – sometimes overnight. Recently, in the name of “beautification”, all the roadside stalls have been torn down. To some, these rickety structures were a blight that cluttered the city, but to owners, they represented everything – school fees, rent, and the ability to put food on the table. A means though which many people were afforded the dignity of an honest day’s work, with the assurance of money at the end of a long and hard day. But just like that, they’re gone. However, it’s not just informal businesses feeling the pinch. In corporate spaces, many companies are downsizing, restructuring, or quietly closing their doors. Careers that once felt stable, are shifting. And retirement, whether planned or forced is fast approaching, much earlier than expected. Across the board, we’re all wondering, “What’s next?” This question hit me like a tonne of bricks during the COVID-19 lockdown. For the first time in years, my life (and e...

Even when you’re not overspending, is your wallet (physical or digital) currently flush with cash or empty? Picture this scenario, you enter your local supermarket for your weekly shopping. You find yourself filling the trolley with items that catch your eye – without even consulting your shopping list. You’ve gone over budget but rationalize the extra expense with, “I deserve a treat”, “I might not find it again” or “It’s on sale”. The temptation to impulsively spend is even greater with advent of mobile shopping and food service apps – everything is easily available with a few swipes on our phones. Now that most local apps allow for mobile money transactions, the money flies out of our wallets much faster. That is, until your next transaction is declined, and you have no money to cover the basics – food, rent, transport – that’s when reality hits you. Here are a few tricks that have stopped me from overspending: Create and stay on budget, but earmark a small percentage of i...

Everywhere you turn, someone is telling you that you’re behind. You should be making more money. You’re wasted time investing in X, when you could have investing in Y. Do you have any investments? Do you even have savings? How far would you be in life, if you had started saving earlier? You should be doing better for yourself by now. It’s a whole lot of “shoulda, woulda, coulda”. Right now, money may be tight, but it might not be totally your fault. There was a time when I earned UGX 600,000 monthly (approx. USD 160). Somehow, I could pay my rent, settle my son’s school fees, cover all my bills, and I’d still have money left over to enjoy myself – life felt affordable. While I earn more money today than I did back then, the financial pressure feels much worse, and there are days when 1+1 doesn’t add up to 2. Why is that? Inflation is the biggest culprit. Money doesn’t stretch like it used to, and the cost of living is always going up. Fuel prices, transport fees, school fees, foo...

Just the other day, while stuck in traffic near Kira Police Station in Kampala, boredom drove me to look at my surroundings. Across the road at the brown flats, there was a man squatting by a side gate, with vegetables and fruits for sale spread out on a makeshift tarp on the ground. A few ladies, obviously interested in his wares were haggling with him. This scene took me back to a time when I was in secondary school vacation, waiting to join college. My mother would send me to the market every week to do the household shopping. Even then, I was always on the lookout for ways to make some extra money. This was especially important to me, because many of my peers always seemed to have money for “enjoyment” and I felt that I had to keep up. I came up with an idea to help some neighbours with their market shopping for a small fee. I would collect everyone’s shopping lists, and go to the market. Because I was now buying in bulk, the vendors gave me discounts and “nyongeza” (extras) ...