The Money Diaries

Over the years, my mother has taught me and my siblings a lot about life, money and responsibility. She would send us to the local shops to buy milk, bread or any small items that were missing at home. We were supposed to be able to calculate the cost and tell her the expected balance (if any), before we went out on said errand. A roundabout way of asking us if we had enough money for the shopping – a simple, yet effective lesson about budgeting and tracking our spending. I later made an addendum to her budgeting lesson when I had my own child. By building fun into my budgets; I found creative ways to save on essentials like rent, transport, groceries, and health, while taking care of my wants and accounting for the odd treat here and there – a nice bag, pretty blouse, a salon visit, fun outings or entertainment. What’s the point in living if you can’t enjoy life? While my mother wasn’t wholly on-board with this in the beginning, she did come to see the wisdom of adding fun to a bu...

Maama Harriet is the typical food mama you’ll find in every local African market. A bona fide institution and community pillar – known for preparing tasty and affordable meals in generous portions that keep her customers well-fed, and coming back for more. With children and a family of her own, she’s living hand-to-mouth. She’s so focused on getting through each day, that even while she dreams of rebuilding her family home in the village to retire on, she doesn’t give it more than a passing thought. In her mind, today’s money is only enough to solve today’s problems, tomorrow will sort itself out. We have become so focused on survival and the daily grind, that we forget that tomorrow is fast approaching. Do we have anything set aside for retirement? Generations before gave it some thought and planned accordingly. My father was self-employed, and my mother was a teacher, and by the time retirement rolled round, they owned their home and had a few investments to keep them comfortable...

Tukooye (We’re tired)! Many of us are exhausted and longing for the day we can finally stop working at jobs that pay us enough to make ends meet. Given the choice, we probably wouldn't show up to work on those stormy Monday mornings. Sometimes it’s the work itself, other times, it’s management, our co-workers, or the environment. Sadly, a lot of us, don’t have the luxury of chasing our dreams because, “What if our dreams don’t pay?” I read about an 85-year-old woman in the U.S. who was job hunting because her pension couldn’t cover her basic needs. She had taken out a second mortgage on her home, was struggling to afford food and heating, and yet she was the sole provider for her grandchildren. She was even paying for the granddaughter’s speeding tickets. Furious on her behalf as an as an African mama, I wanted to kidnap this Jjaja (grandparent), adopt her and give her some well-deserved rest. If her grandchildren are old enough to drive, surely, they can take care of themselve...

When I was just starting out in employment, I was earning a good income but spent it lavishly on little pleasures – buying the latest phone, going out, and shopping. I was in the business of selling life insurance, I had even taken out a policy for an easier sell and gain buy-in from my clients. My boss at the time, encouraged me to join the company SACCO and put some money aside for the future. I didn’t really give such things much thought or attention, I had money in my pocket and was living the good life – I was living the dream. To be young and clueless again! Anyway, a few years later, my world crashed around me. I won’t go into details, but suffice it to say, I needed money to get me back on my feet. A Ghanaian proverb aptly describes the situation I found myself in, “You become wise when you begin to run out of money.” In the end, the savings I had with the company SACCO literally saved the day. That’s what savings are actually supposed to do – they help cushion your fall a...

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) ...

Did you set goals for yourself back in January? Now that we are a four months into the year, it’s time for a quarterly review. How are you doing? Have you made progress with those goals? Or are you quietly shifting the goal posts? While most people make resolutions or set goals in January, I tend to do this in September – on my birthday. For me, it’s not just about commemorating another year around the sun; it’s about taking stock of my life. Celebrating my wins, learning from my shortfalls, and setting new goals for the year ahead. Honestly, sometimes I feel like I’m falling behind. Whenever I feel this way, I like to remind myself that everything has a time or season, life isn’t a race but a journey that is different for everyone. For example, the Ethiopian calendar year is 13 months long and is currently about 8 years behind everyone else’s, but they’re still getting things done. So really, it’s a matter of changing perspective, and adopting the belief that it’s never too lat...

Not all debt is bad debt. In fact, when managed wisely, borrowing can be the bridge between where you are and where you want to be. Just the other day, I engaged the services of a car ride-hailing company (think Uber, Safe Boda, Faras and the like); the driver was young man in his mid to late 30’s. His laid-back attitude, “beach vibes” attire, very clean car, and careful driving led me to assume he had borrowed the car for the day on a quick hustle. But as we chatted, and I got know his story, I was pleasantly surprised. Readers, never judge a book by it’s cover. Our journey (and story time) began with me helpfully sharing directions for a short-cut to my destination, to which he replied, “Eish! I know all these panyas [short-cuts]. I used to ride a boda-boda before I got this car.” Curiosity activated, I asked why and how he’d made the jump from 2-wheels to four. The long and short of it – boda-boda riding was hard work, long hours, and in Kampala, it’s a nerve-wracking expe...

You may think that side hustles are a Gen Z thing, but really the reason most people get side jobs is because the math doesn’t always math. When expenses exceed income, and you always end up with more month than money. My parents worked their 8-to-5 jobs during the week, and spent their Saturdays farming in the village. They were also urban farmers with a kitchen garden – growing Sukuma-wiki (Kale/Collard greens), herding goats, and raising chickens in the city – the hustle was (and still is) real. They sold the surplus eggs and chicken, and a goat or two during Idd and Easter turning necessity into opportunity. This second income stream wasn’t just for survival, it gave us stability. A side hustle is more than extra cash. It’s a pathway to financial freedom, a safe way to test-run your retirement plans, while sharpening your entrepreneurship skills and marketability. Long before WhatsApp, TikTok or Instagram, in the days when Facebook was the trending social platform, I built d...

Myth 1: If you work hard, you can make a lot of money. The truth? The hardest-working people are often paid the least. Success isn’t about effort alone – it’s about working smart and delivering value. Those who bring the greatest value earn the greatest rewards. Once upon a time, in my youth, I used to knit sweaters, scarves, and shoes. For all my time and effort, I earned very little. In my case and at that time, it was an expensive hobby – not a sustainable side hustle. These days, there are greater opportunities and more markets to sell your crafts, from the local farmer’s market to the various digital platforms. Borders no longer limit you – find your niche, and let technology help you earn the big bucks. Myth 2: If you have a lot of money, you’ll never have to work again. In reality, the more money you have, the bigger your appetite grows. You want a bigger house, better schools, and develop a taste for luxury brands – the desire for “more” is unquenchable. Building and ma...