The Money Diaries

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...