Save Today. Safe Tomorrow

Save Today. Safe Tomorrow

By Kelvin Kizito Kiyingi March 2015

A Presentation made at the C.N. Kikonyongo Money Museum, Bank of

Uganda, Global Money Week, Kampala.

Outline

Money

Pillars of Money Literacy

Creating a Personal Savings Plan

Detailed Savings Discussion

Control: Living Within Your Means

Key Ideas About Money

Conclusion

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Money: Extremely Crucial in Life

• Key Lesson: It is very important in life. When you are young money is bad; source of all evil. It is how you use it that determines whether it is good or evil. Most important decisions in life about money

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Pillars of Money

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Guiding Principles for Saving Money

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Key lesson: Have a deliberate plan to save money, for example, by saving a percentage of your income. A saving plan will help you reduce on your expenditure, by first ‘cutting’ on the non-essentials.

1 • Set Your Savings Goals

2 • Make Room in Your Budget

3 • Decide Your Priorities

4 • Automate and Manage Your Savings

Set Savings Goals

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• Identifying objectives for saving will help you get started. You need to have a timeline for each of your savings objectives.

• Key Lesson: Goals give motivate to save, they give you a purpose to

save, especially when you celebrate after you have achieved them.

Record Your Expenses & Make a Budget

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• Recording all your expenses will help you know how much you spend.

• Key Lesson: Tracking your expenses enables you to budget for your savings and limit over-spending.

Priorities & Right Savings Strategy

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• Deciding your priorities will be help you choose the appropriate savings strategy. Some goals are easier to achieve; others are short-term whereas some might be long-term.

• Key Lesson: A scale of preference will enable you rank your savings goals in order of priority. You will choose savings strategies accordingly.

Manage Your Savings

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• Check your savings status periodically.

• Key Lesson: Tracking your savings can be a source of inspiration, especially if you become a habitual saver. You could even end up saving more.

Behaviour & Attitude: Crucial for Success

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Behaviour and attitude help to anchor expectations, to influence perceptions and

the ability to achieve

• Control your money

• Increase Earnings or Reduce Expenses

•controlling inflation

•The key to effectiveness lies influencing private sector expectations

Goals

• Positive Thinking

• What man has done, man can do

• Do not quit

Behaviour & Faith • Expectations have to be

linked to your objectives

• Expectations influence perception & degree of achieving your savings goals

Expectations

Control: Living Within Means

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The Tools

Planning

Save and Don’t touch your savings

Make Saving a Habit

Be informed/Read good books/Internet

Borrowing/Loans

Make Spending less

a habit

Set up an Emergency Fund

Record/Track your income and expenditure

Key Ideas About Money

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Money Menu Need Vs. Want Wealth

Consciousness

Human Relations

Hard Work Understanding

the money system

Conclusion

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Self-discipline & Self-Control: Budget, Priorities, Savings Plan, Manage Your Savings, Living Within Your Means

Avoid unnecessary expenditure by distinguishing between needs and wants

Aiming to spend less always, review all your expenses periodically

Malachi 3: 8-10

Ezekiel 44:30

Proverbs 11:24

Proverbs 28:27

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Thank You!

Any questions

please?