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My problem was not only saving but also how to spend, tips Acio Sharon

“I realized that my problem was not only saving but also how to spend it too. I would just throw money without accountability but from the mentorship program I stopped doing misdirected priorities.”

Acio Sharon Enon, CPAR Uganda Innovator

This tip on the culture of savings that was given by our CPAR Uganda Innovators – young adults who are under our mentoring programme, has awakened in me deep reflection about all the work that is being done to promote the culture of saving among rural farming households in Uganda.

What comes to my mind, particularly so, are those village savings and credit schemes, whose major purpose for saving is so that at the end of the year they may utilise all the funds – savings and accrued interest – to celebrate Christmas, for example. And then the following year they start all over again. How then are the architects of such programmes expecting there to be economic development in those households?

 Similarly, as another of our CPAR Uganda Innovator’s pointed out:

“I thank Sharon my fellow innovator for sharing such a great idea on savings. In her comment, I learnt that people, both salary earners and business people, do commit themselves to savings, while having no clear objective for their savings. And in the end, may not appreciate their efforts, simply because they lacked a goal to achieve with their savings, leading to misdirected priorities. I learnt from Sharon that as I do my savings, I need to have a set target to achieve so as to avoid unnecessary spending.”

Jimmy Ezra Okello

Great insights these are, and definitely food for thought for us all. What do you have to show from your work savings, if any?

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