Gratitude

Dr. Stella Nyanzi, thank you to you for generously sharing on your X Profile financial literacy tips from your experiential learning.

The tips you shared are an excellent resource which we will use for igniting entry-point conversations during our up-coming money skills training focus on business capital.

CLICK HERE to read more about our up-coming money skills training.

Yes, your principles for handling savings and credit are wise and we think are applicable for the objective of finding capital for investment.

The tips you shared will benefit our readers and so we take the liberty of reproducing them here below, with sub-topics added for emphasis.

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Dr. Stella Nyanzi’s Tips for younger single mums wondering how they will educate their own children:

Pay Fees in Installments

Instead of paying all school fees in one big chunk at the start of a year, it was always easier for me to request and negotiate with school bursars to pay scheduled instalments for each of the children.

These instalments were spread over the entire academic term, semester or year.

This called for swallowing my pride, stilling fear and beating the shame of begging for an alternative payment model. In all cases, the school bursars were kind and considerate.

Bulk Purchase Necessities

Bulk buying and storage of food stuff, toiletries, and essential household necessities ensured there was enough to cover our daily needs.

Have and Honour Credit Agreements

At home, I always had favorite neighbourhood shopkeepers whom I patronised whenever I had money.

When the money was tight, these shopkeepers kept an open book of items taken on credit by either myself, my children or one of my household members.

When I was paid my monthly salary, I honoured our agreement by clearing all the debts in a timely manner.

Build Trust of Service Providers

I operated the same principle with a favorite clinic, pharmacy, bodabodaman, hair saloon, barber and any other regular service provider.

When I had money, I paid well for their services to the children.

When the money was tight, they trusted me enough to work on credit because I was known to pay my debts at the end of the month when salary came.

Ask For Help

Ask for help from trusted family, friends and neighbours.

Delegate responsibilities to other trusted adults who can delegate to you when their turn comes.

Crowd source resources such as car-shares with families in the same residential area whose children attend similar sports clubs, swimming pools or concert practice.

Give and take from parents in similar situations.

If I raised and educated three children, any and all other single mothers can raise and educate their children too!