Saving Money Is a Very Special Aspect Of Life

Joan Komuhendo Mido • May 17, 2020
With the outbreak of Covid-19, several measures including lock downs have been taken by different countries all over the world to prevent the spread of the virus. The lock down means no movements are allowed, closure of businesses, transport among other services since we are all supposed to stay in our homes. This can tend to be sucking but there is no alternative other than embracing it, living through it, and kissing it off when it is done. As the saying goes, change is a fact of life and if you do not change, change will change you but how is one to prepare for this change? Since the lock down, no money that has been coming in for most people which means they are spending without earning which is a very dangerous practice that can lead to total bankruptcy. During this crisis, those that have been saving are going through this change smoothly.

The importance of saving money cannot be understated. In fact, with so many proven benefits, saving money is one of the best financial habits you can adopt. But, if saving money doesn’t come easy to you or you just don’t see the point, it’s natural to ask yourself, why is saving money important?

Savings and How Important it is For Your Lifestyle
First and foremost, saving money is important because it helps protect you in the event of a financial emergency. Additionally, saving money can help you pay for large purchases, avoid debt, reduce your financial stress, leave a financial legacy, and provide you with a greater sense of financial freedom. So, saving money is a very special aspect of life due to the following reasons;

Freedom to pursue your dream career.

One of the most important reasons to save is to provide yourself with the freedom to pursue a career you love. Have you ever known somebody that was stuck in a job they hate because they didn’t have the financial freedom to quit and pursue something they enjoy? Well, if they had enough savings, I’m willing to bet that wouldn’t be the case. When you have ample cash sitting in your savings account, there’s absolutely no reason to endure a situation you hate. Therefore, saving gives one freedom to quit what they hate to pursue their dream career.

Long term security.

No matter how hard we try, we can never predict the future and for that reason, saving for a rainy day is a very good idea. For example, I have never thought in life there was going to be a day where people are told in stay in their homes worldwide which is causing financial storms all over the world which means without savings we are doomed. Saving money is important because it provides us with financial security. And the more we save, the more secure we will be.

Emergencies

In life, it is inevitable that there will be emergencies like a family emergency that requires you to fly across the country, less emotional emergencies like a broken down car and now we are living in a Covid-19 emergency so having a decent amount of money saved up helps us to go through such circumstances without adding financial stress on the pile.

Seriously, money is the last thing you need to be worrying about in an emergency. So do your future-self a favor and start up an emergency fund. Hopefully you’ll never need to use it, but if you do, you’ll be beyond grateful it’s there.

Stress Reduction

If you have been saving or have savings, there is nothing like financial stress to keep you up at night or worse, wake you up in a cold sweat. If you’ve ever experienced it, then you know how unsettling that feeling can be. You see, everybody wants more money, yet very few people work hard to save it up. So, unless you win the lottery–which is beyond unlikely–the only way to have more money is to save it over time. It’s as simple as that.

Helping Others

When you save money wisely, and invest intelligently, your money grows. And when your money grows, your opportunity to help others financially grows with it hence living generously. You cannot give what you do not have so in order to live generously, you need to believe, work, manage, invest and give. Remember, money is just a tool you can use to accomplish your goals. And if your goal is to help others as much as possible, you need to be saving and investing your money consistently. Can you imagine all the people you could help with the interest earned on $10 million you fixed for 10 years?

Your Marriage

I don’t think it’s a big secret that money problems are one of the leading causes of divorce. And if you’re married, you’ve probably experienced a money fight or two. And I imagine they are no fun. But I can also tell you from other people’s experiences that the more money you save, the less frequent those arguments occur. In short, saving money is good for one’s marriage. Don’t believe me? Try it.

Leaving a Financial Legacy

Let’s all take some time off and think really hard. If you died tomorrow, what kind of financial legacy would you be leaving behind? Would your story be one of debt and financial burden for your family or would you leave a legacy of financial fortitude and honor? Your financial legacy is important to the people around you. Whether you’re 20 years old or 90 years old, the way you handle your money will leave lasting effects, positive or negative, on your loved ones. So trim your expenses, and place a priority on saving and investing your money.

Education

A good education is an investment for a better future and this kind of education is expensive and it does not matter on what level. Each year many people flock various schools to earn different degrees. If you have goals of reaching some college or university, you will also need huge sums of funds. So, start saving money today for the education you dream of.

Big Purchases

It is very important to save money in order to afford big purchases like cars, boats, furniture, big screen TVs because big purchases have a way of wiggling into the lives of the financially unprepared people. For example, when monthly payments kick in and are all spent, that things that cost so much money transforms into an annoying roommate called, Buyer’s Remorse. Big purchases are fun, and at times, necessary. You need a car so that you can drive to work. Living in a home without any furniture is uncomfortable at best. Watching football on a 12-inch tv with rabbit ears is ideal. But going into debt for a big purchase is worse. Rather, saving money so that you can pay for them outrightly is the way to go.

Home Ownership

Having a home, comes with a lot of expenses. Whether they are big expenses like kitchen remodels, or small expenses, you name it, they add up to a lot of money. And while you might be able to cash out for the majority of them, it’s in your best interest to prepare for them in advance. In fact, I recommend setting up a specific savings account just for your home expenses. That way, you do not have to feel guilty pulling money from general savings when you need to fix or update something.

Major Life Events

Life is full of events, but there are a few big ones that can get particularly expensive. For instance, the two that instantly come to mind are: newborn babies, and weddings. So, it’s important to save for them.

Here’s a couple guidelines to get you started.

When that little pee stick reads positive, start a baby savings fund, and throw every last penny you can squeeze out of your budget into it. Then, when your daughter first starts dreaming about her wedding day, start saving for it because weddings are not cheap.

Minimizing Financial Risk

The more money you have, the less risky your financial situation will become. For instance, if you have Ugx10,000 to your name, and you invest Ugx6,000 to start your own business, you just risked 60% of your net worth. Whereas, if you save and invest until your net worth crests one-million shillings, then spend Ugx60,000 to start a company, you only risked 6% of your net worth. Plus, when you only invest 6% of your net worth, it’s pretty likely you will make up for that in interest, alone, over the next year. Saving and investing your money minimizes your financial risk. Plain and simple.

Compound Interest

This is the addition of interest to the principal sum of a loan or deposit, in other words, its interest on interest which is the result of reinvesting interest rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest. For example, if you want to build any kind of wealth, you are going to need to utilize the power of compound interest. But, if you spend all your money, and never learn to save, you will miss out on this valuable financial opportunity. Additionally, the more time you waste, the less opportunity you have. Compound interest is extremely powerful, but you need to give it enough time to work its magic. You won’t just invest one day and see amazing results the next. If you start saving now, it may be years before you start to see impressive results. But if you wait years to start saving, you won’t see any results at all. Your future wealth called you and it asked you to start saving now.

Financial Independence

One of the best parts of being an adult is the independence and freedom to do what you want, when you want. (Within the confines of the law, of course) But the less you save, and the more debt you accrue, the less independence you will ever have. So, if you want to be financially independent and unshackled, you need to beef up your savings.

Saving for Fun

Many people think you have to make a choice between saving money and having fun, but this is a poisonous mentality. In fact, fun is a critical part of personal finance, and it is essential for your financial and physical well-being. Truthfully, you should always set a little money aside for enjoyment. And when you have savings, you can do this guilt-free, and without any worry that you are harming your financial future. In other words, saving money gives you the freedom to do what you want to do and sometimes that means having a little fun.

As we are living this life, let’s take it in mind that saving money is a very special aspect of life and we are all supposed to save no matter how much we earn because it is very important since it provides security, stress relief, and freedom. And while there are countless reasons to save, you just need to find a reason that resonates with you. Whether it’s helping others, improving your marital finances, leaving a positive financial legacy, or just having a little more fun, you owe it to yourself to prioritize saving. Above all save because you must.
By samantha 15 Apr, 2024
Last week, we bid farewell and celebrated the incredible journey of our beloved storyteller, Ms. Patience Ahumuza, who is embarking on a new chapter in her life. While the news of her departure may hit you like a sudden gust of wind, leaving you bewildered and saddened, you will also be comforted to know that her departure is a feminist act of resistance - to REST and RECHARGE! Goodbyes are never easy, but we are extremely grateful to have crossed paths and worked with someone as remarkable as Patience. Her work has left an indelible mark on Femme Forte, and we will cherish the memories we've created together forever. Throughout her tenure, Patience has been the driving force behind our organization's voice on all socials, tirelessly advocating for gender equity and empowering voices that often go unheard. From amplifying marginalized voices to spearheading impactful campaigns, creating networks and bonds, teaching and growing with us, she has been instrumental in shaping Femme Forte's message outlook and impact. Besides being our storyteller, Patience also actively participated in programming, fundraising, and administration among other roles. Her leadership, empathy, and fierce determination have inspired us to push boundaries, challenge norms, and strive for a more just and equitable world. Her dedication, passion, and unwavering commitment to feminist values have left an indelible mark on our community and beyond. As Patience takes a break to reflect on her career direction, we honor and celebrate her courage to first of all acknowledge the need to take a break - rest is truly resistance, the courage to pursue her passions and dreams unapologetically and the love for work she does to serve and love women. While her absence will be felt deeply within our team, we stand behind her decision to prioritize her own health, growth and general well-being. We have no doubt that Patience will continue to make waves wherever her journey takes her in the feminist spaces. Her impact extends far beyond the confines of our organization, and we eagerly await the incredible contributions she will undoubtedly make in the future. As we bid her farewell, we express our deepest gratitude for the tireless dedication, unwavering passion, and invaluable contributions. While her physical presence will be missed, her legacy will continue to inspire us in our ongoing pursuit of equality and justice. Patience, as you embark on this new chapter, know that you take with you the love, admiration, and endless support of your colleagues and feminist community. May your journey be filled with joy, fulfillment, and boundless opportunities. With heartfelt appreciation and warm wishes, Femme Forte Uganda.
By Penelope Sanyu, Chief Steward 21 Feb, 2024
On 11th February 2022, I had a phone conversation with a young excited voice on the other side of the line, this voice, too curious and so eager to meet was asking to volunteer with Femme Forte Uganda. We were going through a transition around that time so I asked her to represent us at a meeting with one of our main partners ( knowing full well she was going to be frustrated and not want to return ) Alas! This was the beginning of what would be a long and beautiful learning journey for us both. Long story short, Ms. Norah joined the team as a volunteer and continued to grow through the ranks to this day. It's with mixed emotions that I bid farewell to Ms. Norah, a shining star in our feminist constellation for the past two years. As she embarks on an exciting journey of pursuing further studies, we raise a collective glass to her remarkable contributions and unwavering commitment to our cause. Norah joined us not just as an employee, but as a young, passionate advocate, a strategic thinker, and a ball of inspiration. Her dedication to our mission was evident in everything she did, from spearheading impactful campaigns to fostering a supportive and inclusive environment for our team.
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By Communications Officer 03 Apr, 2023
Dear friends of Femme Forte, we are thrilled to share the August/September newsletter, take the sweet trouble and fix your tight schedules to get familiar with our last two month’s activities. This write-up comes with feminine fondness and friendliness, please scroll relentlessly and get edified with our August endeavours.
By Sarah Ademun 12 Oct, 2022
Sexual and gender-based violence (SGBV) is any sexual act that is perpetrated against a person’s will. In Africa and Uganda in particular, it’s based on gendered norms, cultures, and unequal power relationships all being results of the patriarchal power structure in societies and individual relationships. It includes physical, emotional, psychological, and sexual violence and denial of ownership of resources or access to services. Violence consists of threats and coercion. SGBV inflicts harm on women, girls, men, and boys and is a severe violation of several human rights. Victims of SGBV in Uganda confront a political economy that undermines their access to justice, even as the rights agenda works to develop and implement laws, policies and interventions that promote gender equality and balance. This notion provides insights into the daily struggles of women who have fallen victim to the structural patriarchy that is engrained in Ugandan society. The acts of fighting sexual and gender-based violence in Uganda have become futile without the involvement of Mental Health, one cannot address social, economic, political injustice, discrimination, unfairness, oppression, abuse, and stereotypes without bringing in the context of Mental health which is sensitive to both men and women.  Sexual and gender-based violence is one of the hard realities that women in Uganda are facing, this is mostly because of a lack of power and authority due to the patriarchy we are born in. This has culminated into limited access to assets and no social networks to be sure of belonging, gender inequalities, conflict, power imbalance, insufficient food at home and alcoholism, and lack of assertiveness for those who fled their countries due to war (refugees), as a result, they are prone and all vulnerable, as we can all imagine, there is not much a refugee woman can do to keep herself occupied or safe and the inadequate or limited operation of the rescue organizations also put them at a vulnerable position where they can easily be abused or taken advantage of, these organizations fail to keep up or provide appropriate help usually due to increasing numbers of refugees coming into the refugee camps], hence increasing the rate of SGBV and creates a big setback in the acquisition of women empowerment and sustainable development in general. SGBV denies women and girls [men too] the security and freedom to explore their full potential. As long as women and girls are not given a chance to explore their full potential and build up individually, they are forced to settle for less than they could have if they had the freedom and security to do it. Very little is being said about the impact of SGBV on the mental health of the survivors and very little is being done to find out the extent of SGBV on the mental health of its survivors. SGBV has serious consequences on the psychological health of the survivors and their families, depression, anxiety, post-traumatic stress disorder (PTSD), shock, memory loss, sexual dysfunction, and suicide are some of the psychological effects of SGBV on the survivors and their families. According to research, one-third of all cases of suicide among women, and 60% of all female murder victims are linked to sexual and gender-based violence. Different forms of SGBV also leave a deep emotional scar on many of the survivors. Research conducted by Advocate for Humans Rights revealed that hopelessness, loss of control, anger, suicide, behavior disorders, and eating disorder are some consequences of Sexual and Gender-Based violence. The most common types of SGBV prevailing in Uganda (especially, in the refugee camps) include; rape, female genital Mutilation, forced marriage, wife inheritance, wife battering, defilement, forced prostitution, and incest, and all of these practices are fueled by families that use their daughters as a source of money or resources to survive, young girls in child marriage and forced marriage to be able to get money from the men, law institutions also aid these acts by not seriously taking these cases of abuse into account and punishing the perpetrators, it is purported that when one reports the case to the police, they have to pay an amount between ugx5000-ugx50000 to the police as facilitation fees to officers to arrest the oppressor. With this, few women report these cases of abuse to the authorities considering the financial hurdles in their daily lives. The community also fuels these evil acts of Sexual and gender-based violence by blaming the women and cruising their dressing as the reason for their abuse. If a girl or woman was raped yet she was dressed in a trouser earlier, community members blame her and call her dress code indecent and hence the man goes free. In some communities, women believe that being beaten by their husbands is a sign of love, such beliefs have encouraged SGBV and some of such women have even lost their lives. All that has been shared above have resulted in Post-traumatic stress disorders, anxiety, depression, loss of self-esteem, suicide, sexual dysfunction, and behavioral disorder. Aside from the community, law institutions, families, women, and young girls have little understanding of sexual and gender-based violence and its effect on their mental health. The general public’s understanding of SGBV is limited, men are isolated from discussions on ending SGBV yet they are the main offenders, and the information on which actor should end the vice has not percolated deep to some parties. While men are cited severally to be perpetrators, they too can be fighters of SGBV if sensitization had them in a plan (s). As an extra factor, there is a scarcity of information on SGBV and Mental health. Poverty is yet another reason why SGBV is prevailing because women are following men for bare necessities such as sanitary pads, soap, and lotion and have ended up being abused by these men, they cannot even report it because they will be blamed for it. There is an unmet need for SGBV and mental health services in West Nile resulting in high numbers of women struggling with mental disorders. Several organizations fighting for women’s rights and health could be motivated to take on the task to sensitize the women in these communities about SGBV and its effect on their mental health, the laws that protect them from SGBV, and where they can seek help in case they are abused, and also refer them to where they can get services and some organizations can even decide to provide these services to these survivors of SGBV and their families. Though men and women suffer SGBV, the magnitude of women victims cannot easily be juxtaposed to that of men. There is a need for all concerned to be vigilant, implement policies and handle this conundrum with compassion if we are to realize palpable results.
By Tendo Namata (Guest Blogger) 21 Sep, 2020
Not just all women but single mothers and other categories of socially discriminated women should be considered for Post COVID-19 business relief.
By Florentina Twongyeire (Guest Blogger) 21 Sep, 2020
The need to address the economic implication of COVID-19 is a critical one particularly a solution that entails taking the gender perspective into consideration. It is an opportunity for women’s voices to be heard in regard to business, inclusive markets, and their status & role in the formal labor market and include these conversations in the economic decision making both on a national & global platform. with requirements like loan documents and security, copies of audited accounts, tax clearance certificates, and proof of National Social Security Fund compliance needed to access the financing from Uganda Development Bank (UDB), it becomes impossible for small businesses (especially in the informal sector) to access this funding The Ugandan government set aside UGX 1 trillion as a stimulus package to benefit Small and Medium Enterprises (SMEs) with the aim of assisting these Ugandan businesses to increase the production of essential goods and services for import replacement and export promotion. However, with requirements like loan documents and security, copies of audited accounts, tax clearance certificates, and proof of National Social Security Fund compliance needed to access the financing from Uganda Development Bank (UDB), it becomes impossible for small businesses (especially in the informal sector) to access this funding. In addition, with the decline in sales due to the reduced purchasing power of consumers owing to the impact of COVID-19, it has reduced the ability of businesses to pay back loans. This lack of financial inclusion risks damaging the economy and regresses the steps that have been made to grow entrepreneurship especially as women in business face bigger obstacles. While governments are taking action to assist the SMEs (that operate on a larger capacity) i.e. through the stimulus package), little has been done/discussed on what will be done to rehabilitate small businesses owned by women including those in the informal sector. Furthermore, as it has been indicated that women have been the most affected by COVID-19 either through singlehandedly supporting households or working as frontline healthcare workers or losing livelihoods/employment, it would be imperative to provide support income. we need all parties involved from policymakers to the government to be aware that gender issues have to be taken into account in their decisions What can be done? We need all parties involved from policymakers to the government to be aware that gender issues have to be taken into account in their decisions. This entails protecting and enforcing women’s rights, ensuring women are represented in leadership positions in the private sector, civil society, business, and politics, and taking the forefront at providing avenues to upskill and include practical skills in the education curriculum that are relevant & offer better opportunities for the present and future of the workplace. Financial inclusion is key to ensure that money is allocated to the population and sectors that need it the most. The COVID-19 crisis is a turning point and opportunity for us to act with intention. If we take measured action and include women in key decision-making processes at all levels in different sectors, then we have a chance to build an economically sound future and make further strides in building gain towards women’s economic empowerment. We will be on our way to ensure gender equality and sustainable economic growth. Originally posted at https://medium.com/@galadrielflorentina/covid-19-womens-economic-empowerment-1a46a2fcbd23
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