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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?