Budgeting Lesson!

Day 21. I have learnt a lot during this lockdown. But I will simply talk about budgeting and everything that comes with it. Budget is an estimate of income and expenditure for a set period of time. Thanks to technology for Apps like Mobills that we tend to keep track of what we spend on.

Since time immemorial budgeting has always been stressful and some what inconvenient! Having emergency money helps no matter how little it can be. In this process some commodities were named as “luxury” as early as the 2nd week of lockdown! Some of the items that we thought were non negotiable have raised extremely! Who knew that salt of 700 Ugandan shillings would go up to 2500!! Like how??? Buying needs and not whatever you want is the first important financial lesson that this lockdown can teach you. It’s essential to understand and realise the difference between what you ‘need’ and ‘want’. Buying essential stuff is surprisingly doable!

Now is the time to be careful budgeting and cutting costs so that you can survive weeks and months ahead with or without pay! But is it possible? God guide us! No one knows when this will end! Or when that hustle will still be a ‘hustle’! Lockdown has shown the importance of budgeting. This is the time of realisation that Emergency Funds are importanter! That one should have saved standard money for emergencies and uncertainties! But we learn in a hard way! It’s now that we see the importance for these emergency funds! Which has always been on the new year’s resolution! And am sure this will have a long-term effect on how we budget and shop in future.

After all this there will be a deep reflection, enough rest that we appreciate family togetherness and planning ahead! Maybe it’s all that have and it’s enough living for that. If it’s not… Then I don’t know what is…

TUHAME ❤️