Building a saving culture

As a co-founder of the Mentorship program, having trained in Business studies at Masters level with a Master’s Degree in Finance & Accounting, and being a lover of Business and being a business woman I am today, that gives me a platform to mentor beyond mere word but practically challenge mentees to think and engage at launching businesses. Any mentorship less business is incomplete to us. The whole essence of mentorship is to have lives change, change the narrative of what society has made the young people to believe.

I have also learnt that studying business studies doesn’t make one a good business person either. What we study from school has nothing to do with real life in the field. Today, with a Master’s degree in Finance, I still struggle to save because it’s a culture I have learnt in my old age. On the contrary, my husband with his legal background is a good saver a culture he started practicing in primary school. He opened his first savings account with Post Bank with his pocket money savings. I also opened my first bank account in my S.6 vacation from my savings too, though I would have saved more but never had any idea of saving until S.6 vacation. I opened my first Account with National Bank of Commerce, to Crane Bank then finally to DFCU an account I still hold today.

We believe saving is a culture that can be trained and practiced over time and well appreciated early in age. As a mentorship ministry, we would like to introduce this concept early enough for our children to embrace the saving culture;

• We desire to see them develop business concepts in their areas of interests and passion that we aim at mentoring as we attach them to rightful mentors.
• We also, want to help them build financial confidence through their small savings to help them dream for bigger savings as they improve in their saving culture we are trying to encourage.
• The saving culture will help them believe in themselves and not wait on their parents and government for jobs and financial needs.
• The saving culture will help them work hard and love work. My son Jeremy is a hard worker and a great saver at the same time; sometimes he washes the father’s car to earn to increase his savings.
• We believe the saving culture will lead them into ‘thinking Business” as they see their savings increase.
• Above all, we want to change the narrative of the “Begging Mentality” that is eating up our society. Many adults wait to beg and government to meet their personal effects yet they also earn but poor at saving. The Hand to mouth mentality is for those without a saving culture.

However, just as we believe that we need to co-parent together, we need each other and partnerships are vital in this journey. It is with this background that financial institutions are our great partners in this aspect. Our request would be and not limited to;

• Coming on board to open savings Accounts for these young people as we encourage them to embrace a saving culture early in age.
• Participate in our financial literacy sessions, motivational talks and character development.
• Sponsor some of the activities here under in the program lineup according to your Corporate Social Responsibility interests.
• Offer any other advice as a co-parenting concern to the Ugandan child.

"In our 'Building the Saving Culture' initiative, we have two key goals. First, we're committed to instilling a saving culture from a young age through engaging educational programs. Second, we collaborate with banks to open accounts for young people, providing practical exposure to financial transactions and fostering responsible money management. Together, these objectives form a comprehensive approach to guide the younger generation toward a future marked by fiscal prudence and a strong saving culture." 💰🌱🏦

Objective 1: Building the Saving Culture at a Tender Age

At the heart of our initiative is the commitment to instill a saving culture from a young age. Recognizing the long-lasting impact of financial habits developed in childhood, we aim to nurture responsible financial behavior early on. Through engaging educational programs, interactive workshops, and age-appropriate resources, we empower children to understand the value of saving, setting the foundation for a lifetime of financial well-being. By integrating fun and informative activities, we create an environment where saving becomes a natural and enjoyable part of a child's development.

Objective 2: Liaising with Banking Institutions to Open Bank Accounts for Young People

To further solidify our commitment to financial literacy, we actively liaise with banking institutions to facilitate the opening of bank accounts for young people. We believe that providing access to banking services at an early stage not only encourages responsible money management but also introduces young individuals to the practical aspects of financial transactions. By collaborating with trusted financial institutions, we ensure a seamless process for account setup, offering a practical and hands-on approach to financial education. This initiative not only contributes to building a saving culture but also establishes a foundation for responsible financial practices that extend into adulthood.