Women have been urged to take a more intentional and disciplined approach to managing their finances, with a focus on budgeting, saving, and investing as key pillars of long-term financial stability.
Speaking at the SheCounts Financial Fair, Bank of Uganda (BoU) Team Lead Economist Ms. Pumla Nabachwa broke down money management into practical, everyday actions, challenging women to rethink their relationship with money and adopt habits that build financial security over time.
“What is budgeting? Budgeting is planning for your money—telling your money where to go, and at what time,” Nabachwa told participants, emphasizing that financial control begins with clarity and deliberate decision-making.
Drawing from both professional expertise and personal experience, Nabachwa underscored the importance of long-term planning. She revealed that despite having a stable income working with the central bank, she continues to actively seek additional income streams and has consistently planned ahead for major life expenses.
“My son is 17 years old and is almost going to university, but I started saving for his university ten years ago,” she said, illustrating the power of early and consistent financial preparation.
Her message resonated strongly with a core theme of the fair—closing financial literacy gaps among women. Nabachwa noted that many women struggle with money not due to lack of income, but because financial management skills are rarely taught. Compounding this challenge are social pressures, emotional spending, and multiple responsibilities that often stretch limited resources.
She encouraged participants to define clear financial goals, whether for education, business, home ownership, or retirement, and to quantify those goals in monetary terms. “Money without direction usually ends in pressure,” she warned.
Nabachwa outlined a simple budgeting framework that allocates 50 percent of income to needs, 30 percent to wants, and 20 percent to savings and investments, while urging women to “give every shilling a job” through zero-based budgeting.
On savings, she stressed consistency over amount, noting that even small contributions build discipline and resilience. She advised saving immediately after earning, rather than waiting for leftover funds, and called for the creation of emergency funds equivalent to at least six months of basic expenses.
Turning to investments, Nabachwa advocated for caution and knowledge, encouraging women to invest only in opportunities they understand, diversify their portfolios, and avoid high-risk schemes promising quick returns.
Her closing message was that financial success is less about income levels and more about habits. “Start where you are. Small, consistent steps matter. Your money is your power,” she said.