Practical Tips to Balance Business and Personal Expenses.

A training part of the Enterprise Uganda's Business Recovery Series that was put in place with the goal of encouraging and guiding entrepreneurs on how to recover from the economic challenges caused by the Covid-19 Pandemic. It is a series of courses taught by business leaders and shakers that will assist you in rebuilding your business following COVID-19. The weekly 1-hour online courses will provide entrepreneurs with actionable advice that they can implement right away.
Mary
Odongo
4 Jul 2022

Balance business and personal expenses is a difficult task. A person can struggle with this challenge in many ways, including by trying to make too many financial decisions at once, spending impulsively without thinking about the consequences, or not having realistic expectations for what they can afford. People also tend to be more likely to become overwhelmed if their income fluctuates significantly from month to month or year-to-year. Balancing business and personal expenses often requires careful planning and consistent effort over time.

Barbra, an academic, lecturer at Makerere University, business literacy coach, and author of Money Cure, is hosted in a conversation with Enterprise Uganda and kicks off her session by asking the audience to conduct a self-evaluation of their current daily expenditures as a practical way to identify the various leakages in their spending habits. She urged caution in developing spending habits and mantras that limit explosive purchases and expenses. This included spending tracking for social obligations and general household bills.

The audience was challenged to figure out how they could use their current revenues to become more of an investor than a customer.

• She identifies self-discovery and resistance to social pressures as ways to cut costs.

• She also stated that budgeting is a good way to save money.

• Seeking alternatives to what one spends money on. This includes looking for the most affordable services and products. Purchasing items in bulk can result in significant savings.

In conclusion, her advice to the audience was, living below ones means, automate certain expenses, avoid undertaking capital intensive activities right now and have separate personal and business accounts amongst others. 

You can watch the full interview on the Enterprise Uganda YouTube Channel: https://youtu.be/tpsJYBA7Dzw

Note: The Enterprise Uganda Business Recovery Series Zoom Sessions are conducted every Thursday of the week. 

Mary Odongo

Acting Managing Director | GEN Uganda

Mary is the Acting MD responsible for establishing GEN Uganda. She is a fellow of the Association of Certified Chartered Accountants UK. She has … More