By Agatha Namirembe
CHAIRPERSON UPEU
Today most female workers engage themselves into small scale enterprises (SSE) which they carry out after work. This enables them to supplement their major incomes. These enterprises include such things like mobile money, kiosiks,chips and chicken flying, tomatoes and onion stall charcoal stalls, maize and gonja roasting just to mention but a few
In carrying out these enterprises these women require some basic skills in order to realize profits from their businesses. Un fortunately many of them lack these skills and in the end their businesses collapse or fail to achieve the purpose for which they were started.
The main skills required are listed here under
- Budgeting
The foundation of any successful financial plan is creating a budget. A budget helps us track our income and expenses and enables us to allocate our money wisely. It allows us to prioritize our spending, save for the future, and avoid unnecessary debts.
While budgeting, there is need to;
- Determine your monthly income, including cost of law materials and any other sources of income
- Document and categorize your expenses. Be though and include every recurring cost
- Set financial goals and allocate funds accordingly
- Regularly review and adjust your budget to ensure it remains realistic and reflects your current situation.
- Emergency fund: thefty, accidents, sickness
Life is unpredictable, and having an emergency fund is vital to handle unexpected expenses such as illness, accidents. Aim to save at least three to six months worth of living expenses in a separate, easily accessible savings account.
similarly, one should pay attention on how to:
- Start small and consistently contribute a portion of your income toward your emergency fund.
- Automate your savings by setting up an automatic transfer each month.
- Prioritize replenishing the fund after using it for emergencies.
- Debt Management
Dealing with debt is a significant part of personal financial planning. Its crucial to manage your debts effectively to avoid falling into a cycle of high interest payments and financial stress. - Customer care
Be friendly to customers try to learn their life style, understand them
Rent of debt and prioritize paying off high-interests debts.
Don’t be harsh to them don’t be tough but be bold and stick to the point on issues of business and only borrow/lend those you are sure are trust worthy.
ends
