According to the Bank of Uganda report, only one in ten Ugandans can sustain themselves for at least half a year after getting kicked out of the employee bracket.
The bank’s financial capability survey 2020 says that about 20% Ugandans can sustain their current lifestyle using saving for less than a week.
The report further revels that 50% would only sustain their lifestyle for less than a month.
factors that brought about this were said to include increase in house hold item prices and unemployment.
so if you never want to be stuck in this kind of situation, here is what to do.
invest. having that job and all you do is eat every penny earned per month is no good idea. making an investment will help you to not only earn extra income from your paid employment job but also make you earn even after loosing that job.
plan on savings. although we tend to have a poor saving culture, teaching your self how to save comes in handy. you never know when you will need some money so your savings can help you get some money when you need it without even waiting for a monthly salary or relying on borrowing.
Remember that if you still want to live a good life while you stilll have a job, it is also good to live that life a year afetr you are fired so that people do not think its the job that supported you and that without it, you are nothing.
