Experts' tips on financial habits that build lasting stability

KAMPALA - For many Ugandans, the dream of financial independence often feels distant and overshadowed by unpredictable income streams, high living costs, and the daily pressures of survival.

According to financial experts, true and lasting stability doesn’t come from luck, inheritance, or sudden windfalls, but from discipline, planning, and small daily habits that strengthen financial control and resilience.

According to Mark Muyobo, CEO NCBA Bank Uganda, the country’s economy today runs on two powerful engines: cash and mobile money, because everyone relies on these tools for daily trade, payments, and savings.

He however warned that digital convenience comes at a price as it makes it easy to lose sight of where your money goes.

“A few thousand shillings spent on airtime, transport, or lunch may seem small, but these micro expenditures quickly add up. Without a deliberate effort to track spending, even the most hardworking individuals find themselves wondering where their income disappeared,” Muyobo said.

He explains that the fundamental difference between a life of financial stress and one of financial peace often lies in simple, everyday habits, such as saving before spending, budgeting for essentials, and actively avoiding unnecessary debt.

He said these financial habits can empower you to spot the small, unnoticed leaks, such as impulse purchases or daily indulgences that silently erode your savings.

“Financial awareness is the first step toward control, because by knowing where your money goes, you can identify wasteful habits early and learn to plug spending leaks, cultivating financial mindfulness, a state of being conscious and intentional with every shilling you spend.”

According to Judith Ssennoga, an accountant, from every income one receives, whether salary, commission, or business earnings, they should make it a rule to save before they spend.

“Start small by setting aside at least 5% to 10% of your income, and automate the process through standing orders or recurring mobile money transfers to your savings account. Automation ensures consistency and shields you from the temptation to skip saving during financially tight months,” she said.

Ssennoga said you should also strengthen your discipline by using structured, high-commitment platforms like digital tools, which make saving convenient.

She explained that saving automatically helps you build wealth without depending on willpower, and allows you to gradually create an emergency fund, accumulate capital for investment, and gain peace of mind.

“Over time, these small amounts grow through the power of compounding, where your savings begin earning returns on top of previous gains, and this is how modest habits lead to lasting financial independence,” she said.

She emphasised that debt in itself is not bad because when used wisely, it can be a powerful tool for progress. However, borrowing for the wrong reasons or under unfair terms is the real problem, because it leads to debt traps.

Experts, however, agree that digital solutions bridge the gap between intention and action because they transform vague goals into measurable progress and empower users to take control of their financial journey.