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Lillian Nanteza

Director Finance, National Youth Empowerment Network

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how may the youth improve on how they manage finances.

Majority of the youths in my country Uganda are financially illiterate. How can we improve their financial management skills during this period that the Ugandan shilling is depreciating at very high rate and inflation at 22%

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    Sep 18 2011: The three elements of personal financial planning is to have your balance sheet, cash flow statement and budget planning.

    As for youth,initially, it's not easy to make a comprehensive BS or CFS statement, but it's possible to know how much money they are going to spend or planing to spend, that is budget planning.

    Besides this, they can save some money like coins or leave out some unnecessary expenses. You can teach they some basic knowledge about the money management, and help them to develop a habit in record their expenses everyday....

    I just start study finance recently, so the answer maybe not really helpful, but still hope it works...
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    Sep 15 2011: First they need part time jobs. Then they need to learn budget management. Then we may educate them on consuming wisely ( which is a arguable statement by me) . After all they will see that they have the control on the source and the expenses. Using second-hand goods and repairing instead of buying new are two great enemies of inflation by the way.