As schools remain closed in Uganda, Parents have been advised to save up enough money for school dues once the educational institutions re-open.
In March this year, President Yoweri Museveni ordered for closure of schools among other measures instituted to prevent the spread of COVID-19 pandemic in the country.
Ronald Mukasa Ssenkubuge a Financial Literacy Coach says due to the nationwide lockdown that kept many Ugandans at home, many parents used most of their savings on food and medical care among other household necessities since schools were closed.
He says much as there’s uncertainty on when the schools will re-open, parents must know that this situation will not last forever.
Ssenkubuge notes that parents need to use this period to save enough finances if they are to take their children back to school once the lockdown on schools is lifted.
“There are a number of insurance companies which have products that can be used in this period for you to possibly save up and prepare for future expenses. The dangerous thing which could happen is to use the school fees to maintain your lifestyle. All of us have been pushed into the corner somewhere and we need to make changes in our personal finances” said Ssenkubuge
Meanwhile, Mukasa advised Ugandans not to focus on the negative impacts of COVID-19 but to seize new business opportunities created by the pandemic to overcome the financial crisis.
”The question which you have to ask first of all is, can you see these opportunities? Secondly can you be able to seize them? Talk about things like delivery services, people are demanding delivery services in places where you never thought they would demand them why because of the situation we are in and this could be a business opportunity that has been created. The use of technologies, a good example is the use of zoom. So I think young people have to ask the important question of how I can be able to find some space in these opportunities” He added