Nkumba University, Friday 26th 06 2026 – Vice Chairperson Nkumba University Council, Madam Eva Ssewagudde Jjagwe, has urged university staff to embrace financial discipline by living within their means, diversifying their sources of income, and adopting a culture of saving to secure their future.
Speaking during a financial literacy session organized for members of staff at the Nkumba University Staff Association Annual General Meeting, Ms Ssewagude said prudent financial management begins with matching expenditure to income while deliberately creating additional revenue streams to cushion individuals against financial shocks and stumbles. “Your budget should simply tell you how much you earn and how you intend to spend it. If your only source of income is a salary, yet you have numerous expenses, then you have a financial challenge,” she said.
She encouraged staff to develop at least three income streams, noting that relying solely on salaries leaves families vulnerable during periods of delayed salary payments or economic uncertainty. “We all have the capacity to create two or three income streams. If one source is constrained, the others can sustain your family. Increase your value, identify opportunities around you, and allow your skills to generate additional income,” she added.
Ms Eva also challenged staff to cultivate a saving culture by setting aside money immediately after receiving their income instead of saving what remains after spending. “Save before you spend. Don’t spend first and then attempt to save what is left because, in most cases, nothing remains. Financial discipline starts with paying yourself first,” she advised.
She cautioned staff against excessive borrowing, particularly for consumption and luxury purchases, saying debt should only be acquired where it creates additional income or productive investments. “Borrow only when it is necessary and ensure you have a practical repayment plan. Avoid multiple loans from different lenders because they become difficult to manage and eventually increase your financial burden.”
Drawing from personal experience, Ms Eva noted that many people postpone their financial goals year after year without taking deliberate action. “My mother always told me that many people have built houses only with their mouths. Every year they say, ‘Next year I will start.’ But every year that passes is one year gone forever. Start planning today because tomorrow is never guaranteed,” she said.
She further encouraged staff to prepare written financial plans, build emergency funds, plan for retirement early, and seek professional financial advice whenever necessary.
The Vice Chairperson also warned against lifestyle inflation, saying many young professionals spend beyond their means in pursuit of appearances. “Live within your means. Don’t spend yourself into poverty simply because you want to maintain a lifestyle you cannot afford. Peace of mind comes with financial discipline,” she noted.
The financial literacy session forms part of Nkumba University’s staff development initiatives aimed at improving employee welfare beyond academic and administrative responsibilities.
The university has, in recent years, expanded professional development programmes covering leadership, digital skills, research capacity, and financial wellness as part of efforts to build a productive and resilient workforce. Management believes financially stable employees are better positioned to deliver quality teaching, research, and community service while contributing to the institution’s long-term sustainability.
