Acadamis Uganda

10/06/2021

READ EVERY LINE OF EVERY CONTRACT YOU SIGN

It amazes me how many people sign a lengthy contract without taking the time to read it. Often, they ask the person they are signing the contract with, “Is there anything important I need to read through?”

Think about how ridiculous that is. The other party in your contract has an incentive for you to sign a contract that is advantageous to him or her. Please understand that most people aren’t trying to mislead you or rip you off. However, there will be a very few who will do so.

Even if the contract is straightforward, it makes sense to understand what you are signing. Take the time to read and understand everything in a contract prior to signing it. You are bound by everything you sign. You cannot go back a year later and say, “Oh, I didn’t see that” or “I didn’t understand it.”
Make appropriate changes to a contract and have both yourself and the other party initial the changes. In addition, make sure to keep your contracts in an appropriate file.
The most important contracts you will sign are mortgage contracts, rental/leasing contracts, automobile loan contracts, and employment contracts.
If you have any questions on these significant contracts, you should have an attorney look at them.
I guarantee that by reading and fully understanding every contract you sign, at some juncture you will avoid a critical mistake that would have cost you thousands of dollars.

24/05/2021

NEGOTIATE EVERYTHING

Never accept the price of any product or service (particularly big-ticket items).
Most people accept the price as a given when it’s not. Negotiation is uncomfortable. It causes stress and tension. It makes you look cheap. It makes you feel rude. Sometimes it even makes you feel dumb. All of these are true (at times), but negotiation also saves you hundreds of thousands of dollars in a lifetime.

Here are a few quick tips:

Ask lots of questions, and let “them” do the talking.
You will be amazed at what you learn.

▪ Do your research and have all the facts.

▪ Never “absolutely have to have” something; be willing to compromise on what you
purchase.

▪ Delay your purchase until the price and terms are acceptable.

▪ Pay cash for a better deal.

21/05/2021

Parents , Do you ever speak to your children about personal Finance!? Share your thoughts with us on this endeavor.

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18/05/2021

PAY ALL YOUR BILLS ON TIME EVERY SINGLE MONTH

This principle is extremely important when you want to manage your money properly. If you pay everything you owe on time every single month, you will prevent yourself from developing a money management problem.

I can’t tell you how many people pay significant late (and interest) charges just because they are too lazy to make a debt on time. They have the money, but they don’t have the time and energy to write the check, put it in an envelope, and mail it.

I think about it this way: If I worked for somebody and he or she didn’t pay me on time every month, I would stop working for that person. Well then, you shouldn’t be surprised that if you don’t pay people, they’ll stop providing services or charge you more for a late payment.
It’s not just about the money. It’s about respecting the people/companies to whom you owe the money. It’s not fair to them if they have to beg you (i.e., send you late notices) for payment.

However, the money is important. It’s clear that paying your bills on time every month will save you considerable amounts of money over time. Just in your enhanced Trust and credit rating alone (we’ll go through that in another lesson), you will save thousands of dollars in your lifetime.

So, pay your bills on time every single month

14/05/2021

BEFORE YOU BUY ANYTHING EXPENSIVE, STOP AND THINK ABOUT WHETHER YOU REALLY NEED IT

You will have to judge what is expensive to you. When I was in my early twenties, a meal in a decent restaurant or a Ugx . 50k ( $20) shirt seemed expensive.

I’m not telling you not to purchase anything expensive. I’m just asking you to stop for a moment to understand your motive.

Do you really need the $30,000 car if you live in a conjested city ? Only you know the answer to that.
When I saySTOP, I really meanSTOP. Stop yourself every time you want to purchase something over $100. Now, wait one month and see if you still want that product or service.

If you do and it’s within your budget, then buy it. If not, then put the money you were going to spend into your savings or investment account.
Please avoid impulse purchases of expensive things. Be hard on yourself about really needing stuff; you’ll find yourself enjoying your life while saving money.

12/05/2021

MAKE SURE THE LUXURIES YOU AFFORD YOURSELF ARE TRULY IMPORTANT TO YOU

What do I mean by this? As a young adult, you often purchase something because you just have to have it. Someone else has it or it’s the latest and greatest item.
Manufacturers and marketers make their money by quickly making products obsolete and by using advertising to persuade you that you need a new product now.

Analyze your purchase behavior. If you’re constantly buying new products while the old product is functional, then look to prioritize which new items you truly need. So the new iPhone looks “cooler” and has more internal storage n all . Well, if your old one holds ten thousand songs and pictures and you have only one thousand on it, then you probably don’t need to buy the new one.

An example on a larger scale is your first couple of car purchases. You may feel that you deserve a car with all the bells and whistles, and the car salesman will definitely tell you why they are all so very important. Think about how much the extra-wide wheels will matter to you a month from now (especially when you realize they cost you $1,000). Or how valuable that $750 upgraded stereo is when the standard one sounds just the same to your ears (unless you’re a true aficionado).

Based on experience, this is the most difficult area of spending to maintain discipline. Try this approach: Every time you balk at buying the latest and greatest product, put the money saved in a special saving area reserved for big-ticket items. When you go to buy something that truly matters to you, you will be amazed at how much money you’ve saved up.

11/05/2021

11/05/2021

MoneyManagement Tips .

TAKE CARE OF YOUR “STUFF”

Your parents told you this when you were growing up, and many of you probably blew it off because you may not have been paying for your “stuff.”

Well, now that you’re on your own, you’re paying for everything you buy. And, you want it to last. I guarantee that if you take care of your “stuff,” you will save loads of money over your lifetime.

Let’s take something that you don’t even own and look at the advantage of taking care of it: your first apartment. You will most likely have to put down a significant security deposit (usually one month’s rent) in case any damage is done to it. Thus, you need to clean it regularly, be careful not to scratch/dent the walls when you’re moving in, and call the landlord if something breaks down (so you’re not charged for it when your lease is up).
When you buy a house, it’s even more important to take care of your “stuff.” Paint your house (inside and out) every ten years. Follow manufacturers’ instructions for using, maintaining, and cleaning all household utilities (washer, dryer, refrigerator, oven, stove, dishwasher, air conditioner, toilets, etc.). It makes sense to get a service contract that protects all the household utilities.

How about something as simple as clothing? If you take care of clothing properly, it will last twice as long as the clothing of somebody who doesn’t take care of it. The same can be said for furniture. If you clean it regularly and use it properly (no food or drink on it), some furniture can last for decades.
It’s important to realize that the costs of maintenance and repairs can be significant in the short term. However, the cost of not maintaining and repairing “stuff” is much more significant in the long run.

10/05/2021

We were hosted at the Document Processing Center at URA- HQ in Nakawa by staff to talk about the value of with a great emphasis on budgeting.
We also found time to discuss our financial lessons from the Covid19 Pandemic.

02/01/2021

Listen to this very well.

24/12/2020

Merry Christmas and a Happy New Year

15/12/2020

Your word for this festive season.