The State Minister in charge of Microfinance, ‘Haruna Kyeyune Kosolo’ has asked monthly salary earners to start looking for their side incomes from their businesses that bring in income on a daily basis.
While speaking to the heirs in Kasese as he continues to monitor the performance of the Emyooga program in the Rwenzori region, Kosolo stated that this is the high time Ugandans embraced the saving culture but noted salary earners ought to think outside the box.
According to Kasolo, try as much as you can to start a daily income-generating activity because Salary is useless. That is why it is removed the moment it hits the account. Use your Salary and create a daily income-generating activity. Even if you get shs100 million a month, you will mortgage it. You will use it to service loans you borrowed before you received your Salary. And you will be in that cycle forever.”
However, even those workers do not even bother about Salary or income. They have other activities. Use part of your Salary to start a new business. Do not go for loans because some people prefer to take short term loans and then put them into a long term investment. Get a loan and start a business that will help you to earn money.
Furthermore, Minister Kasolo explained that by starting side daily income businesses, salary earners could skillfully take benefits from the Emyooga program when they join SACCOs that are in with their companies.
He further stated that this is not going to benefit them to save but also to get the cheap credit from their own SACCOs in order to inject into their businesses.
Moreover, the minister highlights the idea of saving, challenging the people to keep first before spending money earned permanently.
He stated that the money saved benefits more people than one spent on leisure and pleasure.
As per Kasolo, saving money can enable them to get the cheap credits from Emyooga SACCOs and avoid the banks and moneylenders that he described as loan sharks ready to eat them up.