BY DAVID WANDERA

The concept of New Year, New Me” is probably as old as calendars, but be-coming a new version of yourself can be a little more complex than the mantra makes it out to sound. The in-stinct is to hit the ground running with as many objectives and targets as possible, but if you are not realistic with yourself and how you approach them, you can easily crash out and find yourself questioning why you are never able to get your goals done.

The commonest financial advice often re-volves around saving and budgeting, but it’s harder to save what you don’t have. Budget-ing becomes complex when dealing with un-certainties like irregular income,job insecu-rity, unexpected expenses and family obliga-tions. Before you know it, you can return to your default spending settings ahead of the year’s second quarter.

As human beings, we are creatures of rou-tine. Studies by the Society for Personality and Social Psychology show that 40 percent of what we do is driven by habit. If you did some-thing last week, chances are you will be re-peating it tomorrow and the day after that.

When it comes to financial habits, some ex-ternal push may be required to propel you away from the bad habits and towards the ones you want to hold onto through the year. Instead of generic advice, develop personal-ized strategies that align with your unique circumstances and make use of the tools and tips that can get you from where you are to where you want to be:

For one, we are a country where many households are one medical emergency away from financial hardship. Health insurance, al-though often overlooked, can be a significant cost-saver in our conditions.

Another one of this season’s stressors comes in the form of school fees. When you become a parent, paying school fees also becomes a constant expenditure- a running cost for the family. But somehow it seems to catch many by surprise. Not entirely due to poor planning or inadequate finances, but because many nuances affect when and how we get mon-ey. A shift in perspective in approaching pay-ments like these can be a game-changer.

Some schools offer discounts for annual payments so if you have the finances ready why not clear it all at once and save yourself that hassle every after 3 months and keep a little more money in your pockets? As Benja-min Franklin put it, “An investment in knowl-edge pays the best interest.” Make those school fees payments a properly planned pri-ority and not a last-minute panic.Capitalize on economies of scale and discounted payments. Crunch the numbers around what a lumpsum school fees loan would cost, you may be surprised how much making a single payment would save you.

According to Dave Ramsey, “A budget is telling your money where to go instead of wondering where it went.” So if you find yourself wondering about your money, it ultimately doesn’t hurt to ask a professional.

Consult your banker or financial advisor to find out what tools or products would best support you. The financial sector is always innovating.

Sorting out one’s finances is more of a marathon than a sprint. It requires discipline, patience and a long-term perspective. So, ditch the “save more, spend less” mantra. Instead, focus on creating a personalized financial plan that reflects your unique circumstances and aspirations. By embracing these tips and staying committed to your goals, you can build a strong financial foundation for a more fruitful 2025.

The write is the interim managing director at Absa Bank Uganda