“Determine What You Need and What You Want”, Says Jack Onyango to Participants of the South Sudan Peace and Leadership Mentorship Workshop
“Determine What You Need and What You Want”, Says Jack Onyango to Participants of the South Sudan Peace and Leadership Mentorship Workshop
By Sr. Henriette Anne, FSSA
On the second day of the South Sudan Peace and Leadership Workshop, on 22nd, March 2024, Mr. Jack Onyango a business administrator and financial manager told the participants to determine what they need and what they want as students to avoid overspending or misusing funds since needs are sustaining and wants are entertaining.
Mr. Jack Onyango
In his presentation, he stressed that financial literacy is important since it helps sustain the financial well-being of individuals and families, helps in building a budget that works for one to ensure one's goals and dreams are achieved, helps in avoiding unnecessary debts, enables individual to make informed financial decisions and plan for unexpected financial hardships, and one can take control of debts before it takes control of them.
Advising the students on financial literacy as the possession of knowledge and understanding of financial matters, he said, “Never dig a hole to fill up another hole.” It’s easy to get into debt but hard to get out”.
Mr. Onyango also oversees project design, resource mobilization, and documentation, called upon the participants to set financial targets to manage their money, think about what they want to do, and set goals towards achieving it.
“Set financial goals/targets to manage your money well. Think of what you want in life and set goals towards achieving that. For example, if you want to buy land in 5 years, start saving for it now. If you are working for something important to you, and if you have a plan of action, you will be more likely to succeed”.
Discussing where the money comes from and where it goes, Mr. Onyango narrated; “after setting your financial goals, plan where you will get the money from. If you can’t get enough money from your income, raise additional money through home-based projects (e.g. vegetable growing and marketing, roasting and selling of groundnuts, baking, etc.). You can also cut your expenses and save: Look for ways to spend less so that you can save some money to help you reach your financial goals”.
He also encouraged the participants to always prepare a budget that is within their income, decide on their priorities, create a budget expense, always assess, adjust, and make a plan, and start a weekly log of flexible expenses.
He added that it is easy to get into debt but hard to get out citing that “If you borrow money, plan carefully how you will use your loan and how you will pay it back and stick to your plans. Always use borrowed money for the purpose you borrowed it”.
On the other hand, Miss Diana Alot, a market strategist for financial institutions and a specialist in corporate communications and income-generating market campaigns in East Africa stressed to students to consider saving to avoid unnecessary debt, to always have an emergency fund, and to save for special events.
“Savings are the best way to pay for day-to-day costs like school fees, clothing, and medical charges. It is better to save for such expenses than to borrow. For example, if you start saving for your children’s education early enough, you may not need to take an education loan or borrow money from a friend to pay fees”, she continued, “Have a savings scheme for luxuries such as birthdays, a wedding ceremony or holidays. You can plan for this and hence save over a long period”.
Miss Diana Alot
On considering taking a loan, Alot underscored that there is always a need to have a plan and consider interest in advance before taking a loan, how they will use and how to pay back the loan.
She added, “Don’t borrow because others are borrowing, ask yourself if you need the loan, and avoid “easy” loans and lenders who discourage you from reading and understanding the loan documents”
She continued, “Investment is forgoing today’s consumption for an activity that will bring you more income in the future i.e. you chose not to spend your money on food clothing, and leisure, but instead purchase an asset that will earn you more money”.
The workshop has been organized by Sunrays Foundation (SRF), a Humanitarian non-profit organization established in 2019 to support vulnerable people in the community by providing sustainable community-based solutions aimed towards strengthening resilience among the most marginalized populations in South Sudan.
SRF is legally registered by the Relief Rehabilitation Commission (RRC) Reg No. 3313 and managed by a board and secretariat that ensures all strategies, goals, and policies are strategically and effectively implemented.
SRF has its head office in Yambio, Western Equatoria State which is the main program implementation location with a coordination office in Juba. We also work with teams in Torrit and Magwi in Eastern Equatoria state, South Sudan, and have a liaison office in Nairobi.
