"In Uganda today, debt has become a silent companion -- not just in wallets, but in our daily conversations, our choices, and our emotions."
If you listen closely to conversations in taxis, salons, or on bodabodas today, you'll hear a familiar tune: "The economy is hard."And it's true. Prices are rising, jobs are uncertain, and our money doesn't stretch the way it used to. In times like these, many people turn to loans formal or informal to survive. And survival isn't a sin. But there's a deeper truth we often avoid talking about: debt is not always a trap sometimes it's a mirror.
A mirror reflecting our habits, our mindset, our ability (or inability) to plan.
Let's be honest. Some people are drowning in debt not because they earn too little, but because they spend too much too quickly on things that don't multiply value.
Others take loans they were never emotionally ready to manage. That "quick money" often comes with long regret.
So, what can we do differently right now in this financial climate?
1. Know Your Financial Temperature
Before rushing for a loan, do a money health check. What are you earning, spending, saving? If you're constantly short, is it because of income or lifestyle?
One time I served one interesting, honest client who opened up and told me, "Jonan, when I have money, I can't settle.
I feel like joining the boys out. I feel like giving money to almost whomever I feel sorry for until it's done, then I settle."
If this story is relatable to you, you need to increase your financial thermostat so that you can live normally even when you have a billion shillings on your account.
I have heard of people who even slap passengers by the roadside to compensate them, just because they have a few millions on the account. Interestingly, people who have real wealth do not splash money around.
They don't even have to show it out, just because their thermostat is raised to way higher limits than what they poses.
2. Borrow with an Endgame
Borrowing is not bad. But borrowing without a clear, realistic repayment plan is like jumping into Lake Victoria without knowing how to swim.
You may float for a while, but eventually, the tide turns. It's advisable to borrow for income generating activities rather than consumptive expenditure.
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3. Stop Competing, Start Planning
A big reason some people borrow is to maintain appearances weddings, gadgets, clothing, even Instagram-worthy birthdays. But financial resilience is built in silence, not social media.
4. From Panic to Purpose
Emergencies happen. But not every loan should be for fire-fighting. What if we changed the narrative? What if we started borrowing to build, not just survive? Imagine taking a small loan and turning it into capital for a business, not just fuel for a weekend trip. At Jonakee Holdings, we've walked this road with thousands. We've seen the heartbreaks and the breakthroughs.
The truth? It's not just about the money. It's about the mindset.
So let's change the story.
Let's borrow with intention. Let's lend with compassion.
Let's make financial decisions that serve our future, not sabotage it.What is debt showing you about yourself today?
The Author is the President Money Lenders Association of Uganda
