Many people in life reach the ages of 30 without a clear line on their finances. Below I am going to tell you about what to do at every stage of your life when it comes to finances. If you have pas…




Many people in life reach the ages of 30 without a clear line on their finances. Below I am going to tell you about what to do at every stage of your life when it comes to finances. If you have passed the stages then pass the knowledge to everyone you know in each stage. Let us make the impact influence to everyone in our life.

We all need to develop our finances in life to help us achieve our dreams and be successful in what we do. This piece is dedicated to the stages of life we are at. We have stages of our life like 0-12,13-19,20-30/35,30/35-55,55-above in this piece you will find the features and characteristics of the different stages and different considerations  that one must have if they are in that stage.

Stage One

0-12 years

This stages looks at understanding the value of money. Probably one is under the care of their parents and guardians and their mind is a clean slate ready for the world to write its pre-conceived ideas.


  • Probably one is receiving pocket money.
  • They have no idea of how to count money or how to treat it.
  • At this stage the children don’t have an idea about the difference between what they need and want.


  • At this stage a parent should teach the children the basics of saving thru the use of a piggy bank and a kid’s bank account by using videos and short clips.
  • The children should learn about the concept of hard work by being paid for doing house chores, helping out around the house and running errands.
  • Encourage them to start mini businesses like baking, lemonade stall, making project bracelets, making cards, paintings and any other mini business that is relevant to children’s age.
  • Teach them the concept of generosity, selfless and giving .We all know that the world is in need of givers.
  • Open up the kids account for the child.We have plenty of banks with this product account which will be available to them when they turn of age.

Stage Two

13-19 years

This stage is about understanding money better.

At this stage the teenage is quite lavish and unruly due to this money can be misused and abused due to teen influences and peer pressures.


  • Teach the children that they can’t always get everything they want.
  • Encourage them to work holiday jobs so that they can earn money for their pocket money. Jobs like working in restaurants, retail shops are good picks.
  • Encourage them to take up internships around they locale.
  • Take up reading it is good to have knowledge.
  • Establish purpose in your life it is better to begin at this age. It helps sets the direction for your life or it will be hard for you to find your purpose when you grow up.
  • It is also good to establish mentor ship at this stage.
  • Get involved in the community around you i.e. get into charities, rotatract and church this gives you a different perspective and good relational benefits.
  • Travel to learn and get all the exposure.
  • Teach them about budgeting.

Most billionaires started out at the ages of 15 and 16 case in point Ashish Thakkar Africa’s youngest billionaire began at 16.

Stage Three

20-30/35 years

This is the accumulation stage,gather all you can cause 50 is not far.

This is the most exciting level of life no rules, your rules, many decisions and a world of your own taking this requires your best game and very good informed decisions.


  • You have probably settled down with the love of your life by this age.
  • You are finalizing with school.
  • You full of energy and would like to take the world face on.
  • Some people are earning a stable income from jobs and professions.
  • Huge amounts of responsibility are involved.
  • Probably you have moved out of home.
  • There is pressure for all corners of life.


  • Have a vision board.
  • Saving is of great benefit.
  • Stop procrastinating.
  • Invest in the stock market with due diligence.
  • Have financial goals. e.g saving plan of 10 dollars per week/day/month.
  • Have a monthly budget please!!!!
  • Invest in yourself.
  • Start your own business.
  • Develop a saving and investment culture.
  • Learn and practice the principal of personal finance like budgeting.
  • Set up an emergency fund which can be able to sustain you in 6 month in case of an emergency?
  • At this stage it is good to invest in riskier investments.
  • Buy valuables items like gold, diamonds, art piece and mementos which appreciate over time.
  • Grow up you will not stay in the bar all your life nor will you drink beer all your life.
  • Minimize and manage.
  • Get professional in your area of interest.
  • Travel the world.
  • Love yourself no one can do it better than you.

Stage Four

30/35-55 Years

This is known as the consolidation stage, consolidating the youth age and adult age.


  • More expenses due to increased responsibility.
  • You probably have a family with children by now.
  • Out of parents home if you hadn’t yet left at 20 years.
  • You have education loans for your kids.
  • Have rent.
  • Have a mortgage this is not so common in Uganda.
  • One is probably planning for retirement.
  • One is involved in higher education.


  • Financial discipline is important.
  • Have a strict budgeting policy.
  • Don’t forget to save and invest.
  • Diversify your investment portfolio.
  • Take risks, life is short to regrets the road less traveled.
  • Get assets.
  • Establish an education fund for the children.
  • Get a mortgage; buy a house and resale to gain value on sale.
  • Health insurance is important.
  • Life insurance is not to be ignored.
  • Pile up assets.
  • Plan and plan for retirement.
  • Find a successor.
  • Mentor your successor.
  • Have multiple sources of income.
  • Still invest in yourself.

“No matter what your dreams are valid”, at this stage , in the words of Lupita. You can still do what you purpose to do at this stage.

Stage Five

55 years and above

This is known as the Retirement stage.


  • Retirement is staring you in the eyes. Either you are retired or ready to retire because of this there is no income unless it is pension.
  • There is a strong need to leave a legacy.


  • Create a budget.
  • Pay off all outstanding debts.
  • Eat home cooked meals to stay healthy.
  • Reduce on spending because you want to save more.
  • Write a will.
  • Appoint a successor.
  • Delegate as much.
  • Travel the world.
  • Join a community.
  • Spend time with your children and grand children.

If you where financially intelligent in you younger age this stage will be smooth but don’t you worry even if that didn’t.

Thank you for taking time off to read this piece I appreciate you for taking time off. This is what I could come up with please feel free to add your thoughts by emailing me to add to this article and improve them.