Dr. Grace Kansiime Mwesigye: ‘I saved double of what I had planned to’

Savings Digest - Issue 1

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Dr. Grace Kansiime Mwesigye, Special Presidential Assistant for Education & Sports – Infrastructure Monitoring Unit – State House, had planned to save Shs50million in two years with the NSSF Voluntary Savings Plan. Instead, she ended up saving Shs100million. She spoke to Julius Businge about how she was able to achieve this:

For starters, who is Dr. Grace Kansiime?

My name is Dr. Grace Kansiime Mwesigye, and I currently serve as the Special Presidential Assistant for Education & Sports – IMU - State House. Throughout my career, I have worked on numerous impactful projects, balancing my professional responsibilities with my aspirations. However, like many individuals, I faced the challenge of securing my financial future and ensuring a comfortable retirement. This is my journey of building my retirement fund through the NSSF Voluntary Savings Plan, a decision that transformed my financial outlook.

Tell us more about the motivation for using the NSSF Voluntary Savings Plan for your retirement fund.

In March 2020, as the world shut down during the COVID-19 pandemic, I had just completed a significant project. The closure of this project came with a modest allowance for my efforts, and I found myself reflecting on how to make the best use of it. At the time, uncertainty loomed everywhere — jobs were scarce, and financial security felt more important than ever. It was during this period that I came across the NSSF Voluntary Savings Plan. I was motivated by its unique offering. It was a platform that not only safeguarded my money but also helped it grow over time. Unlike traditional saving methods, the NSSF scheme provided tangible benefits — growth through interest, stability, and accessibility. This combination made it an attractive option. I decided that if I was going to navigate the uncertainties of the future, I needed a plan that offered both security and growth, and NSSF was the perfect fit.

How did you set your financial goals for retirement, and how has the plan helped you achieve them?

Initially, I had no concrete financial goals. Like many, any money that entered my bank account seemed to vanish almost immediately into a myriad of expenses. These ranged from paying school fees to contributing to weddings or community fundraising events. I often found myself struggling to build any lasting financial foundation. However, in 2020, I decided to challenge myself. With inspiration from the NSSF app’s estimations, I set a goal to save UGX 50 million within two years. At the time, this felt ambitious, almost unattainable, given my track record. Yet, with disciplined saving and the motivation provided by the app’s projections, I not only met my goal but exceeded it. To my amazement, I saved over UGX 100 million within the same period. This achievement was transformative and gave me confidence in my ability to plan and save effectively for retirement.

What specific steps did you take to enroll in the NSSF Voluntary Savings Plan?

Enrolling in the NSSF Voluntary Savings Plan was surprisingly straightforward. One day, I walked into the NSSF office with an open mind, eager to find a profitable saving scheme. A gentleman named Peter approached me and noticed that I had many questions. He patiently explained the various products and benefits of the plan, addressing every concern I had with clarity and professionalism. Once I was convinced of the scheme’s value, I proceeded to register. The process was seamless — within an hour, I had my account set up. This included taking passport photos and completing the necessary paperwork. The efficiency of the process left a lasting impression on me and reaffirmed my decision to trust NSSF with my savings.

How did you decide on the amount to save regularly, and did you adjust this amount over time?

The COVID-19 pandemic served as a wake-up call, making me acutely aware of the harsh realities of life without savings. Initially, I decided to save 50% of my salary. This decision required significant adjustments to my lifestyle, but I knew it was necessary. Over time, as I grew more confident in my ability to manage expenses and witnessed the growth of my savings, I began saving even more. The NSSF app’s projections played a crucial role in motivating me to push beyond my initial limits. Seeing how small sacrifices could lead to significant growth was both encouraging and empowering. Cutting unnecessary expenses and prioritizing savings became second nature, and the results were well worth the effort.

What challenges did you face while building your retirement fund, and how did you overcome them?

One of the challenges I faced was the fact that savings in the first year did not earn interest. This initially felt like a disincentive, especially since I was accustomed to seeing immediate returns on my efforts. However, I realized that patience was key. By focusing on the long-term benefits rather than short-term gains, I stayed committed to the plan.

The support and transparency provided by NSSF also helped me remain motivated. Knowing that my money was in safe hands and would eventually yield significant returns kept me going. Over time, the interest earned on my savings became a powerful motivator, reaffirming the value of sticking with the plan.

How does the NSSF Voluntary Savings Plan compare to other savings or investment options you considered?

Having explored various savings and investment options, I can confidently say that the NSSF Voluntary Savings Plan stands out. The interest rates offered by NSSF are highly competitive, and the fund’s track record speaks for itself. Unlike other schemes that may promise high returns but come with significant risks, NSSF provides a balanced approach, offering growth, stability, and security. Moreover, the convenience of saving through NSSF, coupled with its flexibility and accessibility, makes it an ideal choice for individuals at different income levels. The ability to save anytime, anywhere, through mobile money or standing orders further enhances its appeal. For me, these factors made it the best option among the alternatives I considered.

What strategies did you use to stay consistent and disciplined in contributing to your retirement fund?

Consistency and discipline were critical to my success. To eliminate the temptation to spend, I set up a standing order with my bank, ensuring that a portion of my salary went directly into my NSSF account. This automated approach removed the need for willpower, making saving a priority rather than an afterthought. Additionally, I utilized mobile money to make deposits into my NSSF account whenever I had extra funds. This flexibility allowed me to save more than I had initially planned, particularly during months when I had fewer expenses. The convenience of being able to save at any time made it easier to stay on track.

How has the NSSF Voluntary Savings Plan provided financial security or benefits that you didn’t expect?

Before joining the NSSF Voluntary Savings Plan, I struggled to keep money in my account for extended periods. However, the prospect of earning interest on my savings motivated me to change my habits. Over time, the benefits of the plan exceeded my expectations. One of the most significant advantages was accessing funds online when I needed them for investments or other purposes. This feature provided a sense of financial security, knowing that my money was both growing and accessible when required. The combination of growth, flexibility, and convenience has been a game-changer for me.

What advice would you give to someone just starting to build their retirement fund using this plan?

They should view saving with NSSF as an investment, not just a savings plan. If you’re unsure about which business to pursue or how to grow your money, start by saving with NSSF. Let your money work for you while you plan your next steps. The Smart Life Flexi Goal-Based Saving Plan is particularly beneficial for those with specific financial goals, offering competitive returns and a structured approach to saving. Consistency is key. Even small contributions can grow significantly over time, thanks to the power of compounding. Take advantage of the tools and resources provided by NSSF, such as the NSSFGO app, to set goals and track your progress. Most importantly, start now. The earlier you begin, the more time your money has to grow.

Looking back, what are the key lessons you’ve learned about retirement planning through the NSSF Voluntary Savings Plan?

One of the most important lessons I’ve learned is that saving is not optional; it is essential for anyone earning an income. Life is unpredictable, and having a financial cushion can make all the difference. I also learned that no income is too small to save. The NSSF Voluntary Savings Plan encourages everyone to contribute, regardless of their financial situation. The accessibility and flexibility of the plan ensures that no one is left behind. Finally, I’ve come to appreciate the value of patience and long-term planning. Building a retirement fund requires discipline, but the rewards are well worth the effort. With tools like the NSSFGO app, which provides financial projections and motivation, I’ve been able to stay focused on my goals and build a secure future for myself and my family.