Economist urges low-Income earners to prioritise essentials amid rising prices
As the cost of living continues to escalate, households are grappling with the challenge of balancing their budgets amidst rising prices of commodities.
In response to this economic strain, senior economist Dr. Fredrick Muhumuza has issued a timely reminder for low-income earners to prioritize spending on essentials to maintain financial stability and avoid falling into debt.
Dr Muhumuza's cautionary advice comes at a crucial time when many families are feeling the financial pinch of increasing household bills.
With essentials like rent and utilities taking up a significant portion of their budgets, households are finding it increasingly difficult to make ends meet.
"It is important for people to look at their costs and spending and avoid headaches," Dr Muhumuza emphasised.
While some households appear to be weathering the economic challenges more comfortably than others, Dr Muhumuza stressed the importance of implementing government policies aimed at promoting income equality.
He emphasised the significance of progressive taxation and social welfare programs in improving household incomes and alleviating financial burdens.
"Implementing government's policies that promote income equality will be key in trying to improve household incomes," Dr Muhumuza stated.
As households navigate the complexities of managing their finances amidst economic uncertainty, Dr Muhumuza emphasised the importance of budgeting and prudent financial management.
