President Donald Trump’s Freeze on US Aid has sent shockwaves across Malawi, sparking concerns over job losses, increased stress, and financial hardship. In response, Old Mutual Malawi has stepped in with valuable tips to help Malawians mitigate these challenges.
According to Bernard Chiluzi, Old Mutual Malawi’s Financial Education Manager, prioritizing needs over wants is crucial in navigating these uncertain times. “Focus on essential expenses like food, rent, utilities, and school fees,” he advises. “Temporarily reduce spending on entertainment, dining out, and luxury items.”
Chiluzi also recommends diversifying income streams by exploring alternative sources of income, such as small businesses or temporary work. “Diversifying your income streams can provide additional financial security during uncertain times,” he notes.
The uncertainty surrounding Trump’s Freeze on US Aid can take a significant psychological toll. Chiluzi suggests having open conversations with family members about the situation and exploring ways to cut costs together.
People are also encouraged to start saving by automating their savings into an investment instrument, such as Old Mutual’s Unit Trust, to cover basic expenses in case of job loss or income delay
By taking such proactive steps to manage finances and reduce stress, Old Mutual Malawi believes Malawians can better navigate the challenges posed by Trump’s Freeze on US Aid.
US President Trump ordered a 90-day break in what is termed an Executive Order on re-evaluating and realigning United States Foreign Aid.
