Financially Incorrect Podcast: Uganda Edition

Episode: Lifestyle Inflation, Divorce & Building Wealth Again
Guest: Pumla Nabachwa
Host: Barack Bukusi
Date: March 18, 2026

Episode Overview

In this candid and deeply personal episode, Barack Bukusi sits down with Pumla Nabachwa, an economist at Bank of Uganda and one of the nation's foremost financial literacy educators. The conversation traverses Pumla's privileged upbringing, her experiences with lifestyle inflation, the financial and emotional complexities of marriage, divorce, and single motherhood, and how she rebuilt her life and wealth from scratch. Pumla reveals practical lessons learned about savings, resilience, co-parenting, and why financial literacy is integral to personal happiness and peace of mind—all delivered with vivid storytelling and unfiltered wisdom.

Key Discussion Points & Insights

1. Upbringing and Money Mindset

• Privileged but Perceived as Poor:
  • Pumla discusses only realizing in her thirties that she grew up privileged, as her father prioritized quality education above all else, even at the expense of other comforts and luxuries (11:26–23:07).
  • “I always thought we were poor... My dad believed in quality education. He strategically placed us in schools where... 20 years down the road, Pumla can pick up a phone and knock at anybody’s door and be let in easier.” (11:34)
• Comparing with Wealthier Peers:
  • The contrast between her own family’s tight budget and her schoolmates’ affluence shaped her early notions on wealth and social capital.
  • “We didn’t have anything. All we were doing was going to rich people schools because that’s what my dad believed.” (13:52)

2. Early Money Experiences

• First Jobs and Earning Money:
  • Started working during school vacations at places like NSSF and breweries, but largely spent her income instead of saving (24:48–28:21).
  • “Bought clothes. That’s all I did with the money... all we are taught or exposed to is if you want to spend, you make.” (25:57)

3. Lifestyle Inflation and Financial Vulnerability

• Unexpected Income and Spending:
  • Even as a financial educator, Pumla admits to succumbing to lifestyle inflation after earning more than expected in 2025, spending more extravagantly than planned (07:55–09:54).
  • “I spent more excessively than I should have on things that really did not add me that much value... Maybe did the one thing I teach against: lifestyle inflation.” (07:58)
• Money Is Emotional:
  • Discusses the emotional side of money, emphasizing that even experts are not immune.
  • “Money is emotional, instead of logical... There should be some thought process into the why and the what.” (08:12)

4. Marriage, Divorce, and Rebuilding

• Staying for Lack of Savings:
  • Pumla reveals that lack of personal savings kept her in an unhappy marriage longer than she wanted (35:20–43:01).
  • “I stayed in that home for eight months longer than I should have because I had no savings. The power of savings, I understood what it meant at that time.” (41:01)
• Financial Lessons from Separation:
  • The separation forced her to build an emergency fund and become intentional with money:
    • “That’s when the real wake up call of ‘Pumla, you need to set money aside for emergencies’.” (42:45)
• Navigating Divorce and Co-Parenting:
  • She recounts handling divorce with humility, prioritizing her child's wellbeing, and taking a cooperative approach to dividing assets and childcare costs (49:24–60:00).
  • “My ego is not in this discussion. Take your things, but remember, we have a child together.” (55:56)
  • “Don’t pay for rent. I inflated some bills... but that was the truth. Now as the boy grew... we started 50-50.” (56:27, 58:08)
• Pride in Emotional Independence:
  • “If you leave a marriage because you’re unhappy, now you’re still unhappy in divorce? That doesn’t make sense to me.” (51:30)

5. Building Wealth Again—Key Turning Points

a. Emergency Funds and Saving (71:25–76:59)

• Post-divorce anxiety prompted her to save up to four years’ worth of emergency funds.
• “I never, ever want to be in a place... where I can’t move to another place because I don’t have money.” (72:56)

b. Home Ownership

• Committed to buying and finishing her own home using savings and a low-interest bank loan, enduring 18 months of minimalism and strict budgeting.
• “I built the house in about 18 months... For 18 months, I used to eat lunch at the bank; I didn't have money for food.” (74:51)
• Lesson: Have specific savings goals, and multiple savings, not just for one expense.

c. Diversifying Income and Intentional Investments

• Developed multiple income sources (public speaking, influencing), saved for son’s university, and practiced disciplined budgeting.
• “It’s very dangerous to depend on one source of income. Very dangerous.” (76:59)

d. Financial Literacy Education

• Certified by the Bank of Uganda; discovered practical steps like saving before spending, budgeting for the whole year, and keeping only operational funds in the bank.

6. Parenting, Gender Roles, and Financial Responsibility

• Instilling Responsibility in Her Son:
  • Advocates for men’s financial responsibility in co-parenting, resisting the urge to rescue too quickly so her son learns his father's role (61:39–64:59).
  • “I want my son to grow up knowing the responsibility—financial responsibility—of a man.” (61:39)
• On African Culture and Children as Assets:
  • Critiques the outdated notion of children as labor, especially in modern urban Africa (60:08–60:48).

7. Contentment and Happiness

• Money as a Tool for Freedom, Not Status:
  • Discusses how alignment of expectations and reality brings happiness, not material wealth.
  • “Happiness really is the gap between your reality and expectations... There should be a level of contentment.” (84:43)
• On Chasing Appearances:
  • Warns against spending to impress others, highlighting cycles of insecurity and dissatisfaction (84:25–90:07).

Notable Quotes & Memorable Moments

• On financial independence and happiness:
  • “Good financial management makes me feel really good about myself.” — Pumla (10:03)
• On leaving a marriage:
  • “I will not waste 10 years of my life... I was just not happy. I can't stay here, but I can't stay here and have no financial backing.” (35:20)
• On negotiating divorce and property:
  • “My ego is not in this discussion. Take your things, but remember, we have a child together.” (55:56)
• On co-parenting:
  • “I would be much softer in the separation so that I don’t antagonize him. So that we never have that story... that child will look for me one day.” (44:23)
• On saving vs. spending:
  • "The more you work, people reward themselves with more work instead of rest... When do we rest?" (10:39)
• On personal finance education:
  • “Somebody literally had to tell me how to save. Save as soon as you earn. That just tweaked everything.” (80:59)
• On happiness and contentment:
  • “Being rich is not what’s going to solve your problems. It’s how you manage your money.” (84:25)
• On financial failure:
  • “It would have to be an external crisis that causes me to lose all my sources of income for over four years.” (92:54)
• Her happiest financial memory:
  • “The happiest I’ve ever been was the day I opened a unit trust account, my first unit trust account, and put money into it.” (91:07)

Timestamps for Important Segments

• 00:00–08:07 — Introduction to Pumla; lifestyle inflation confession.
• 11:26–23:07 — Childhood, education, and the illusion of poverty.
• 24:48–28:21 — First jobs and early earning/spending habits.
• 35:20–43:01 — Marriage, separation, and financial vulnerability.
• 49:24–60:00 — Divorce negotiations, co-parenting dynamics, and the role of humility.
• 71:25–76:59 — Turning points: Emergency funds, home ownership, and income diversification.
• 80:59–84:25 — Lessons from financial literacy training.
• 84:25–90:07 — Perceptions of wealth, happiness, and societal pressures.
• 91:07 — Happiest financial memory.
• 92:54 — On financial “failure” and her security threshold.

Takeaways and Practical Wisdom

• Lifestyle inflation can catch anyone, even teachers of finance. Recognize and combat emotional spending with self-awareness.
• Savings and emergency funds are not optional; true independence demands preparation for the unexpected.
• Peace of mind and happiness starts with living within your means and finding contentment, not in chasing appearances or status.
• In co-parenting, humility and prioritizing the child's wellbeing over ego leads to smoother, healthier arrangements.
• “Being rich won’t solve your problems, but managing money will make you happier and more at peace.”
• Diversifying income streams and investing intentionally prepare you for life’s inevitable shocks.
• Financial literacy courses offer actionable knowledge—even experts need practical reminders and frameworks.
• Financial planning is, ultimately, a journey of self-knowledge, discipline, and learning from your story.

This episode is a must-listen for anyone navigating relationship transitions, seeking financial independence, or striving for inner peace through better money habits. Pumla’s honesty and the interplay with Barack create a rich, relatable roadmap for building wealth and rebuilding life—on your own terms.