We’ve all seen how bad things are getting with price after price getting even more outrageous. However, even with all of this it’s very important to have some savings lying around for shegey reasons. Living paycheck to paycheck can be dangerous and if you’re not careful one misstep will leave you in a world of debt. Here are 7 tips for saving money in Akufo Addo’s Ghana.
1. You Need To Set A Goal And Stick To It
Before you start putting money away, you need to have a reason. Otherwise, whenever that urge to spend hits you, and it will; you won’t have anything preventing you from giving in. Having a clear goal in mind is one of the best ways to motivate you to save. So, what’s your goal? New phone? New car? Whatever it is, having a tangible reason for saving helps you to stay disciplined.
2. It Doesn’t Have To Be Anything Fancy But Create A Budget
Before you start saving, another essential thing that you need is a budget. Now, you don’t have to go and draw up an excel sheet or anything like that, but you need to know exactly how much you have coming in and where that money is going to go. Then, you need to write it down. Obviously, if you are trying to save, you need to make provisions for it in your budget.
3. You Need To Have A Dedicated Savings Account
If you are serious about putting money away, you need to have a savings account. This should be an account that you don’t touch. At all. In fact, when you’re creating an account for your savings, turn down all the things that make the account easily accessible; so, no VISA card, no internet banking and no mobile money wallet linking. That way, you’re less inclined to go into your savings on a whim.
4. Set Up Automatic Transfers
Actually finding the will to send money into your savings account can be a chore. So, why not automate the process. It’s not that hard to set up. Just visit your bank, and have them take out a percentage of your salary every time it comes in. They would automatically send that money into your savings account.
5. Don’t Eat Out Too Much
A food habit is actually one of the more expensive habits to maintain. If you’re the type that loves to go out to eat, hopefully you’re not doing that as much because of the Coronavirus. However, ordering everything that you see online isn’t too good for your wallet either. Again, a budget comes in handy because if a food habit is that important to you, you can set aside some money for it.
6. You Need To Control How Much Data You Use
We all buy multiple data bundles in a month. That’s just how things are. If you don’t have data, it’s unrealistic to think that you’re going to put money away and leave your phone without an internet connection. So, you keep ending up losing money on data. A solution is to manage your data. That can be hard. But this app helps you control your data usage.
7. Don’t Spend Too Much On Clothes
When you look good, you feel good. Right. But there is such a thing as going overboard with the clothes shopping. You can’t get everything that you see on the internet. There’s no way that you’re going to be able to maintain a saving habit that way. So, minimize the spending on the fashionable things. And guess what will help you do that—a budget! You’re right.