It is a matter, of course, that globally purchasing power of individuals is dwindling by the day, with Ghana not being an exception. As an employee and an income earner, here are a few ideas to guide your finances. Remember, there is always a silver lining in every cloud.
Income
Look for other legitimate sources of income, including monetising a talent or a flare you have. (Part time jobs, weekend jobs, online jobs, etc.)
Spending
- Be determined to spend within your income
- Spend only on critical necessities
- Have a budget and stick to it if possible
- Use a shopping list
- Compare prices before making purchase decisions
- Change brands and service providers to affordable alternatives
- Make bulk purchases to take advantage of discounts.
- Buy locally made products if at all possible
- Plant crops at your backyard if possible
- Embark on a DIY (Do it Yourself Approach) i.e., repairs, salon, local produce, fufu powder, fruit Juices, etc.
- Dish and store food in smaller quantities to avoid frequent reheating, which results in spoilage and wastage
- Take advantage of the deep freezer and store during bumper harvest
- Plan your menu. This will minimise the frequency of eating out
Areas to consider cutting cost
- Do your laundry home rather than paying for it
- Eat home more rather than outing
- Use online rather than going physically
- Turn off lights at places not necessary, send messages rather than call, meet online rather than drive or pay for transportation
- Pool cars with friends rather than each person riding in his or her car to a programme or to the office
- Use solar during the day if you have solar
What to avoid
- Impulse buying
- Borrowing (Credit Card, etc. especially with high interest rates)
- Being wasteful
What to consider
- Still saving part of your income (They are the little drops of water that will make you a mighty ocean)
- Maintain an emergency liquid fund in savings, investment, or a safe place which will also be at arm’s length
- Trust God to always provide
