Managing your income


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.


Look for other legitimate sources of income, including monetising a talent or a flare you have. (Part time jobs, weekend jobs, online jobs, etc.)


  • 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

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