As an employee and an income earner, you have to manage your finances well so you can save.

Here are a few ideas to guide your finances.

Read the full story originally published on November 28, 2022 by Patricia Sappor.

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.