Saving money doesn’t have to mean giving up the things you love. By making smart choices, you can cut costs while still enjoying a comfortable lifestyle. One simple way to save is by having self-discipline and self-control with your everyday expenses. It’s a pivotal mindset adventure you should venture on a daily basis. Currently in Ghana, the items which would eat into your salary are rent, transportation and food especially if you’re a single millenial . Fuel costs have reduced, the dollar is currently at GHC10.3 to the dollar and YET food costs are still high and trotro drivers are refusing to reduce fares. This country ankasa 🥶.
Is it possible to save as a young millenial or GenZ? Yes it is. Financial gurus will say ‘save 10% of your salary as your savings.” but others will say this isn’t possible. If you’re young, unmarried, still living with your parents in Accra it’s possible. If you’re young married and living in a rented house in this Accra, savings is possible if you’re willing to give up/reduce some things which eat into your salary. You shouldn’t be counted amongst those who complain that the salary has finished before the second week of the new month.
Let’s look at a more casual but blunt lifestyle way of how you can cut out some things through a management of your behaviour as a young man/woman.
Food Expenses
Instead of eating out frequently, consider meal prepping with fresh, local ingredients. Cooking at home using bulk-purchased staples like rice, beans, and vegetables from the market can significantly reduce your monthly food bill. Take it from this homechef when I tell you beans will save your life. One cup of beans swells up to 3 cups of cooked beans which can last you several days, just switch up on how you eat it. You can add it to rice, mix it up with agushie or include it in tomato stew for an extra nutrition boost. Do you have to eat out at expensive continental restaurants on that Labone road every month? No. Save about 1000 cedis by skipping some weeks or months of not eating out. When dining out, opt for the unknown local bars instead of expensive restaurants, or take advantage of promotions and discounts offered by eateries.
Rent
The major elephant in the room is rent. Rent in Accra is outrageously overpriced as there’s no regulation of rent prices in the city. Every landlord sets prices when and how they want. Some charge a year’s advance and others two years advance payment. Other African countries like Kenya and South Africa collect rent on a monthly basis with a few setting it at 3-6 months advance payment. When looking for a place to rent, go with what you can afford based on your salary and not on peer presure or social media aesthethics.
When choosing a place to rent, ensure you survey the space throughly. This is to ensure you don’t end up repairing broken fixtures which the landlord is liable for. Maintaining a property can eat into your savings so beware as a tenant.
Dating
When did dating becoming so transactional? Why are more women looking to ‘bill’ a young man who’s still saving up to start a family? And why are the guys paying? Dating in Accra or perhaps Ghana has become a money pit where there’s so much pressure placed on especially men to pay for a young woman’s entire lifestyle from wigs, makeup, dinner, food, school fees and so much more! What happened to the fathers of these women? Secondly, if you the young man get billed, why are you paying but come on Twitter and pretend as if you aren’t? Is it out of fear of being called ‘chisel’ ? You’ll dine out at fine-dining restaurants and when the bill comes you this:
Dear men, if you can’t handle being billed, stay single and improve your financial situation. The right woman for you won’t bill you all the time on unnecessary things because she’d be financially sound to handle her own expenses. But that doesn’t mean you should’nt offer to show kindness if you can. Starting life as a young millenial or gen-Xer is financially taxing and you’ll need to be more responsible with your income.
Entertainment
Do you have to go out every Friday night or weekend? The cost of you going out every Friday night can easily be between GHC 500-600 depending on where you hangout and with who. At almost every venue you’d have to buy drinks which are anywhere between GHC60-GHC 120. Entertainment can definitely be budget-friendly without compromising fun. Instead of costly night-outs at high-end lounges in East Legon, explore free or low-cost activities such as beach picnics, local art exhibitions, or community events like local festivals in the Volta Region. Streaming services like Netflix can be shared among friends to split the cost. Additionally, taking advantage of free concerts like the upcoming one by Joe Mettle , cultural festivals, and social gatherings can also provide great experiences without straining your Accra budget.
Transportation & Shopping
Daily expenses like transportation and shopping also offer opportunities to save. Instead of relying on ride-hailing apps all the time, consider using public transport like tro-tros or shared taxis for shorter distances. When shopping for essentials, buy in bulk in Makola market if you can. It feels good to shop in major supermarkets but you are honestly deceiving yourself if you see it as a flex. You’d be surprised how much more cost effective it is to buy half-carton of Ideal Milk in Makola instead of in singles.
Thrift shopping at Kantamanto or other secondhand markets can help you find quality fashion at a fraction of the price. Small but consistent savings in these areas add up, allowing you to enjoy life while keeping your finances in check.
If you feel ready to buy your first car, choose one with low fuel consumption and a good mileage. Don’t be peer-pressured into buying what you cannot afford.
Photo by Kojo Kwarteng via Unsplash
Food Choices
Choosing to eat healthy is one of the smartest and wisest decisions you can make for your future self today. Some would argue it out indignantly, “Fruits, nuts, seeds, vegetables are all expensive! So how is that less costly?” If you have long-term mindset you definitely understand the benefits your body stands to gain from that lifestyle choice. If you think eating healthy is expensive try sickness. The cost of medicines are through the Ghanaian economy roof! It’s more expensive to buy meds to heal yourself tomorrow than it is to eat healthier today. So don’t just gym and pile in sugary and processed foods into your body, that’s cos 90. Zero work done. Make healthier and better food choices to save you all those futuristic medical bills.
Wedding
Weddings in Ghana are so elaborate, glamourous and expensive of late! Many at times, the average millenial finds himself or herself broke after a wedding due to the excessive costs involved. Nobody needs to start their marriage broke. Cut your wedding coat acorrding to your size. Avoid borrowing to get married, it’s a bloody trap! Keep the invitations minimal to avoid breaking your bank and ensure you discuss this with your partner to avoid any conflicts. Do you need a videographer or you can do without one? Make wise decisions which will make both of you debt-free in the long-run.
Family Planning
Yes, you read that right. Family planning is not only a reproductive health decision but also a financial decision you must make when you get married. Children are expensive. Take it from the Mummy writing this. You’ll not only be paying school fees but also after-school activities (ballet, taekwondo, dance, etc.), playground during the weekends, then there’s diapers, baby food, etc. It’s never-ending.
Planning your children helps the two of you plan better financially for your child’s education and other relevant child development activities. It’s not a singular decision but one which both man and woman must make together for peace to prevail.
Also if you’re single, abstinence is a smart money move too!
Smart money saving is crucial for you as a millennial as you navigate the complex financial landscape marked by loans, rising living costs, and fluctuating job markets. It’s wise to establish effective savings habits early on in your twenties which can empower you to build a financial safety net, ensuring you are prepared for unexpected expenses and future investments. Get an accountability partner or download budgeting apps like Buddy and having high-yield savings accounts. Ultimately, strategic money management enables you to pursue your goals with confidence and resilience in an ever-evolving economy like we have here in Ghana.
What smart money moves are you making as a Ghanaian? Share them below and let’s discuss!
