How To Spend

How to Spend Money in Todays Ghana

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How to Spend Money in Todays Ghana

  • Have a budget

Budgets are plans for spending money based on one’s income and expenses. It is a projection of how much cash you will have coming in and going out over a specific time frame. One can create a budget by using a spreadsheet, a budgeting app, or a notebook used specifically for keeping track of finances.

Budgeting apps may include Mint (a mobile app available for anyone), Goodbudget (a very adaptable mobile app and great for beginners), Google Sheets (a spreadsheet application), and Personal Capital (also a mobile
budgeting app suitable for investors) among others.

To guide you to live within your budget you can use smartphone applications like Coinkeeper and Easyspend to keep track of your daily expenditures.

  • Investment into treasury bills, government bonds, or fixed deposits

You can earn interest on your income for a duration of one month, three months, six months, or a year by investing in fixed deposits, typically offered by banks to their depositors. The state issues treasury bills and government bonds that are valid for a minimum of three months and a maximum of three years.

Also, one can earn money from the savings they make at their respective banks. It is advisable to ask your bank for more information about these possibilities to help you make informed decisions.

  • Shop Wisely

One can save up a lot of money while they shop; especially when you shop online. The following are the various ways to do so;

1. Perform a price comparison on the items both physically and online. You can achieve this by searching for the item you wish to buy on various shopping websites and choosing to buy the item from the website that provides the best deals. One website notable for providing very great deals on items they sell is kpakpakpamarket.com, a Ghanaian retail website that sells quality items at a very affordable price.

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2. Check for available coupon/promo codes. This would help reduce the price of the items you buy by slicing off a percentage, mostly attached to the corresponding coupon code. One can find a coupon code in a lot of ways:

●          Check available coupon codes for a store by installing the Honey extension on your browser, which automatically prompts you when there is a coupon code available at the checkout page. Other alternatives may include shopper.com and Earny.

●         There are also a number of coupon websites available online that provide coupon codes that can be used at various stores. Examples of such websites in Ghana include coupons.com.gh, collectoffers.com, rewardpay.com, and many more.

  • Set a goal.

A goal simply means a description of a desired future state, condition, or purpose; a broad objective toward which to work. You can achieve the level of financial security you seek by setting financial goals. The amount of money you make is irrelevant. Make sure you have a clear idea of how much money you intend to save. A daily, weekly, or monthly objective is possible.

Setting objectives will help you choose how much money to put away into your savings and keep you diligent with your spending, whether you’re saving for a house, a trip, a new car, and so on. It is critical to be aware of your financial situation, choose your goals, and then take the appropriate action on how you intend to get there.

 

 

 

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