Living pay-to-pay means your cash disappears the moment it arrives. Add rising transport fares, airtime bundles, and a friend’s wedding every other weekend, and saving seems impossible. Yet thousands of Ghanaians manage it by focusing on small, consistent habits rather than dramatic lifestyle changes. The secret? Start where you are and build momentum.
Sometimes the hardest thing about saving is just getting started. This guide on how to budget and save money can help you develop a realistic and straightforward strategy for your savings account that meets your needs.
Start by tracking every cedi that leaves your pocket. Before you can save, you need to know exactly where your money goes, from the sachet water you buy on the roadside to your monthly ECG bill. Choose any system you’ll use—a notebook, an Excel sheet, a free budgeting app—then log each purchase as soon as it happens. After a couple of weeks, group your spending into clear categories, such as transport, food, rent, data bundles, and entertainment, and add up each one. Cross-check your MoMo, debit card, and bank statements to be sure you haven’t missed a single transaction.
Treat saving like any other bill you pay. After mapping out your monthly spending, create a budget that compares your expenses to your income, so you can steer clear of overspending. Remember to include costs that pop up only a few times a year—think car servicing, school fees, or annual insurance premiums—so they don’t catch you off guard. Add a dedicated “Savings” line to the budget and commit to an amount you can handle right now, even if it’s small. Over time, work toward boosting that figure until you’re tucking away roughly 20 per cent of what you earn each month.
Identify non-essentials, flag entertainment, frequent take-out, impulse shopping—anything you could live without or scale back.
Check how your expenses compare to those of friends, family, or national averages to spot easy cuts.
Renegotiate big bills, shop around for cheaper options of things you spend money on regularly if possible, switch to a lower-cost data bundle, or bundle services for discounts.
Unplug devices when not in use and adopt energy-saving habits to bring down ECG and water charges.
Browse community notice boards, church bulletins, and social-media groups for no-cost events and entertainment.
Cancel any subscription or membership you rarely use—especially those that auto-renew.
Meal-prep on Sundays, pack lunches, and reserve restaurant splurges for special deals or occasions.
Give yourself a 48-hour “cool-off” period for non-essential purchases. If you still want the item, budget for it and save first.
Use a notebook, an Excel sheet, or a free app. Include MoMo fees, late-night KFC orders—everything. After two weeks, sort expenses into “Needs,” “Wants,” and “Leaks” (money you didn’t even enjoy, like forgotten data renewals). This complex data tells you how much room you genuinely have to save.
Vague aims (“I should save more”) rarely work. Choose a specific target, such as “build a GHC 1,000 emergency fund in six months.” Break it down: that’s ₵42 a week or ₵6 a day—suddenly manageable on a tight budget. Stick the goal on your phone’s lock screen for daily reinforcement.
Automate your savings if you can. If you are a salaried worker, you can set up standing orders with your bank to make automatic deductions from your salary once it is deposited into your account, and these funds will be transferred directly to your savings account. Some savings apps in Ghana also allow you to set up auto deductions from your bank or Momo accounts. This way, you are not tempted to spend it all once it hits your account.
The key is consistency, not size, so that you can start small and slowly increase the amount being deducted from your account.
Taxi fare refund? Birthday gift? 10 % salary bump? Allocate at least 50% of any “found money” directly to your savings goal before lifestyle creep consumes it. Likewise, every quarter, increase your automated transfer by 2%—so gradual that you won’t feel it.
Revisit your budget at the end of every month and track how much you’ve actually saved. Regular check-ins keep you accountable, expose any spending leaks early, and help you stay on course. Watching your balance grow can also spark fresh ideas for cutting costs and hitting your goals even faster.
