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Thank You, Mum

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Over the years, my mother has taught me and my siblings a lot about life, money and responsibility. She would send us to the local shops to buy milk, bread or any small items that were missing at home. We were supposed to be able to calculate the cost and tell her the expected balance (if any), before we went out on said errand. A roundabout way of asking us if we had enough money for the shopping – a simple, yet effective lesson about budgeting and tracking our spending. I later made an addendum to her budgeting lesson when I had my own child. By building fun into my budgets; I found creative ways to save on essentials like rent, transport, groceries, and health, while taking care of my wants and accounting for the odd treat here and there – a nice bag, pretty blouse, a salon visit, fun outings or entertainment. What’s the point in living if you can’t enjoy life? While my mother wasn’t wholly on-board with this in the beginning, she did come to see the wisdom of adding fun to a bu...
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Do You Have Retirement Money?

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Maama Harriet is the typical food mama you’ll find in every local African market. A bona fide institution and community pillar – known for preparing tasty and affordable meals in generous portions that keep her customers well-fed, and coming back for more. With children and a family of her own, she’s living hand-to-mouth. She’s so focused on getting through each day, that even while she dreams of rebuilding her family home in the village to retire on, she doesn’t give it more than a passing thought. In her mind, today’s money is only enough to solve today’s problems, tomorrow will sort itself out. We have become so focused on survival and the daily grind, that we forget that tomorrow is fast approaching. Do we have anything set aside for retirement? Generations before gave it some thought and planned accordingly. My father was self-employed, and my mother was a teacher, and by the time retirement rolled round, they owned their home and had a few investments to keep them comfortable...
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Why Is Jjaja Still Working?

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Tukooye (We’re tired)! Many of us are exhausted and longing for the day we can finally stop working at jobs that pay us enough to make ends meet. Given the choice, we probably wouldn't show up to work on those stormy Monday mornings. Sometimes it’s the work itself, other times, it’s management, our co-workers, or the environment. Sadly, a lot of us, don’t have the luxury of chasing our dreams because, “What if our dreams don’t pay?” I read about an 85-year-old woman in the U.S. who was job hunting because her pension couldn’t cover her basic needs. She had taken out a second mortgage on her home, was struggling to afford food and heating, and yet she was the sole provider for her grandchildren. She was even paying for the granddaughter’s speeding tickets. Furious on her behalf as an as an African mama, I wanted to kidnap this Jjaja (grandparent), adopt her and give her some well-deserved rest. If her grandchildren are old enough to drive, surely, they can take care of themselve...
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Savings Are Lifesavers

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When I was just starting out in employment, I was earning a good income but spent it lavishly on little pleasures – buying the latest phone, going out, and shopping. I was in the business of selling life insurance, I had even taken out a policy for an easier sell and gain buy-in from my clients. My boss at the time, encouraged me to join the company SACCO and put some money aside for the future. I didn’t really give such things much thought or attention, I had money in my pocket and was living the good life – I was living the dream. To be young and clueless again! Anyway, a few years later, my world crashed around me. I won’t go into details, but suffice it to say, I needed money to get me back on my feet. A Ghanaian proverb aptly describes the situation I found myself in, “You become wise when you begin to run out of money.” In the end, the savings I had with the company SACCO literally saved the day. That’s what savings are actually supposed to do – they help cushion your fall a...
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5 Places To Keep Your Money

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One Christmas, my parents bought my siblings and I, brightly-coloured piggy banks to keep any money we got as gifts or from odd jobs. These containers came with keys to open them up, but wisely, my parents held onto those. We were only ever allowed access the money when we had been “good”. So, we behaved like little cherubs, and were rewarded with the privilege to spend that money as we saw fit – usually, we bought ourselves treats. This simple reward system was my first experience with saving, and it taught me about discipline, self-control, delayed gratification, and intentional spending. To this day, I still keep a piggy bank, and it has helped me more times than I can count – particularly when I require some quick cash. We all know that saving means you’re putting money aside as a safety net and to fulfil future goals. It isn’t a one-off decision, but a habit. One that requires a mindset change from YOLO (You Only Live Once) to “future me says – thank you”. That’s why, any tim...
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3 Must-Have Savings Funds

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Life happens, and you have no choice but to adapt accordingly. One morning, your car refuses to start, or your refridgerator goes kaput. Another time, you need to go to a hospital or clinic, and that visit comes with a hefty medical bill that you must pay. The hits just keep coming: business slows down, you lose your job, and the cost of living is at an all-time high. Over the years, I’ve learned the hard way, that surviving life’s jabs isn’t just about luck – it’s about preparation, and we’re all one bad situation away from having to start from scratch. Your money needs a system because without one, every emergency becomes a crisis that can wipe you out. I’ve come to the conclusion that we need to build 3 types of saving funds: A Starter Fund: Protection from life’s minor surprises. You didn’t plan to fall into a debt, but you wake up with a toothache. You have no money and resort to the quickest solution – a mobile money loan or a visit to your local money lender. It feels ...
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5 Ways to Save Money In Hard Times

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Right now, for the most part, life feels like you stuck repeating the same tired loop – money comes in, bills and debts are long overdue, you’re hit with a random and unexpected expense, and are forced to borrow money to keep you going. Rinse and repeat. Stretching your money to make ends meet has become an art that many of us have down to a science. Truly, it should be a compulsory subject taught in schools, because it’s a miracle that any of us are able to survive in times like these. Believe me, I’ve seen some things, and having been through the trenches, I sympathize and understand – times are tough. Here are 5 practical money-saving tips that you may find useful: Try cash rounds: My mum and her friends would regularly meet at home to discuss shopping tips and money goals, and collectively pitch-in cash. This money would be given to one person to spend on their money goal. This round-table banking model was built on trust, discipline, and agreed terms. For example,...
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