The Money Diaries

“I lost my job and I’m surviving on deals. When the money is there, I enjoy it, but sometimes I even run out of money for food. I need you to help me set aside some money,”   this is what a friend told me. I suggested using a money box or bank account without an ATM, but he said he wasn’t disciplined enough. Eventually, we agreed to keep the money on another mobile line of mine. Although he knew the PIN, accessing the money required my involvement – I became his “mobile banker” as he slowly regained his financial stability. Many think investing is only for people with fat salaries and bank accounts. Yet, you already have a powerful investment tool at your disposal – your mobile phone. We’re living in a time when saving and investing is much easier and more accessible, regardless of your income or discipline. You can use your phone to do more than just watching TikToks/YouTube videos, pitching-woo on WhatsApp, or making calls; it is your digital wallet. These days, there’s no n...

There was a post doing the rounds on social media recently: “My husband wants to build a house for his parents in the city, and I told him he will also have to build one for my parents, because they are renting. He got so angry and said it’s not his responsibility, that my brothers should do that. What should I do? Should I leave the marriage? It seems he doesn’t love me anymore and doesn’t care about my parents.”   – Agness Kira. So, whose side are you on – Agness’ or her husband? Whichever way you lean, this couple’s argument is about more than just houses. Agness has taken her husband’s refusal to help her as a major rejection, whereas he may see it as an unfair burden and too much pressure being put on his shoulders. On their own, love and money have always been contentious subjects; adding in-laws to the mix can quickly turn small disagreements into emotional battlegrounds – and there will be blood. When you are dating, you’re in a warm, fuzzy bubble, all lovey-dovey, ...

Back when my son was in nursery school, although money was tight, we could afford the basics. One time, while at the neighbourhood supermarket buying milk, soap and flour, my son helpfully put a bright red Steve McQueen sports car into the shopping trolley. Channelling the aura of my mother and countless parents before me, I told him to put it back. To which he replied, “Call Uncle (our bodaboda guy) to give us a ride to town so he can pay you.” Stunned, I burst out laughing. My son was under the impression that the bodaboda guy was paying me for the “honour of transporting us”, whenever he handed me change at the end of our trips. When I could breathe again, I explained that I was the one paying the boda guy for his services and that he was in the business of providing people with convenient transportation. This entire scene could easily have escalated into a full-blown tantrum at the supermarket, but luckily, it did not. Yes, there was some sulking and feet dragging on his part...

We are in week three of The Money Diaries’ (TMD) No Spend Challenge. It has one clear and simple rule – we’re only allowed to spend on essentials such as: rent, transport, medicine, and food. No more delicious takeaways or after-work drinks. No random shopping sprees or ‘just because’ purchases. The goal is to build and increase our savings despite our tight wallets and even tighter budgets, in this harsh economy. I expected to breeze-through this challenge, but it’s as if the universe is conspiring against me. Sometimes, my mouth waters just thinking about all the tasty fast-food I could be ordering, even though I know that I have perfectly good and healthy food at home. In the beginning, I would spend my evenings mindlessly scrolling through Jumia – unconsciously adding things to my wish-list and/or shopping cart. I quickly put a stop to that temptation by deleting all shopping apps from my phone. However, it seems as though this digital leash is actively working against me. Eith...

I had a function to attend and needed new shoes to match the dress I planned on wearing. Being January, my finances were low, and my wallet was still recovering from holiday spending. But needs must. Undeterred, I found the perfect pair of cheap but cute sandals in a local shop. All was well, the sun was shining and the fit was fire – I looked good. Up until I walked across the road. Lo and behold, the hot tarmac started to melt the soles of my shoes, with each step, my gummy feet picked up loose gravel and debris – frankensteining into blobby platform heels. I didn’t get to enjoy rest of the function, because I spent most of my time hiding my feet under the table, counting down the hours until I could leave. On my way home, while I stewed in anger and embarrassment, I couldn’t help but remember the “Boots Theory of Socio-Economic Unfairness”. A wealthy person can buy $100 boots that last 10 years (the equivalent of spending $10 a year), while a poor person can only afford $10 bo...

In my teens, our house burned down. We had to rely on the goodwill of neighbours, friends and relatives for the basics, as my parents figured out next steps. This incident skewed my relationship with money. I felt more secure if I have hard cash readily available to solve any immediate problem. This belief could easily have resulted in a lifelong toxic hoarding situation, or an emotional “You Only Live Once”- type overspending problem for me. However, my parents ensured that I found balance in my spending and saving – not just living for today, or obsessively focusing on the future. Many of us don’t realise that our money habits are shaped by childhood experiences, traumatic events, family stress, or financial instability – often following us into adulthood. Let’s explore your own relationship with money. If you tick any of these boxes, your relationship with money may be toxic: Your spending is out of control: You don’t know how much you actually spend – you have a vague idea...

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...

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...

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...

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...