The Money Diaries

While doing my shopping the other day, I realized that in my rush to leave home, I hadn’t carried any money with me. There I was at the till, with all my shopping being scanned and packed, and to my horror, my handbag only held a few odds-and-ends, some spare change, but no ATM. Luckily, I had my mobile phone. This enchanted sleek rectangle not only held my weekly shopping list, at that moment, it was my saving grace – providing me with access to some money I had in a mobile unit trust account ( my starter fund ). I quickly transferred the money I needed to my mobile account, and paid for my shopping. No muss, no fuss – crisis averted. Despite the fact that I had saved myself from an embarrassing situation, it pained me that I had had to resort to using part of my savings on a weekly shop. Although we are fortunate enough to live in times where we can enjoy the efficiency and accessibility of the digital age, all this convenience comes at a price. Everything is a mere tap or swip...

You’re stuck running on a treadmill – working hard but can never really getting ahead. Your income is barely enough to live on, and you’re in need of some extra money to cover the bills and all manner of expenses. What’s the harm in borrowing a little money to get by? Next thing you know, you’re stuck in a loop of constantly having to borrow from Peter to pay back Paul. A former workmate of mine made ends meet by living in perpetual debt. He would always request a salary advance within the first week of the month, a little after payday. Despite his reasonably great salary, he’d claim to need the money to cover legitimate expenses such as: school fees, rent, or medical bills. No judgement, life can get tough. However, he’d also borrow from everyone else – and I mean everyone, including the office cleaner. To make matters worse, he had the reputation of being a defaulter. He was a lender’s black hole, if he 'borrowed' any money from you, most assuredly, you were never gettin...

Father’s Day is coming up, and I’d like to celebrate my late papa. He was my chief supporter, advisor and champion, and I miss him dearly. Always generous with his time, knowledge and experience, he taught me so much not only about finances, but about life in general. So, I figured, I’d immortalize his words, and share some of his sage wisdom. He gave me three major pieces of advice that have stayed with me after all these years, these are: Life’s a marathon, not a sprint. When I got my first proper job, I was in a hurry to live life on my own terms, to be independent and stand on my own. I proudly announced to my parents that I would be moving out. I had saved up enough for rent, and aside from some odds and ends, I had a radio, a rocking chair, and a sleeping bag, that would be enough. After he had recovered from side-splitting laughter, my father told me told me to pace myself – that I didn’t have to rush at life, and that I needed to reassess my priorities. But, knowing tha...

True story – a friend of mine bought himself a bright, shiny new car with a powerful V8. He scoffed when I advised him to take out comprehensive motor insurance. His reasoning was simple: he would be the only one driving the car, and he’s a careful driver. Also, if the car were ever to sustain any damage or breakdown, he could easily handle the repairs at his garage. A few weeks later, he was involved in a serious accident. Fortunately, he escaped with barely a scratch. However, his precious car was completely written off – an undrivable, unsalvageable, a twisted metal sculpture of scrap. Many of us think about insurance the same way my friend did, as an expense that we can avoid, or as a non-issue that we don’t think about until we’re in desperate need of it. We convince ourselves that nothing will go wrong, trusting that the universe or higher power has our backs, and everything will work out for the best. Unfortunately, life doesn’t always go to plan, and while hope does wonders...

In the prime of my youth, and at the height of my professional career, life was all good. And just when I thought things couldn’t get any better, I found that I was pregnant. After the baby was born, my partner convinced me to stop work, and stay home to take care of our son. We didn’t talk about whether his pay could support a family of three. We were in love, and our little bundle of joy completed our picture of domestic bliss. Soon after, the cracks started to show. I would ask him for money for household expenses, and receive less with the expectation that we would manage, somehow. As time went on and this lifestyle became more difficult to maintain, it became clear to me that I was the “somehow” . I started using my savings to fill-in the gaps and when the well ran dry, I had to go back to work to help support our family, and look for extra money to cover the cost of house help and child care. Amid all these mounting frustrations and resentments, we never actually had any ou...

When money’s tight, borrowing feels like the only solution available, especially if the situation is dire. Mobile money loans alerts, those money lender flyers, and even the banks entice you to get a quick easy loan to keep you afloat. Hopeful that all will be well and fortune will favour you, or that the clouds will part and manna fall from heaven, you’re optimistic that the money will come, and you’ll be able to clear your debt but, this isn’t always possible. You’re going about your day, when a friend calls insisting on meeting you in-person with some big news. Since she isn’t usually prone to hysterics, you’re curious and even a little anxious. She arrives holding a newspaper, and immediately brings your attention to a particular section. Under the listings of assets for sale, is your house. This is what happened to a friend of mine. Her husband took out a loan against their home, but failed to repay it in time because his investments had fallen through. Ashamed, defeated...

There was once a family that lived in a semi-permanent house on a 5-acre plot of land, with bricks, sand and bags of cement scattered all-around. They had been living there for over a decade, and the whole community was under the assumption that they were the rightful owners. As it turns out, the “man-of-the-house”   was hired by the rightful property-owner as a caretaker. He was tasked with looking after the site and safeguarding the building materials, while the owner slowly finished construction on what would have been his retirement home. Sadly, the owner died. No inquiries were made regarding the property, no follow-ups, and no heirs made themselves known. Since there was none the wiser, the caretaker and his family properly settled in and made themselves right at home. Stories like this highlight how easy it can be for unclaimed and undocumented property and assets to slip through the cracks. It is very important that you keep a secure record of your entire estate, includ...

If there was anything my father loved more than football, it was his newspapers; to us, they were just convenient liners for kitchen shelves and drawers, but to him they represented a tangible and precious connection to the world. One Saturday, a fruit vendor was selling some juicy mangoes in our neighbourhood and we wanted a taste. Since my siblings and I didn’t have any money on us, we came up with the brilliant idea of selling some of our father’s old newspapers to satisfy our mango-craving. When our parents came home, we happily shared the mangoes with them. Curious, they asked us where these juicy fruits had come from, and we told them what we’d done; the joy and good spirits of that day quickly turned into tears. Even though they too had partaken and enjoyed the spoils of our ill-gotten gains, we were roundly scolded, and soundly beaten not only for the theft, but for our audacity to touch things that didn’t belong to us. Yes, dear reader, while charity begins at home, so d...

“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...

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...

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 ...