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5 Tips for Managing Your Finances

written by Hacking Adulthood August 17, 2016

When I first started working, I didn’t make a whole lot of money at my 9-5 & to top that off, my financial management skills (if I can even call them that considering how abysmal and irresponsible they were) didn’t exactly help the situation. However, I did learn a thing or two.

  • Save – You should have AT LEAST 2 bank accounts. One should be a savings account with no ATM access, preferably with a bank that isn’t even VISA capable, where you deposit a minimum of 25% of every payment you receive.
  • Keep track of your spending – personally, I use an app called “Wally” to record every single pesewa I spend. I encourage everyone to keep records like this because it gives you a new perspective on how much your quality of life costs and how much you should be making/saving to maintain/improve it.
  • Learn how to negotiate your salary – Many people systematically undersell themselves when negotiating their salaries. You need to quickly find out what you’re good at and what you’re worth to your client/boss, and even more importantly what you’re worth to THEIR customers so you know how to sell yourself.
  • Live within your means – It took working for five years for me to understand that physically possessing enough money to pay for a product or a service, and being able to afford, it are two very different things. For example, I was taught was that if you want to buy a Mercedes Benz, you should be able to afford at least 3 of that same model due to the maintenance expectations of both the vehicle and the accompanying lifestyle.
  • Rent is one week’s salary – Another nifty tip I use is to divide my salary into 5 parts; whatever a fifth of my salary is, is what I can afford to spend on rent. So if I want a bigger place, I need to make more money.

By Guest Hacker Egyir Davies

Writer. Thinker. Creator.

5 Tips for Managing Your Finances was last modified: August 16th, 2016 by Hacking Adulthood
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Hacking Adulthood

Hacking Adulthood is a platform to learn about and discuss all the things that come with being adults (in Ghana). We’re on the journey of navigating adulthood and learning about how to be adults and we hope you will join us as we learn together.

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About Hacking Adulthood

About Hacking Adulthood

Hacking Adulthood is a place to learn about, discuss, complain about, and celebrate everything about being adults in Ghana. Together we will figure out how navigate adulthood and learn more about how to be adults. We’ll cover everything from managing personal finances and how to secure a mortgage to how to make friends as an adult. We can’t wait to start this journey of navigating adulthood with you!

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