Best Savings Plans for Low-Income Earners in Ghana (That Actually Work)

 

Best Savings Plans for Low-Income Earners in Ghana (That Actually Work)

You don’t need big money to start saving — you just need the right method.

A lot of Ghanaians believe they can’t save money because their income is too small.

But the truth is: even if you earn GHS 10 a day, you can save something.

In this blog, we’ll explore real, practical, and low-pressure savings plans made just for you — whether you’re a student, hawker, teacher, rider, or small business owner.

Let’s break it down.

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💡 Why Low-Income Workers Struggle to Save

Daily expenses (transport, food, school fees)

Sudden family emergencies

Pressure to “show off” or help others

No plan or system in place

But here’s the truth: It’s not about how much you earn — it’s about how you manage it.

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✅ 1. “Save Before You Spend” Rule (Reverse Budgeting)

Most people spend first, then try to save what’s left.

❌ Wrong formula:

Income – Expenses = Savings

✅ Better formula:

Income – Savings = Expenses

Example:

You earn GHS 20 a day?

Save just GHS 2 first — then plan the rest for food, transport, etc.

It’s small, but consistent savings beat big, random deposits.

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✅ 2. MTN Y’ello Save (*170# Method)

MTN lets you save directly from your MoMo account — no apps needed.

Steps:

1. Dial *170#

2. Choose: Financial Services → Savings → Y’ello Save

3. Choose amount and frequency

📌 You earn interest on your savings, and you can withdraw later.

It’s perfect for people who receive MoMo often.

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✅ 3. The GHS 1 a Day Challenge

This is for super low-income earners.

Goal: Save GHS 1 every day for 30 days.

After 1 month: You’ll have GHS 30 saved

In 6 months: That’s GHS 180 — enough to start a small hustle or buy food in bulk.

Where to keep it:

Physical susu box

MoMo wallet

Y’ello Save or Piggyvest

It’s easy. It’s doable. It works.

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✅ 4. 50/30/20 Budget Plan (Even for Small Salaries)

If you have a steady monthly income (GHS 500–1,500), try this:

50% for needs (rent, food, transport)

30% for wants (data, airtime, small enjoyment)

20% for savings/investments

You adjust the percentages to fit your reality, but the key is: always pay yourself something.

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✅ 5. Weekly Susu with a Trusted Collector

Old school, but gold.

You give GHS 5–20 a week to a susu collector. After 1–3 months, you withdraw the total (minus commission) and use it wisely:

Pay fees

Buy stock

Fix a home issue

Reinvest in your side hustle

Tip: Make sure your susu collector is honest and reliable.

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✅ 6. Use the “Locked Savings” Feature on Fintech Apps

Some trusted apps:

Piggyvest

Chipper Save

Fido Save

They let you:

Lock savings for a set period (e.g., 3 months)

Avoid temptations to withdraw

Earn interest

Try locking your bonus, tips, or “forgotten money.” It adds up fast.

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✅ 7. Save Windfalls and “Free Money”

Anytime you get unexpected cash:

Gift from relative

Bonus

Small lotto win

Tips from customers

Don’t spend all. Save at least 30% immediately.

If you treat windfalls like your normal salary, you’ll always be broke.

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✅ 8. Group Contributions (Susu Groups or Welfare Teams)

You can join a contribution group at:

Church

Workplace

Family or friends circle

Each person contributes monthly and takes turns receiving the lump sum.

You can use your turn to:

Clear debt

Start a new hustle

Buy wholesale goods

Pay rent in advance

It builds savings discipline and social support.

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✅ 9. Use the Envelope System (Old but Powerful)

This is a physical cash-saving method.

How it works:

1. Take your salary or hustle earnings

2. Divide it into different envelopes:

Rent

Food

Transport

Savings

Business

This way, you visually track your spending and saving goals.

Tip: Label each envelope clearly and don’t “borrow” from one to fix another.

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✅ 10. Save in Assets — Not Just Cash

Saving isn’t always money.

You can also “save” in the form of:

Buying food in bulk (instead of daily)

Buying airtime in advance

Buying tools for your hustle

Buying items when prices are low

This is smart savings because it prevents future spending shocks.

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🧠 Final Words: Consistency Over Amount

Saving GHS 2 a day for 1 year = GHS 730

Saving GHS 10 a week = GHS 520

Saving GHS 50 a month = GHS 600

These are real results from small steps.

Remember:

> 💬 “The habit is more important than the amount.”

Start now, start small, but don’t stop.

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“Ghanaian woman saving coins”, “budgeting in Africa”, “young African entrepreneur”

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saving in Ghana, low income finance, personal finance Ghana, how to save money, MTN Y’ello save, susu savings