How to Save Money on a Low Income in Ghana

How to Save Money on a Low Income in Ghana

“It’s not about how much you earn. It’s about how you manage what you have.”

Saving money in Ghana can feel impossible — especially when you're earning just enough to survive.

But here's the truth:

You can save money — no matter your income level — if you approach it the smart way.

Let’s break it down.

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💡 Why Most People Struggle to Save

Income is low and expenses are high

Peer pressure spending

No budgeting habit

Belief that “I’ll save when I earn more”

📌 But if you don’t control GHS 500 wisely, you won’t magically control GHS 5,000.

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🔑 7 Smart Ways to Save on a Low Income

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1. Pay Yourself First — No Matter What

Before you spend on anything else, save something.

✅ Even GHS 1–5 daily

✅ Use a susu box or a savings app

✅ Automate it if possible (MoMo AutoSave, etc.)

💬 “Save first, spend what’s left — not the other way around.”

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2. Track Every Cedi You Spend

You can’t save if you don’t know where your money goes.

✅ Use pen and paper

✅ Or use free apps like:

Money Manager

MyExpenses Ghana

Excel or Google Sheets

You’ll be shocked how much you waste on airtime, snacks, or transport.

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3. Cook More, Buy Less Outside

Eating out sounds small — but it adds up fast.

GHS 15–30 a day = GHS 450–900/month

✅ Plan your meals

✅ Cook in bulk

✅ Carry lunch to work/school

📌 Even cooking once a week saves hundreds of cedis monthly.

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4. Cut Unnecessary Subscriptions

Ask yourself:

Do I really need Netflix + Showmax?

Am I using all this mobile data wisely?

Can I survive without daily betting?

✅ Cancel or downgrade subscriptions

✅ Switch to WiFi bundles or night bundles when possible

✅ Watch your data like you watch your wallet

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5. Set Small, Clear Goals

Don’t just say “I want to save.” Say:

“I want to save GHS 200 by August for school fees.”

“I’m saving GHS 300 by December to start a table-top business.”

🎯 Clear goals = more motivation

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6. Use Mobile Money as a Saving Tool

MTN, Vodafone, and AirtelTigo all offer:

Locked savings

Auto deductions

Interest bonuses

✅ Dial:

*170# > Financial Services > My Savings (MTN)

Or use apps like PiggyVest, KudiGo, Chipper

📌 Treat savings like a bill — fixed and non-negotiable.

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7. Avoid Emotional or Impulse Spending

You’re sad — you buy KFC.

You’re bored — you shop online.

You’re stressed — you gamble or buy gadgets.

This habit keeps you broke.

✅ Wait 24 hours before spending on wants

✅ Ask: “Do I need this, or do I just feel like it?”

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💡 Real Life Example

Abdul earns GHS 600/month as a cleaner in Kumasi.

He saves GHS 5 daily in a susu box

He cooks waakye in bulk for the week

He uses Vodafone’s locked savings for extra GHS 30/month

After 6 months, he had saved over GHS 400 — and used it to start a small secondhand shoe resale business.

📌 You can save. You just need discipline and a system.

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✨ Quick Money-Saving Hacks in Ghana:

Use trotro instead of Uber when you can

Buy in bulk from markets, not supermarkets

Bundle data at night

Repair, don’t always replace

Avoid loans for wants

Don’t lend what you can’t afford to lose

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🧠 Final Thoughts:

💬 “Being broke isn’t always about low income. It’s about high expenses and bad habits.”

You don’t need to wait till you’re rich to save.

You need to start now, with what you have — no matter how little.

Saving on a low income is hard.

But it’s possible. And it’s powerful.

Take small steps daily.

Be consistent.

Your future self will thank you.

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