Smart Ways to Manage Your Allowance or Pocket Money in School

Smart Ways to Manage Your Allowance or Pocket Money in School

“The money may be small — but the management makes the difference.”

For most students in Ghana, the allowance or “pocket money” from home is usually small, irregular, and meant to cover everything — food, transport, data, books, and sometimes even rent.

That’s why managing your money well in school is not just smart — it’s survival.

In this blog, you’ll learn simple, practical strategies to stretch your allowance and stay financially stable throughout the semester.

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🎯 Why Money Management Matters in School

Avoid borrowing and MoMo debt traps

Reduce pressure on your parents

Have savings for emergencies

Learn financial responsibility early

Build habits for adulthood

📌 Good money habits start now, not later.

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💡 1. Know Exactly How Much You Receive

Start by being clear on your income.

Ask yourself:

How much do I receive monthly or per semester?

Is it fixed or does it vary?

Do I earn small side income (e.g., typing, braiding, reselling)?

📋 Example:

GHS 300 monthly from home

GHS 100 from part-time hustle

Total income = GHS 400/month

Knowing this helps you plan better.

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🧾 2. Create a Simple Monthly Budget

Don’t just spend randomly. Plan ahead.

Use this budget format:

Expense Category Monthly Allocation

Food GHS 150

Data/Airtime GHS 50

Transport GHS 50

Toiletries/Essentials GHS 30

Emergency/Savings GHS 40

Entertainment GHS 30

Total GHS 350

📌 Tip: Always allocate something for savings — even if it’s just GHS 10.

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📱 3. Use Mobile Wallets With Limits

Instead of carrying cash everywhere:

Use MoMo or an app like MTN MoMo, SlydePay, ExpressPay

Keep daily money in your wallet

Store the rest in a locked savings or second wallet

💡 Why? If it’s not easy to touch, you’ll spend less.

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🛑 4. Control Impulse Buying

Resist the temptation to:

Buy new clothes every month

Order fried rice every evening

Buy data impulsively (especially midnight bundles)

📌 Tip: Ask yourself before every purchase — “Do I really need this or just want it?”

Save your “wants” for special times like birthdays or after exams.

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🍚 5. Cook More, Buy Less

Food is usually the biggest expense for most students.

To save money:

Cook with friends

Buy foodstuff in bulk (e.g., rice, spaghetti, oil)

Limit how often you buy from outside vendors

📌 Even cooking twice a week can save you GHS 100–200 monthly.

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🛍️ 6. Learn to Buy Smart

Shop at budget-friendly places:

Buy from wholesale or open markets

Buy clothes at Kantamanto, Kejetia, or campus thrift sales

Buy bundles during promo (MTN Sunday offers, etc.)

📌 Don’t let trends push you into poverty.

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🏦 7. Save for Emergencies — No Matter How Small

Emergencies will come:

Phone screen cracks

Sudden illness

Project printing

Extra transport fees

Put aside at least GHS 5–10 every week in a locked savings account or susu box.

💡 It may save you from begging or borrowing in hard times.

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🤝 8. Avoid Unnecessary Borrowing and MoMo Loans

Qwikloan, Fido, or MTN Ahomka Loans can be useful in emergency, but they should never be a habit.

Why?

You pay interest

You get trapped in a cycle

It damages your financial discipline

📌 If you must borrow, have a repayment plan before you accept the loan.

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💼 9. Look for Small Income Opportunities

Money management is easier when more is coming in.

Try:

Freelancing (typing, writing, CVs)

Small resale business (snacks, clothes, airtime)

Tutoring classmates

Campus-based jobs (student clubs, library help)

📌 Even GHS 100 extra monthly can make a big difference.

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🧠 10. Track Your Spending Weekly

Every Sunday, review your spending:

How much did I spend this week?

Did I stick to my budget?

Where did I waste money?

What can I do better next week?

Use a notebook or app like Money Manager or Spendee.

💡 Awareness is the first step toward control.

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📚 Student Budgeting Toolkit (Free Tools You Can Use)

Google Sheets (make your own student budget)

MoMo Lock Savings (MTN Y’ello Save)

PiggyVest or Eversend (for saving)

Notebook or Notes app (for expense tracking)

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💬 Real-Life Example:

Kofi, a Level 300 student at UCC, receives GHS 250/month.

He used to spend it all by Week 2.

Now, he budgets GHS 150 for food, GHS 40 for data, GHS 30 for transport, and saves GHS 30/month using PiggyVest.

He even built a GHS 300 emergency fund over one semester — all from better planning.

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💬 Final Words:

💬 “Your pocket money may be small — but your discipline can make it mighty.”

Don’t envy others. Don’t compare.

Manage your money like it matters — because it does.

Start small. Plan well. Spend wisely. Save consistently.

And when money finally flows, you’ll be ready to handle it like a pro.

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