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5 key habits to help you save money in your 20s

Putting just a little bit into a retirement account will pay off in the long run.

It’s never too late but I wish I took a course or workshop in finance in my early 20s.

I would have been a millionaire by now. Unfortunately, if you are busy making money and don’t have spare time to go back to the classroom, here are all you need to know about securing your future.

Have an emergency fund

Most Ghanaians live from ‘hand to mouth’ because the economy is unstable. Prices of the basic necessities of life such food, fuel, clothing, rent allowance keep increasing.


People can barely make ends meet and extend help to their family and friends. This makes it difficult to save when your salary or revenue is low.

In my previous article, I wrote about how to make a budget and stick to it.  Regardless of your income at the end of the month, you can still save some money for emergencies.

In summary, prioritize your needs and wants and spend wisely.

An emergency fund is your go-to account when you are faced with the unprecedented shocks of life. It saves you the shame of borrowing money from friends and family.


Invest wisely

Truth be told, the savings account operated by most banks is one of the most ineffective ways to earn interest. Talk to your financial adviser for investments with higher returns and save your emergency funds.

Let it be in writing that you claim your money at any time since it is an emergency fund.

Stay in your lane

Don’t feel pressured when you see your age mates shamelessly flaunting their wealth on social media. It is not easy to watch their lavish lifestyle when you can’t attain it yet.


Let’s be real. Do you know the source of their wealth? Do you know their bank account balance? Focus on the goals you have set for yourself, beat your own records and your hard work will pay off.

Don’t forget about retirement accounts

Time flies so make hay while the sun shines. You have bills to pay and a whole lot of other expenses but have you secured your future?

Most companies pay monthly SSNIT (Social Security National Investment Trust) allowance for their staff. However, I recommend you have a personal retirement account for when you are too old and fragile to work.

No amount is too small especially when you’re investing for the long term.


Develop a financial habit

Many people are afraid of making a financial commitment because of fear of withdrawal even before it matures. Don’t let that be the driving factor of why you don’t want to invest.


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