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Typical Ghanaian Way: How To Start Saving Money From Home In Ghana

How To Start Saving Money From Home In Ghana

In this post, I take you through how to start saving money from your home. Becoming rich or wealthy doesn’t appear overnight, you need strategic planning, timing and proper financial orderliness to break the chain of living “hand to mouth”. Most people overlook little initiatives such as personal savings, thinking it’s primitive way of gathering money. Yes it sounds primitive but after reading the last sentence of this post, you will realise how beneficial it is to start personal savings in your home. You don’t only need to open a bank account before you start saving money, you can start saving money in your home through personal savings, group savings, Susu savings account and finally open a savings and investment account.

Why Should You Save Money?

✔ Savings enhances future investment.

✔ It gives a sense of financial security.

✔ Personal savings is a great start to increase your net worth.

✔ It helps you prepare for unforeseen contingencies.

✔ It helps you to accomplish your goals.

How To Start Saving Money From Home Towards Investment In Ghana

1. Personal home savings/Susu box savings

Starting a susu box savings in your home is a good start to save money for future. Susu box savings is a local method of savings on which money is put in a wooden or metal box. Local Susu boxes have thin opening where money can be pushed through into the box. Other local susu boxes contains a key and locker, which you lock anytime after putting money in it. Irrespective of the amount you put in everyday, you are saving money and gradually it will grow, “little drops of water they say, makes a mighty ocean. Be disciplined and save every coin in your susu box, be consistent and get a defined reason for your susu savings. Don’t be tempted to open the box, just forget about what is in it, and like I said, know why you are saving!

2. Partner or group susu savings

This is a local way of savings where a defined group of people Make savings together. The savings are usually made in a big susu box with a padlock, similar to the personal susu box savings but the partner susu savings is documented. The group normally make weekly savings with an agreed amount towards a period of time usually one year. The records of each savings any member of the group makes is recorded. After saving for the agreed period, money is shared according to each member savings record. Partner susu savings is a good way to start saving money towards your goals. It inspires and encourages you to actively participate in Savings because of the partner nature of it.

3. Susu savings account

You can open a susu savings account at your preferred bank to start your money savings journey. Susu savings account is a type of savings account which you open an account and make little savings on daily or weekly basis. Most of the financial institutions have susu collectors who normally come to your place of work or home to collect your savings. Your savings are recorded daily or weekly in a susu savings card. Regardless of the amount you save, it’s accepted. You can make withdrawals anytime once you visit the bank with your susu savings records card. Opening a susu savings account is a great way to save money towards achieving your financial goals.

4. Savings account

Consider upgrading your money savings method, with personal susu savings, partner susu savings and susu savings account, you can open a savings account at any bank. A savings account is an account that allows you to make deposit and offers monthly interest. After you save enough from your personal susu box savings, group savings and Susu savings account, consider opening a savings account which gives you interest every month. This will help to avoid your money lying idle without any interest. At least your little savings has grown from personal susu savings to a direct savings account, which is a significant improvement.

5. Investment account

An investment account is an account that holds cash and investments such as bonds, stocks,Mutual Funds which you buy and sell for profit. The benefits of savings is investment, “save to invest” that’s the ultimate goal. I have told you from the beginning of this article that, you should have a “reason why” you are saving. Right from personal susu savings, group savings, susu savings account and direct savings account, it’s time to invest your money profitably by opening an investment. An investment account will give you good returns. You can invest in the stock market, buy shares, treasury bills or bonds for profitable returns. You can also open a high-yield account for good interests return on your investment. Also, you can invest in personal assets such as buying gold, real estate development and any other asset you can make good income from with a “buy and sell later” strategy.

Conclusion

Becoming successful or wealthy is about strategic planning. “You can’t make big if you can’t value little things that potentially increases your income”. Strategize your financial plans, even with the little you have, be a goal maker, seek to achieve and be financially disciplined.

Read more…

Financial Goals You Need to Achieve Before Age 40

Best Strategies On How To Grow Your Money with significant effect

Thomas Goodmanhttps://www.talkfinance24.com
Thomas Goodman is a Degree Holder, a prolific Personal Finance writer and Expert. His work has been recognized by Millions of people round the world and the United States precisely. He has since over a decade, helped people to manage and gain full control over their finances through his adequate and concrete write-ups. His Goal is to inform and educate people worldwide on Personal Finance, Budgeting, Banking and Finance, Career Planning and Savings. He loves to Educate people to attain their financial freedom. Reach out to Him personally on [email protected]

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