Surviving January: Money Saving Hacks for Ghanaian Household

{"blocks":[{"key":"6jrcp","text":"Have you ever wondered why January seems longer than every other month of the year? January ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"10ivm","text":"has the same 31 days in the month as other additional six months in the year. Yet still, January is ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"98tq1","text":"perceived to have the longest days of the month. The main reason behind this perception is because ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"f6lpq","text":"January comes immediately after a festive season full of celebration and spendings. Also, the ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"265ek","text":"month of January is the first month of the year and comes with a lot of planning activities. This ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"fvc3s","text":"makes January a very special month and one must prepare intentionally before approaching it. In ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"19ck1","text":"December, some people receive gifts, bonuses, cash allowances and the like but still have less to ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"3t5jn","text":"show at the end of the month. Due to the increase in disposable income in December, our demand ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"7p0ks","text":"for goods and services increase and we keep yearning for more. This shifts our attention from ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"d1jqt","text":"saving to meet the demand in the following month. We sometimes forget that we must reserve ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"arqji","text":"some money to cater for our expenses in the month of January before our salary comes at the end ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"28bsa","text":"of the month. After all the fun, excitement and spending, the reality dawns on us as the new month ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"8r75","text":"and new year begins. At the first month of the year, we mostly desire certain changes to suit the ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"bu2e3","text":"year such as new clothes, shoes, bags and other necessities which increase our demand further. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"bh288","text":"This gives us higher expectations and an eagerness to receive payment in the month of January. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"8i18j","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"cphmh","text":"","type":"header-one","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"1fm3m","text":"The study of Finance psychology reveals that, there is a neurotransmitter called Dopamine which ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"86oc4","text":"is a chemical messenger that helps transmit signals to the brain. When one is in anticipation, ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"737sh","text":"dopamine is released and sends signals to the brain for Reward. When the Reward, which is salary ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"nr7t","text":"in this case is delayed, it then creates a mental mismatch therefore leading to frustration. This ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"16udm","text":"frustration makes time slow down in the mind because the reward is not manifested and also ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"570os","text":"amplifies the feeling that time is dragging. This dopamine effect causes attention bias making one ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"3gp2u","text":"to focus more on the passing of time and makes one check the time often and become more aware ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"8rdcl","text":"of delays. The anxiety and frustration also increase arousal in the brain and makes waiting ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"79ep0","text":"emotionally intense, slowing time subjectively. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"35v55","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"aplb0","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"ft4kq","text":"One may ask, how can I overcome this financial burden and navigate January successfully? ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"fklq5","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"bj45g","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"6v46j","text":"Planning, Budgeting and Saving: ","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":33,"style":"BOLD"}],"entityRanges":[],"data":{}},{"key":"cmqo5","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"1nocd","text":"Effective financial management begins with proactive planning. It is advisable to start preparing ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"ea2td","text":"for January at least three to six months in advance, depending on your income level. Outline your ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"3k5pf","text":"priorities to stay focused and be intentional about your budgeting so that we do not spend beyond ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"7jifr","text":"our budget. Allocate about 10% of your monthly salary towards a dedicated savings plan and ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"dfaf1","text":"adhere strictly to your budget. This allocation will serve as a pre-funding mechanism to cushion ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"20grb","text":"January’s financial demands regardless of the amount. Depending on your strategy, this reserve ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"akucs","text":"can accumulate to approximately half of your monthly income, providing essential support when ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"9ke1e","text":"used wisely. Before exploring investment opportunities, it is advisable to know your investment ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"d5irp","text":"horizon (short, medium or long term), risk tolerance level and liquidity needs. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"bk84l","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"ffelp","text":" ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"bl6mj","text":"Investment decision: ","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":22,"style":"BOLD"}],"entityRanges":[],"data":{}},{"key":"eucst","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"14uv2","text":"Investment options available can be explored ranging from low and medium risk investment such ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"705eb","text":"as treasury bill and bonds, fixed deposits and mutual funds. Treasury Bills (T-Bills) serves as a ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"46n18","text":"prudent alternative to traditional savings accounts, which often offer minimal or no interest. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"7259g","text":"Treasury Bills are short-term government securities with tenors of 91, 182, and 364 days, and ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"679cq","text":"interest rates vary based on the auction date and maturity period. Currently, the 91, 182 and 364 ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"9vi4p","text":"day bills record interest rates of 10.8%, 13.2% and 14.3% respectively. These rates make Treasury ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"535ht","text":"Bills a more attractive option for individuals looking to optimize returns on idle funds, especially ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"a1ofi","text":"when compared to conventional savings. Mutual funds which is a medium risk investment option ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"4dj1t","text":"serve as an alternative investment vehicle that allows individuals to purchase units of a pooled ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"rmbd","text":"fund and benefit from potential price appreciation as the Net Asset Value (NAV) of the fund ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"ahh4f","text":"increases. Depending on the overall performance of the fund, investors may realize returns over a ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"5qrf7","text":"relatively short investment horizon. The market offers a variety of mutual fund options, catering ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"bn7du","text":"to different risk profiles and investment goals. Individuals need to seek financial advice from ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"cm9h8","text":"investment firms like Merban Capital in order to make informed decisions. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"akklo","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"7v867","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"bt2pf","text":"Buying at a discount ","type":"header-one","depth":0,"inlineStyleRanges":[{"offset":0,"length":22,"style":"BOLD"}],"entityRanges":[],"data":{}},{"key":"f6i0l","text":"","type":"header-one","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"6f3qk","text":"Buying at a discount helps save money by allowing you to pay less than the full value of a product, ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"684st","text":"service, or investment, thereby preserving more of your funds. In personal finance, purchasing ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"10v5q","text":"discounted items means you get the same value for a lower price, which reduces your overall ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"datd9","text":"expenses and allows your budget to stretch further. During festive seasons such as Christmas, many ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"7govn","text":"companies offer products at discounted prices to attract shoppers and boost sales. Retailers like ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"756vf","text":"Melcom, Shoprite, and Game typically run promotional campaigns that allow consumers to ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"52tl8","text":"purchase goods at reduced prices. Common discount strategies include clearance sales and Buy","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"879db","text":"One-Get-One-Free (BOGOF) offers, which provide substantial savings on selected items. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"bvato","text":"Additionally, Black Friday Sales, which occur during the holiday season, offer deep discounts ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"dsijp","text":"across various product categories. By taking advantage of these promotional offers and discount ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"3klfe","text":"coupons, consumers can significantly reduce their expenses and preserve additional funds. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"cfjvo","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"1h6q1","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"6lttf","text":"Living within your means ","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":26,"style":"BOLD"}],"entityRanges":[],"data":{}},{"key":"1busv","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"fehvh","text":"To maintain financial stability, it is essential to exercise discipline in spending and develop the ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"4keqh","text":"ability to distinguish between needs and wants. Individuals must actively resist overspending and ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"du14u","text":"minimize impulse buying, especially during high-spending periods such as December, when ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"2odm7","text":"attractive and flashy products are heavily marketed. Failure to live within one's means can lead to ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"1a1ej","text":"budget overruns and financial strain. Practicing cost-saving measures, such as preparing meals at ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"eu6kb","text":"home rather than dining out, can significantly reduce daily expenses. Additionally, deferring non","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"59jmh","text":"essential or major purchases can help improve cash flow and enhance savings in the short term. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"ro7d","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"c8s3k","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"35pf9","text":"Working hard to win bonuses at workplace ","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":42,"style":"BOLD"}],"entityRanges":[],"data":{}},{"key":"k6b3","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"8imvp","text":"Some companies enhance employee motivation by setting performance targets at the beginning of ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"clfd2","text":"the year and offering incentive-based rewards upon the achievement of these goals. Employees ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"103fc","text":"who meet or exceed their targets may be rewarded either in cash or in kind, depending on the ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"61ht1","text":"organization’s incentive structure. Demonstrating high performance and commitment at the ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"6qe7u","text":"workplace can lead to bonus income, which positively impacts personal cash flow and supports ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"bllv5","text":"the fulfillment of short-term financial obligations. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"dg3hi","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"fiaj1","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"fgmqo","text":"Side Job ","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":10,"style":"BOLD"}],"entityRanges":[],"data":{}},{"key":"afmd3","text":"","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"c9hdh","text":"Individuals with marketable skills beyond their primary employment can leverage these abilities ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"cf04f","text":"to engage in side income opportunities, thereby enhancing their overall earnings. Engaging in ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"brlh1","text":"buying and selling products online, particularly through platforms such as WhatsApp and ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"2iuii","text":"Instagram, can serve as a viable source of additional income. Furthermore, acquiring new skills, ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"4osng","text":"especially in high-demand areas such as digital and soft skills, can open up further income","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"4u65h","text":"generating avenues. With consistent effort, these skills can be monetized and potentially developed ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}},{"key":"38jki","text":"into passive income streams, contributing to long-term financial stability and growth. ","type":"unstyled","depth":0,"inlineStyleRanges":[],"entityRanges":[],"data":{}}],"entityMap":{}}