Beans! According to a BusinessInsider report, the cedi just became the world’s worst-performing currency. This follows the currency’s sharp decline in value as it was reported to have lost 45.1% of its value against the US dollar since the year began.
Like I said, beans! Can the cedi even afford that these days?
Ghana’s economy is not looking great lately, and there’s course to worry. Hearing the word ‘save’ in these times sounds tone-deaf but before the harvest is always the hard time.
While many people can’t afford to save as much as they wish, it doesn’t mean do not save at all.
Whether you’re single or married there is always a smart reason to put some money away during hard times. And these cost effective tips work for both segments. We’ll show you 5 fun and smart cost-effective tips for saving in these trying times.
Peep them below.
• Get A New Skill For Free
The Internet is your friend and there are many digital skills to learn that’ll bring you foreign exchange. And the good part? There are free resources that you can learn from. Platforms such as YouTube and Coursera offer free crash courses in UI Design and Graphic Design. These in-demand skills will bring you the extra income you need. You can find more tips on how to make passive income here.
• Purchase food essentials in Bulk
At the rate at which prices are rising, you need to cut back on grocery visits to the store or market. The best way to do this is to buy in bulk. Food essentials such as rice, canned dairy and condiments are some foods that can stay on shelves for longer. You save not only extra trips to the shop but the cost of the visit and the shock of the price hike on consequent visits.
P.S: I find that taking one trip every three weeks to rural farms to buy affordable produce saves more money.
• Keep your money in short-term bonds
Keeping your money in short-term bonds is a smart and similar strategy to maintaining a savings account. Your money is safe and accessible.
If rising inflation leads to higher interest rates, short-term bonds are more resilient whereas long-term bonds suffer losses. For this reason, it’s best to stick with short- to intermediate-term bonds and avoid anything long-term focused. Visit your bank or call your Relationship Manager for more info. They’ll be more than happy to orient you.
READ ALSO: 5 smart ways to keep money now that E-levy has been passed
Need to move out and about? Save on transport fares by carpooling. Especially now with fuel prices soaring every other week, you need it. Form a group with others that join your commute and make joint contributions towards your transport. You’ll save on cash, and make new friends along the way too.
• Have potluck
This is not the time to be eating out. I repeat, this is not the time to be dining out. Instead, organize potlucks with family or friends where everyone brings in fresh food ingredients. It’ll be all the more fun activity to cook together and eat together.