Is Payday = Save Day ?

This certainly isn’t the way we all expected adulthood to be. Comparing the peace and zero responsibility of childhood to the extra stress on our finances through infinity responsibilities of adulthood sometimes makes us wish we were still kids. For the average Ghanaian salaried worker, the headache is always how to balance that paycheck with the unending list of to-do’s.

At the end of each month, there are always bills to be paid, items to be bought and other needs to be settled. Where to find quality products that come at very affordable prices has always been a challenge for many. In the end, it becomes a difficult choice between whether to buy the items you need and have nothing more to save or save more but not have what you need. What about having both? Being able to buy all the household items you need while having enough left to save is just what we all crave for. For the bachelor or entry level employee trying to build a home and prepare for marriage, you are always on the lookout for deals and discounts especially at the end of the month when salaries are paid. Jumia, Africa’s leading ecommerce website highlights some ways to ensure that you save after buying what you need this payday.

Budget – This is probably the oldest trick in the book. In order to save, we must learn to budget. Knowing how much we are expecting as income versus what we are expected to spend often gives a clear indication of how much we have left. There would always be expenses and we should be ready for them. You may not have the exact figures at the time you draw that budget but a fair idea of what you are likely to spend on will help you know the costs associated with it. The main reason for budgeting is that you plan over a specific period; in this case, monthly. Ensure that you have a plan, it helps you save better.

Don’t buy on impulse – There are a few people in this world who don’t buy on impulse. Are you one of them? If your answer is yes, then you are just a rare breed. 90% of humans buy on impulse and if you do, no one can fault you for that. However, buying on impulse is also one of the fastest ways to overspend. You barely save if you are an impulse buyer since you end up buying items you don’t need. Just in case you don’t know you are an impulse buyer, look back at that day when you left the bank with lots of money and plans yet you saw a brown shoe, same as the one you have in black and you bought it. You saw a gold watch and even though you have many gold watches, you bought it because it looked nice. You passed by a khebab joint and although you weren’t hungry, you bought it. Are you convinced? Yes you are an impulse buyer. The very day you begin to buy according to your budget, you will start to save more!

Take advantage of sales and discounts – Up to 70% OFF!!! What a delight to see such posts online and in shops. Why would you buy an item for Ghc 200 when you know it will be on sale for about 1/4th of that price in a certain period. Often, there are sales online that have prices slashed so low that you may be tempted to buy everything in the shop. Talk of ‘’black friday’’, ‘’mobile week’’ or even ‘’Easter deals’’. These are sales campaigns that have prices reduced greatly with amazing discounts. Whenever you hear of a discount sale, don’t think twice. Just check if what you need is available and buy it for less. Don’t wait till the sale is over before you go buy it at it’s original price. Discounts help you save, grab it!

You can’t buy all – Always remember that, no matter how much you have, YOU CAN”T BUY ALL. Maybe if your wishlist is small, you can. However, if you have a long wishlist then you may have to buy in bits. Splitting your needs into several parts gives you the space and time to prioritize. You buy the most pressing one’s first and then you have time to raise more funds to buy other items. In an attempt to buy all at once, you may end up overspending and this may cause you to run into debts. You can never save when you have so much debts to pay. In order to save, avoid debts and prioritize your needs.

Pay Day Deals – An ideal kitchen these days should have a kettle, microwave, blender, cooker and other modern appliances. How can you afford all of these when they often come at high prices. Moving from shop to shop may not only be tiring and expensive but you may not be able to successfully compare prices and enjoy discounts on a vast number of items. This week, when your salary hits your account or you receive that paycheck, go online. Search for your preferred item and enjoy discounts of up to 40%. Some of these deals are too good to be true. Why wait for them to go back to their original prices when you can get them for cheap now? Payday could just be ‘’save day’’.

Credit : Jumia Ghana