Cellular cash has revolutionised how Ghanaians deal with their funds, however its comfort could be a double-edged sword. Many individuals discover their cedis disappearing sooner than ever earlier than, typically questioning the place all their cash went on the finish of the month.
This is how you can take management and cease your MoMo account from draining your pockets.
Cease the information bundle lure
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As an alternative of shopping for small data bundles everytime you run out, plan and get monetary savings. Calculate how a lot knowledge you employ every month and purchase bigger month-to-month bundles quite than day by day ones.
A GH₵300 month-to-month bundle typically provides you extra worth than buying multiple GH₵2-5 bundles all through the month. Set particular days for knowledge purchases and use Wi-Fi every time potential to stretch your bundles.
Deal with the “momo me small” pals
All of us have pals who continuously ask for cellular cash transfers however not often pay again. Set a month-to-month restrict for serving to pals (like GH₵100 most) and ask for a particular compensation date earlier than sending cash.
Maintain a document of all cash lent out and be taught to say “I haven’t got it” with out feeling responsible. True pals will perceive your monetary boundaries.
Beat on-line buying impulses
![Online shopping can be addictive [Letsdiskuss]](https://image.api.sportal365.com/process/smp-images-production/pulse.com.gh/27092024/81c712ba-d980-4f1a-a817-3cb44cfbb7c1?operations=fit(1042:))
On-line buying might be addictive [Letsdiskuss]
The mix of enticing social media advertisements and straightforward digital funds results in pointless purchases. Wait 24 hours earlier than shopping for something non-essential and take away your cellular cash particulars from buying apps.
Unfollow accounts that continuously tempt you with merchandise and ask your self: “Do I would like this or simply need it?” Set a month-to-month funds for online purchases and persist with it.
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Make momo really feel like actual cash once more
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The largest problem with mobile money is that it would not really feel like actual spending. Examine your MoMo stability earlier than and after every transaction and consider every cost as handing over bodily money.
Calculate bigger purchases by way of hours labored, (as an illustration, “This prices me 4 hours of labor”) and evaluation your cellular cash assertion weekly to see the place your cash went.
Arrange sensible spending controls
Maintain solely important cash in your pockets (like GH₵100-200 for day by day wants) and switch bigger quantities to a savings account that requires additional steps to entry. When spending requires additional effort, you are extra prone to assume twice about whether or not you actually need that merchandise.
Create a number of cash “buckets”
Do not preserve all of your cash in a single simply accessible place. Have a day by day cellular cash pockets for transport and meals, an emergency fund in a separate account, a financial savings account for longer-term objectives, and cash put aside for payments like hire and utilities.
MUST READ: Why your mobile money account could be making you poorer
Cellular cash is not the enemy, your poor spending habits are. Begin with only one or two of those methods and construct from there. Each cedi you save at this time is a cedi that may work in your future. Your pockets will thanks for taking management of your cellular cash habits.
