"I Am A Fresh Graduate Who Just Got A Job, My Parents Now Want Me To Pay Bills": Expert Advises

"I Am A Fresh Graduate Who Just Got A Job, My Parents Now Want Me To Pay Bills": Expert Advises

  • A young man who recently landed a job is in a dilemma following a proposition from his parents
  • This comes after he was informed that he would help in paying bills at home because now he is gainfully employed
  • Patrick Abankwah, a chattered banker, explains ways he can go about his situation and also save money
"I recently completed university and I have been fortunate to land a job with a Marketing Agency after my national service. I started work in January 2024 and I am paid GH¢2000 monthly. My problem however is that my parents now want me to pay utility bills since I am gainfully employed." I fear this responsibility will affect my ability to save. What's the best course of action for me?

Patrick Baah Abankwa offers advice to the young graduate

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Patrick Baah Abankwa is a Chartered Banker and Chartered Global Investment Analyst with a lot of insight when it comes to managing finances

1. Parental Expectations

He needs to start open communication with his family. While supporting family isn't uncommon, he must feel comfortable expressing his financial limitations and negotiating contributions.

Photo of a young man
Young man unhappy over plan to pay utility bills Photo credit: @yourstock bank/GettyImages
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2. Salary Adequacy

It is difficult to assess if GH¢2000 is "enough" without knowing living expenses, desired lifestyle, and career path. I will advise the graduate to create a budget listing his income and expenses to gauge his financial health. The budget should separate needs from wants.

3. Savings Percentage

I recommend that he starts with a realistic 10-15% saving goal based on his budget and financial priorities. I also encourage him to discuss bill contributions with his parents to find a mutually agreeable amount.

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4. Meeting Savings Targets

An important task for him will be to track his daily spending using apps or a simple notebook. He needs to set aside savings immediately upon receiving his salary. If possible, he can seek cheaper alternatives for non-essential spending. He should explore side hustles for additional income if desired.

5. Curbing Expenditures

And finally, I will encourage responsible spending while avoiding impulsive purchases. The necessity to prioritize needs over wants helps to stay within your expenses. I also suggest delaying non-essential items like eating out or entertainment.

Business consultant advises graduates

YEN.com.gh previously reported that Kwesi Nkrumah, a business consultant, discussed ideas to turn into a business with GH¢10,000.

"With GH¢10,000, you can go into farming. You can aggregate from experienced farmers or start farming yourself," he noted to a KNUST graduate.

Disclaimer: The advice given in this article is general and is not intended to influence readers' decisions. They should seek their own professional advice that takes into consideration their circumstances before making any decisions.

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Source: YEN.com.gh

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