4 Tips to Save Money to Buy or Rent a Decent Accommodation in Ghana

4 Tips to Save Money to Buy or Rent a Decent Accommodation in Ghana

  • There comes a time when people must decide to move away from staying with parents or friends to acquire their own place
  • In a situation where people are living from hand to mouth, it can be quite difficult to produce a large sum of money to pay for rent or buy a house
  • There are a few habits people can indulge in that will help them make enough money over a period of time to afford their dream property

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Renting or buying a property in Ghana can be a tough decision to make amidst other equally important competing demands. However, getting one's own space should not be compromised no matter one's financial capacity.

A couple acquire a new home
A couple acquires a new home. Photo credit: Getty Images. Source: Getty Images
Source: Getty Images

In this article, YEN.com.gh highlights some habits that can help people save money for their dream home.

Read also

3 Reasons to Live in a New House Before Renovations Begin

Separate Wants from Needs

It is important for people to separate their wants from their needs. Wants are things that are not necessary and can be put away until a later time such as buying a video game, whiles needs are important, pressing needs that must be attended to immediately such as paying hospital bills.

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People must keep track of how much they spend on wants and needs so that they re-adjust their spending habits.

Cut Down on Non-Essentials

People should cut down on things that drain their pockets such as using air conditioners and cable television when they are not so necessary. Payment for such services or utilities can go into saving to rent or buy a home.

Cook More, Reduce Buying Takeouts

Cooking is more economical than always buying and ordering fast food. It is ok to buy fast food every now and then but it should not be the norm. A 40 cedi pizza a day adds up to about 1,200 cedis a month. This is more than the monthly price of a 2 bedroom apartment in some parts of Accra.

Read also

3 Ways Landlords Can Manage Multiple Properties in Ghana Without Stress

Get a Savings Box

One way people discipline themselves to save is by putting money periodically in a savings box where it is not easy to access once the money goes in. In this way, the money will be out of sight and this will reduce the temptation for people to spend it on frivolous things.

3 Reasons to Start Living in a New Home Before Beginning Renovations at the Place

In an earlier article, YEN.com.gh wrote about why people should live in a house before renovations. It is the norm for people to renovate a house before moving in but this could be a grave mistake.

Living in a house gives one a feel of their new home and makes them make informed decisions on how to better spec up the place.

Source: YEN.com.gh

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