5 Random Financial Tips You Should Know

September 29, 2022

Written by Dorcas Obenewaa Owusu

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I call these points random because they are slightly different from the regular financial tips you’ve read. This is more like an “unconventional” version. So without talking much, allow me to share these tips with you

Avoid getting into debt
For the sake of your mental and financial health, try to stay out of debt

If you do have debt, you should have a plan to pay it off. Don’t be that guy who borrows and “forgets”

On the other hand, never lend money you can’t afford to lose. No matter how much you trust the person. Things can get messy and you may end up regretting your decision

Have a retirement fund
You’re never too young to start preparing for retirement. The best time to start is NOW

Starting early guarantees higher returns thanks to the power of compound interest

Check if your employer is paying your retirement fund to SSNIT. Also, the National Pensions Regulatory Authority (NPRA)  has a list of approved private pension schemes for individuals and companies

Invest in your financial knowledge

So how can you invest in your financial knowledge? Here are a few options:

  • Network at business and finance events. Check the business category of eventbrite or egotickets to find such events
  • Read books on finance
  • Subscribe to financial newsletters or magazines
  • Follow credible financial experts on social media
  • Listen to financial podcasts

And of course, reading content from Mesika 😁

Be health conscious
This is an area that many people neglect. But how can you be wealthy if you’re sick and bedridden?

READ ALSO  Emergency Fund: What It Is And How To Create One

A healthy mind can only thrive in a healthy body. It important to rest, eat healthy and exercise. Let go of the hustle culture and avoid getting burnt out

Don’t fudge up your health and spend a lot of money on medications later. Speaking of spending: sign up for a good health insurance plan too

Take a break
Saving money should not feel like a punishment, because it’s isn’t. Give yourself a break every once in a while. Loosen up and treat yourself to the soft life. Take a vacation. Go on an adventure trip. Go camping with friends. Just relax and unwind

This is not to say that you should go on a spending spree and lose all your money. In fact, you need to plan and budget appropriately for such occasions as well. Enjoy yourself responsibly. Life is, after all, fleeting

About Mesika

Hey there, my name is Isaac Sesi. I built Mesika to provide free personal finance resources online to help young Ghanaians become smarter about their money.

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