A Marketing and Communications Associate at EDC Investments Limited, Clara Nyame-Addo has shared a trick to saving more money as a student as she states that saving about twenty percent of your money within “the luxury of time” is the best option for students.
Speaking to YFM’s Jonny Stone on the Y Campus Express Show (YCE), she explained that as a student, one will have a longer period of time gaining financial support from guardians and parents. However when school is over it is expected that you cater for yourself.
“To all students out there, no matter how much you earn or receive from your parents, try to save at least twenty (20) percent and cut down on unnecessary things that you do in school. Trust me when school is out and you start doing your national service and you are looking for a job, parents are not going to be giving you that much money. So you are better off saving hard in schools so that when you come out you know you have some money there”, she advised.
Using her own experience to explain the saving trick as a student versus the saving trick as a worker, she related: “At a very young age my parents instilled in me the habit of saving. So when I had 500 Ghana Cedis, I will save about 200 Ghana Cedis and keep 300 Ghana Cedis for whatever I want to get.
What Clara would do today is save 300.00 instead of 200.00 because Clara back in school had the luxury of time and that is the trick when it comes to money and investment; the luxury of time. So back then, if I was saving 200, I had a long time to save and I have that much time so I am able to grow my money more. I don’t need a lot of money to attain that financial goal. Clara today does not have that luxury of time so she will save more now”.
By: Alberta Dorcas N D Armah