Banker, Leadership Coach and SME Consultant, Genevieve Pearl Duncan Obuobi, has shared that one way to manage one’s finances is to adopt the 50/30/20 rule of budgeting.
In an interview with host Eunice Tornyi on the African Women’s Voices show aired on e.TV Ghana, she divulged that no matter how much one earns, it is important to put plans into managing finances.
“Money is never enough. No matter how much you earn, it comes with responsibility. If you are earning one cedi today, whatever you are earning, there should be a plan to it”.
She noted that as an individual, she uses the “50/30/20 rule of managing finances”. Illustrating her point, she stated: “If you have, say, GH₵500.00, 50% which is GH₵250.00 should go to your needs. Out of the other ₵250.00, 30% goes into your wants and then the 20% goes into your savings. I want to emphasize that even with your wants, you can squeeze a little and add it to your savings”, she said.
She added, however, that discipline is needed to manage one’s finances wisely.
Global Media Alliance Broadcasting Company (GMABC), has dedicated the month of June to Financial Literacy. This initiative seeks to educate people on how they can manage their finances wisely.
By: Alberta Dorcas N D Armah