A Partner and Financial Advisor at Deloitte Ghana, Yaw Appiah Lartey, has urged Ghanaians to adopt financial discipline by living within their means.
Speaking on the topic “Being Financially and Economically Disciplined” during the Reboot Your Life Series on Adom FM, he emphasized the importance of budgeting and prudent financial planning.
He urged individuals to track their income and expenses while advising against excessive spending on fashion, luxury, and unplanned events, noting that such expenditures do not add value.
“To achieve financial discipline, you must live within your means. Be aware of your income and expenses. Avoid excessive spending on fashion and luxury items, as they often do not add real value to your life. Steer clear of wasting money on frequent parties and festivities, and don’t overspend on unplanned purchases. It’s also important not to rely on others for financial support. Always create a budget and stick to it. Remember, you should not live to impress anyone,” he advised.
Mr. Lartey’s key recommendations included creating and adhering to a budget, avoiding financial dependence on others, and resisting the urge to impress others with unnecessary spending.
He also highlighted the need for a forward-thinking financial approach.
“Focus on earning extra income. Do something that will bring in additional revenue. Have a clear picture of how you want your life to look in the coming years,” he advised.
Mr. Lartey stressed the importance of building financial reserves, encouraging listeners to establish an emergency fund, project fund, retirement fund, and legacy fund.
According to him, these measures are crucial for achieving long-term financial stability and success.
“Develop a plan for major breakthroughs and make sure to prioritize savings. Establish an emergency fund, a project fund, a retirement fund, and a legacy fund,” he concluded.
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