How to spend your money in 2022

Economic news for Saturday, January 1, 2022

Source: www.ghanaweb.com

People can spend well in 2022 with these tips

Take savings seriously in 2022 – Financial expert

Checking your spending is the best way to get financial immunity

Save at least 6 months of your income against rainy days

To be able to get financial immunity from the financial crisis this year, financial expert Richard Frimpong says you need to check your spending.

According to him, there are two types of expenses namely, statutory or discretionary expenses. Statutory expenses are almost inevitable, these are the ones you can’t live without, while discretionary expenses are the ones that can be managed.

He suggests that given the current state of the world’s economies, saving should be paramount for anyone wanting to protect themselves.

“What savings can do for anyone is what we call financial immunity. We have come to a time when, on a global scale, there are so many crises and therefore the only one. buffer or the only thing you can turn to when there are challenges or difficulties with your finances is a minimum of 6 months of your regular savings ”.

Speaking on JoyNews, he said: “My advice to anyone in 2022 is to take savings as seriously as you have ever taken before. The conversation about saving doesn’t really depend on how much you earn. For those with very little income, what you can do is save the discretionary portion of your income, place it in regular investment programs that can earn you interest in addition to the income you earn.