Welcome to another week of financial learning. This week I want to touch on the topic of personal financial management.

The whole scope of financial personal financial management starts with having mental emancipation. We need to elevate our minds when it comes to money.

Most people working attend to the medical doctor when they fall sick, the lawyer when they have legal matters but feel they can easily manage their own monies!

This is the main reason why many people work for years but retire as burdens for their families. I believe this tide has to change. It has to change NOW!

It will be changing with the help of a personal budget and the aid of financial coaches.


Managing your personal finances is simply having a clear and objective vision for your finances. Managing your finances goes beyond just saving a portion of your income.

It involves having a budget for your income as well as taking into account financial risks and unknown future invests.

This topic is often neglected in our part of the world. However, this forms the basis of creating wealth.

A personal budget simply means have a laid-down structure of how much income you are earning or want to earn and how you intend exhausting it.

We will learn a simple personal budget in this section. Before that, I want us to appreciate the fact that managing your finances goes beyond just money. It includes your time and any other form of resources.

There is an old adage that says “Time is Money”. It is so because time lost may never be regained just like money. If you lose your money through wrong and uninformed investment, it ends there!

It is therefore of great importance that we consciously put our ears and mind to the personal budget that we are about to discuss.

I have done a lot of research on the components of a personal budget in terms of percentages for various expenses line. I have therefore come to believe that the list below can help push us to the next level financially.

As we are also aware, Tithe is at a non-negotiable rate of 10% for Christians.

With the income column, we are expected to fill in our current income streams. Both current employment and any other source if any. We then fill out the specific expenses line keeping in mind the percentages as stated above.

The purpose of the personal budget is to make your discipline and stay within your means. The bottom-line for the budget should be NIL or zero. Your income should be matching the expenses.

Expenses here include your savings and tithe.

Trust me, you are likely to get a negative deficit if you slot your current expenses against your income in this table.

I will end by saying Financial Independence is possible for those who plan towards it.

Patrick Baah is a chartered banker with over 5 years experience in main stream banking having worked in various capacities. He is currently at the Branch Manager Position of his institution. He has been a qualified member of the Chartered Institute of Bankers, Ghana with a good membership standing since the year 2013. He also holds EMBA and BA from Kwame Nkrumah University of Science, Technology, and the University of Ghana respectively. Patrick is the originator of the daily epistle dubbed “Savings Tip of the Day” which has been running for over a year on WhatsApp and Facebook. Patrick has also been teaching on the Topics Savings, Investment and Financial Independence for over 2 years and a research fellow for ILAPI Ghana. He runs a financial channel on Youtube by name “Patrick TV Gh” and has appeared a couple of times on the business segment of TV3 News 360. Patrick is into youth facilitation and counselling. I can be contacted via baasco2006@gmail.com and or 0243984492.



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