Building financial resilience requires good financial planning, which will in turn help you meet your financial goals. However, this also comes with the responsibility of being disciplined and being prepared to unlearn and relearn what you know about finances and money management.
The Head of Retail Banking at First National Bank Ghana, Akweley Laryea explains that cultivating a savings culture presents the opportunity to help you understand that saving and setting financial goals is not as difficult as they seem.
“They just require discipline and commitment to balance short- and long-term planning, which helps you to be in a better position to meet your goals,” says Akweley. “Saving is not just about putting away money for rainy days, it’s about gaining peace of mind and flexibility to weather life’s uncertainties while working toward long-term prosperity.”
She emphasises that achieving financial resilience doesn’t require one to have a massive salary or periodic income. It starts with planning and consistency. When life changes, it’s important that you also review your savings strategy to align with your current life circumstances. A simple financial check-up twice a year can make a huge difference.
Akweley unpacks steps you should consider to evaluate whether you are on the right track this savings month:
- Choosing the right account: it is important to match your savings vehicles to your actual needs or lifestyle goals and not just put everything in one account. For your emergency fund or immediate day-to-day needs, products with easy access make it simple to build and manage a safety net. If you are looking to balance access to your money with stronger returns, for example to save for a holiday or home improvement within the next year or two, First National Bank’s Flexi Notice Account could be ideal.
It provides a higher return on your savings while requiring just a short notice period to access funds. And if you’re more focused on the long term, like retirement, your child’s education, or putting down a deposit on a home, you should consider products designed specifically for extended growth, like fixed deposits. Such options harness the power of compound interest, significantly amplifying your savings over time, and offer valuable tax incentives to encourage disciplined, long-term saving.
- Diversification: Diversification isn’t just for investments. It’s just as important in savings. By spreading your savings across different products, you benefit from high interest rates while maintaining the flexibility to adapt to changing personal and economic circumstances. Understanding the importance of choosing the right products for your savings goals means nothing if you’re not actually saving. For most people, the biggest challenge is finding the money to save in the first place. According to Akweley, the trick is to get into the habit of “paying yourself first. “You need to treat savings like a bill you have to pay every month. Set up an automatic transfer for every payday and soon, you won’t even notice the money going off your account – but you’ll definitely notice the growing balance and compounding interest in your savings account,” Akweley says.
When you start paying attention to where your money is going, it’s amazing how easy it often becomes to find a few cedis that you are wasting on things you don’t need. Redirect that money to savings instead. Even small amounts, saved regularly, add up over time.
- Financial literacy: The other most important part is simply making the effort to learn more about money. You don’t need to become a financial expert overnight, but understanding basics like how interest works, why inflation matters, and how different savings products work will help you make better decisions. Financial literacy is not about knowing everything, but rather knowing enough to make informed decisions and knowing when to ask questions.
“That is why First National Bank periodically deploys its team on the ‘Shika-Power’ drive, an initiative to educate and equip individuals and business groups with essential financial management skills to manage their hard-earned money better and positively influence their behaviour towards wealth creation,” Akweley explains. The more you learn, the more confident and in control you will feel about your money.
“Saving is possible for everyone. The key is taking that first step and sticking with it throughout the year,” Akweley advises.
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