How to save money in Ghana as a Student

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how to save money in ghana as a student

Cook your own food

If you cook your own food, then you won’t have to worry about how much money it costs. There are several ways to reduce the cost of buying groceries:

  • Buy groceries in bulk and store them at home. This will allow you to save money because some items are cheaper when purchased in large quantities.
  • Prepare your own food instead of eating out at restaurants or fast food joints. Eating out can be very expensive and this is why many students prefer cooking their meals at home instead of purchasing them from restaurants or other places where food is served hot.

Share a house with friends

It is always better to live with a group of friends, as you will save on rent. However, if you are going to be staying in a rented house, make sure it has more bedrooms than people living there. This way, one of the rooms can be used as a study area for your academic work and thus help you avoid distractions like noise from other people or having to walk away from your desk every time someone wants to use the bathroom!

Get local currency from the airport

As a student, you’ll have to exchange money to pay for tuition and other school-related expenses. You can exchange your currency at the airport or in town. The rates are better at the airport than in town, so try to avoid exchanging money at hotels or other banks because they charge higher fees and give you fewer cedis (Ghana’s local currency). You can also use your credit card for many things in Ghana, including paying for meals and taxis, but note that some places might not accept it if their machine is broken or they don’t want to pay the fees associated with processing credit cards.

Buy second hand books

Buy second hand books

If you’re a student, chances are that one of the most expensive things in your life is textbooks. However, you can save money on textbooks by buying them second hand. There are many places to buy second hand books in Ghana but some of the most popular include: NAAFI and FAFKAA (Ghana Armed Forces). You can also check out the market or local bookshops if they stock textbooks that interest you!

Save in a high interest savings account

If you want to save money, an interest-bearing savings account is a great option. Interest rate is the percentage of your balance that a bank or credit union pays you for keeping your money with them. When you open an account, there’s usually a minimum amount of money that needs to be deposited in order for it to be considered an active account, and this amount can vary from one institution to another.

The best way to determine which savings account has the highest interest rate is by looking up reviews on websites like NerdWallet ( and Bankrate ( Once opened, there are several ways in which you can save money with these accounts: 1) make sure funds are available when needed; 2) set up automatic deposits so funds flow into the account automatically each month; 3) consider linking it to another type of investment product at the same institution (like stocks or bonds), which will help diversify risk over multiple assets; 4) use cash back credit cards if possible – this will allow for rewards points that may be redeemed for gift cards or merchandise through various retailers such as Amazon Prime Rewards Visa Signature Card ($95 annual fee waived first year).

Keep a budget journal

The first step to saving money is to keep a budget journal. You should record all spending, as well as your saving, and review them at the end of each week or month to see how much you spent and how much you saved.

This will help you make a plan for saving money in the future so that you can start to save up for things like school fees, transportation costs and food. Keeping track of how much money comes in (your income) versus how much goes out (your expenses) will help show where your priorities are currently aligned with your actual needs versus wants or desires.

Use an ATM that doesn’t charge you fees

  • Use an ATM that doesn’t charge you fees. Most banks have ATMs that don’t charge you any fees for withdrawing cash, so use these ATMs whenever possible. If your bank’s ATM is broken or unavailable, consider using the bank’s ATM of an international bank with a branch in Ghana (such as Barclays).
  • Withdraw larger amounts to reduce the number of times you withdraw. It is much cheaper to withdraw one large sum at once than several smaller sums separately.

How to save money as a student

  • Be realistic when creating a budget. If you have a small income and expensive rent, it might seem impossible to save money. But there are ways around this:
  • Use an ATM that doesn’t charge fees. You’ll be charged several dollars every time you use an ATM in Ghana, so check out our list of banks with free ATMs (or no charge ATMs) before choosing one.
  • Set up savings account and start saving! This can be as little as $5 per month—just enough for a latte from Starbucks each week, or any other treat that’s important to you!
  • Buy used textbooks instead of new ones if possible; this will save money on books and let them last longer too!

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