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3 Ways to be Free From Financial Stress as a Government Worker in Ghana

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3 Ways to be Free From Financial Stress as a Government Worker in Ghana

Working in the public sector in Ghana comes with lots of financial stress, ranging from family demands to personal demands.

Salaried people, particularly government workers, have long-lived within their means, yet borrowing is occasionally necessary to overcome situations that are beyond their control. Individuals can achieve financial independence without taking out loans from financial institutions in a variety of ways.

As a government employee in Ghana, there are three strategies to avoid financial stress.

3 Ways to be Free from Financial Stress as a Government Worker in Ghana

  • Joining A Susu Group

One of the simplest ways to be financially stress-free is to start or join a dependable susu club at work. Workmates from this group, which is led by a leader who is responsible for collecting donations. The contribution can be provided weekly or monthly, depending on the industry in which one is employed. In most cases, however, because the government pays its employees on a monthly basis, many donors choose the monthly contribution.

There are instances where there can be about 10 or more people in a susu group, but I wouldn’t recommend it since it may take longer for the cycle to end. What I will recommend is that the group should at least be made up of five to six people. With this, each member can win two or more times within a year.

Talking about winning, at the end of every month, when each member has contributed his/her share, a Yes or No ballot is done for one member to choose from, except for a member who has already won.

To avoid anomalies, I will always advise that creating a susu group should be limited to individuals of the same working-class to avoid anomalies.

  • Buying Treasury Bills

Buying treasury bills, sometimes known as T-bills, is one option for a government or salaried worker in Ghana seeking financial independence. Investing in Treasury Bills becomes the only alternative instead of subscribing to insurance packages that do not provide a greater return in the future. Ecobank EDC, Fidelity Flip, Databank MFund, ArkFund, BFund, and other banks offer flexible investment packages such as the Ecobank EDC, Fidelity Flip, Databank MFund, ArkFund, BFund, and others. Find out more about Treasury Bills and how to invest in them HERE.

  • Starting a Part-time Business

Most government employees lose money after starting a business to supplement their monthly income. This is usually due to a lack of time. Setting up a firm without having the time to oversee it is a complete waste of resources, as it may be controlled by whoever is in charge in any case. Loss results from a lack of oversight and monetization of the operations of whatever is going on in a firm. As a result, I’ve always advised people who spend most of their time at work to start an internet business that can be monetized anywhere and whenever they want. To start an online business, beginners need not require much. This manual should be read.