Managing money as a student in Ghana can be hard. Most students depend on small allowances from parents, guardians, or part-time jobs. Without a proper plan, it’s easy to make mistakes and run out of money before the month ends.
In this article, we will look at the top 10 financial mistakes many Ghanaian students make and how to avoid them.
1. Not Having a Budget
The Mistake:
Many students spend money without tracking how much they have or how they spend it. This often leads to overspending.
How to Avoid It:
Create a simple monthly budget. List your income (allowances, part-time job money, etc.) and expenses (food, transport, data, books). Stick to it as much as possible.
2. Spending Too Much on Mobile Data and Airtime
The Mistake:
Some students spend a large part of their money on buying data bundles and airtime without realising it.
How to Avoid It:
Buy data bundles that last longer (e.g., monthly bundles). Use free Wi-Fi on campus and limit unnecessary video streaming and social media scrolling. For downloads, use MTN or Airtel midnight bundles. You can get as much as 5.16GB for just GHC2.99 from MTN, which does not expire. This bundle can only be used from 12 am to 5 am. Some networks also have social media bundles, which are relatively cheaper.
3. Eating Out Too Often
The Mistake:
Eating from restaurants or food joints daily can be very expensive.
How to Avoid It:
Learn basic cooking skills. Preparing your own meals is cheaper and healthier. Spend some time preparing some simple tomato stew and soup, which you can keep in the fridge and eat with rice, yam, banku, ‘eba’, etc. Get a rice cooker to prepare simple meals like rice, yams, etc. You can also prepare cheap fast foods like Indomie or noodles (macaroni) with lots of vegetables to make it healthier and more enjoyable.
If you must buy food, set a weekly limit for it. Also, you can eat from local food joints like ‘bush canteen’ and ‘night market’ on Legon Campus for University of Ghana students, where food is affordable.
4. Buying Expensive Phones or Gadgets
The Mistake:
Some students rush to buy the latest phones or laptops even when they can’t afford them.
How to Avoid It:
Use a device that fits your budget and still helps you study. Avoid peer pressure. You don’t need to buy the newest phone to be valuable.
5. Not Saving at All
The Mistake:
Many students live paycheck to paycheck and don’t save anything. Some have the misconception that students can’t save. If you do not learn how to save as a student, chances are, you’ll find it very difficult to save when you start working.
How to Avoid It:
Save a small amount each month, even if it’s just GHS 10. Use a mobile wallet (like MTN/Airtel/Telecel Mobile Money) or open a student bank account to help build the habit. It is easier to avoid impulse buying as a student if you save at the bank. Some student bank accounts even give small interest on savings.
*Read More on Best Banks in Ghana for Local and Foreign Students
6. Borrowing Money Unnecessarily
The Mistake:
Some students borrow from friends, apps, or “quick loan” services for things they don’t really need.
How to Avoid It:
Only borrow when it’s absolutely necessary — for emergencies or urgent academic needs. Avoid taking loans just to party or show off. Live within your means.
*Read More on Best Loan Apps For Students in Ghana: No collateral, No guarantor
7. No Emergency Fund
The Mistake:
When an emergency comes (like illness or unexpected fees), many students panic because they have no money saved for such situations.
How to Avoid It:
Keep a small emergency fund. Put it in a safe place, preferably a bank and use it only when necessary.
8. Falling for Scams and Fraud
The Mistake:
Some students are tricked into fake online deals, investment scams, or “get-rich-quick” schemes. Many students also fall into the harmful habit of gambling, be it betting on sports or games. Gambling is addictive, so once you fall for stories of how your friends are making ‘big bucks’ on betting apps, investment apps, and games that involve betting with money, you are hooked! You may not believe it now, but you can end up spending your tuition and hostel fees on betting. You will most probably end up dropping out of school.
How to Avoid It:
Be careful with online transactions. If it sounds too good to be true, it probably is. Avoid giving your MoMo PIN or bank details to anyone. Avoid gambling. Get genuine part-time jobs that involve hard work and not ‘easy-get-rich-quick’ jobs. Tutoring SHS/JHS students is a good side hustle for tertiary students in Ghana, as they have more time in-between lectures.
9. Not Using Student Discounts
The Mistake:
Many students forget that they can get discounts for transportation, events, or services with their student ID.
How to Avoid It:
Always ask for student discounts. Some places offer reduced prices if you show your ID. For example, Silverbird Cinema in Accra offers a discount for students who want to watch a movie. So if you have a date, be sure to use your ID for a discount.
10. Copying Others’ Lifestyles
The Mistake:
Trying to live like your wealthy friends or coursemates can lead to overspending and debt. Some friends make it a habit to go on outings. Though there is nothing wrong with making friends or going out, it should be with the right friends who go out less often and spend more time studying.
How to Avoid It:
Live within your means. Focus on your goals and not on impressing others. Your time will come. During these outings, be sure not to fall into the trap of showing off by ‘spreading’, that is, paying for everyone.
Final Advice:
Being in school is not just about academics — it’s also the best time to learn how to manage money. Start small, make good choices, and build financial discipline now. It will help you not only survive as a student but also succeed in life after school.
