Ghana’s older generation may not have had the high-paying jobs or financial opportunities available today, but many of them managed their finances with wisdom, discipline, and resourcefulness. Despite limited income, they were able to build homes, educate their children, and even leave behind assets for future generations. So, what can young Ghanaians learn from them about money?
Here are six valuable financial lessons from our parents’ generation.
1. Live Within Your Means
Our parents were masters of budgeting. They lived within their means, avoided unnecessary expenses, and saved for the future. While it’s tempting to keep up with trends and live lavishly, they understood the value of financial discipline. Unlike today’s culture of spending on expensive gadgets, parties, and luxury lifestyles, our parents prioritised necessities over wants, ensuring they had money for emergencies and major life events.
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💡 Lesson: If you can’t afford it without debt, you probably shouldn’t buy it. A frugal lifestyle leads to long-term financial security.
2. Save Before You Spend
For many Ghanaians, especially those in their 40s, 50s, and 60s, savings were a priority. They didn’t wait to see how much money was left over after spending—saving came first. Whether through the popular “susu” system, savings accounts, or investments, they understood that money grows when it is set aside first before expenses.
Unlike today, where easy access to loans and credit cards tempts people to spend beyond their means, our parents knew the importance of saving up for major purchases rather than borrowing and accumulating debt.
💡 Lesson: Pay yourself first. Set aside a portion of your income for savings before spending on non-essential expenses.
3. Avoid Unnecessary Debt
Many of our parents were wary of debt and only borrowed when absolutely necessary. They viewed debt as a burden, not an easy way out. They prioritized saving money over taking loans, and when they borrowed, it was usually for meaningful investments like land, homes, or their children’s education.
Today, it’s easy to fall into the trap of credit card debt, online loans, and quick cash schemes, but our parents’ generation knew that being debt-free was the key to financial freedom.
💡 Lesson: Avoid bad debt. If you must borrow, do it wisely and only for things that will increase in value over time, like property or education.
4. Always Have an Emergency Fund
Life is full of uncertainties. Our parents knew this well, which is why they always kept some money aside for unexpected emergencies. Whether it was for medical bills, a family emergency, or job loss, they ensured they had something set aside to fall back on.
Many older Ghanaians kept their savings in susu boxes, cooperative schemes, or invested in informal savings groups (known as “susu clubs”). These were simple yet effective ways to build financial security.
💡 Lesson: An emergency fund is a necessity, not a luxury. Aim to save at least three to six months’ worth of expenses in case of unexpected situations.
4. Invest in Land and Property
For our parents, land was a precious asset that ensured financial security for future generations. They understood the importance of owning property and often prioritized buying land over luxuries.
Unlike modern times, where some prioritize cars, designer items, and expensive gadgets, our parents saw land as an investment that would appreciate in value and provide stability. Many of them built homes and acquired farmland, securing their family’s future.
💡 Lesson: Real estate is one of the safest and most valuable investments. Owning land or property is a long-term wealth-building strategy that pays off over time.
5. Be Resourceful & Make Every Cedi Count
Our parents were masters of resourcefulness. They knew how to repair and repurpose things instead of replacing them. Whether it was fixing a broken radio, mending torn clothes, or turning old items into something useful, they made the most out of what they had.
In contrast, today’s culture is driven by convenience, leading many Ghanaians to overspend on things they could fix or make themselves. There’s wisdom in learning basic skills like sewing, cooking at home, and DIY repairs—it saves money and reduces waste.
💡 Lesson: Before you spend, ask yourself: Can I repair, reuse, or make it myself? Small savings add up over time.
6. Build for the Next Generation
Unlike today’s ‘soft life’ mindset, our parents believed in long-term wealth building for future generations. They invested in their children’s education, built houses, and started businesses that could be inherited.
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This sense of financial foresight is something many young Ghanaians can learn from. Instead of just chasing short-term gains, it’s important to think about how to create a lasting financial legacy for future generations.
💡 Lesson: Wealth isn’t just for spending—it’s for building a legacy. Invest in things that will outlast you and benefit future generations.
Our parents may not have had high-paying jobs or fancy investment strategies, but they had discipline, patience, and financial wisdom. As young Ghanaians navigate today’s fast-paced economy, these timeless money lessons can serve as a guide to financial stability and long-term success.
