Dean of the School of Graduate Studies at the University of Professional Studies, Professor Samuel Antwi has advised Ghanaians to adopt financial discipline by living within their income bracket.
He emphasized that adhering to this principle not only brings financial freedom but also reduces the risk of relying on debt to maintain one’s lifestyle.
Encouraging prudent spending habits, Prof. Antwi appealed to the public to align their expenses with their income and recommended following the “10 10 80” principle: allocate 80% of income for spending, dedicate 10% to savings, and restrict normal spending within the 80%.
Additionally, he stressed the importance of learning to say no to unwarranted financial demands, reducing debt levels, and planning for unexpected expenses, such as emergencies or health issues.
During an interview on financial discipline, Prof. Antwi stressed that unchecked borrowing can lead to financial difficulties.
“This year we will prosper. This year will prosper. It’s not enough to use your mouth to say it; have the ability to say no to people who make financial demands on you. So try to reduce your debt levels. Anybody that borrows without restraint, will get yourself into a financial difficulty.”
Moreover, Prof. Antwi underscored the significance of setting achievable and relevant financial goals in line with one’s aspirations and objectives. He highlighted the need for practical, attainable, and meaningful targets to guide personal financial planning and ensure responsible money management.
“So you set the goals, work towards it to achieve those goals. Then you have become financially disciplined. However, money is only a resource. It wheels our personal goals,” he continued.
In line with this advice, he encouraged individuals to embrace the SMART goal-setting approach—ensuring that goals are specific, measurable, achievable, relevant, and time-bound. This approach, he explained, ensures that goals are clear, trackable, and relevant to one’s life aims and aspirations, ultimately steering them toward financial stability and success.
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Source: Eric Sekyi/ATLFMNEWS
