How to stop your mobile money account from making you poorer

Mobile money has revolutionised how Ghanaians handle their finances, but its convenience can be a double-edged sword. Many people find their cedis disappearing faster than ever before, often wondering where all their money went at the end of the month.

Here's how to take control and stop your MoMo account from draining your wallet.

Stop the data bundle trap

Instead of buying small data bundles whenever you run out, plan and save money. Calculate how much data you use each month and buy larger monthly bundles rather than daily ones.

A GH₵300 monthly bundle often gives you more value than buying multiple GH₵2-5 bundles throughout the month. Set specific days for data purchases and use Wi-Fi whenever possible to stretch your bundles.

Handle the "momo me small" friends

We all have friends who constantly ask for mobile money transfers but rarely pay back. Set a monthly limit for helping friends (like GH₵100 maximum) and ask for a specific repayment date before sending money.

Keep a record of all money lent out and learn to say "I don't have it" without feeling guilty. True friends will understand your financial boundaries.

Beat online shopping impulses

The combination of attractive social media ads and easy digital payments leads to unnecessary purchases. Wait 24 hours before buying anything non-essential and remove your mobile money details from shopping apps.

Unfollow accounts that constantly tempt you with products and ask yourself: "Do I need this or just want it?" Set a monthly budget for online purchases and stick to it.

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Make momo feel like real money again

The biggest problem with mobile money is that it doesn't feel like real spending. Check your MoMo balance before and after each transaction and think of each payment as handing over physical cash.

Calculate larger purchases in terms of hours worked, (for instance, "This costs me 4 hours of work") and review your mobile money statement weekly to see where your money went.

Set up smart spending controls

Keep only essential money in your wallet (like GH₵100-200 for daily needs) and transfer larger amounts to a savings account that requires extra steps to access. When spending requires extra effort, you're more likely to think twice about whether you really need that item.

Create multiple money "buckets"

Don't keep all your money in one easily accessible place. Have a daily mobile money wallet for transport and food, an emergency fund in a separate account, a savings account for longer-term goals, and money set aside for bills like rent and utilities.

MUST READ: Why your mobile money account could be making you poorer

Mobile money isn't the enemy, your poor spending habits are. Start with just one or two of these strategies and build from there. Every cedi you save today is a cedi that can work for your future. Your wallet will thank you for taking control of your mobile money habits.