With the little economics I have learned from UGBS and Bloomberg on inflation and the time value of money, this is not a good time for us to just save, save and save for the future.
It’s rather that time to spend for the future. So if you have money to buy say a bag of rice next in the next quarter, it’s best you buy it now and keep the rice for the future and not the money for the future.
This is because the value of the money will decrease due to inflation. So the Gh400 at the bank today cannot pay for the Gh350 bag of rice next three months due to inflation.
To the youngsters, who are saving to marry next year or two, start buying most of the items now instead of keeping the money to buy them later.
Also, if you can, prepare a list of items you will need for the next three months and buy them now.
I repeat if you can.
You know you will need detergents, oil, gari, rice, deodorant, sugar, etc. If you have some money at the bank now for those items in the future, go get them now so long as they will not spoil.
I am not an economic Davido, I am just a student of life and a beneficiary of the Bloomberg Media Initiative Africa Financial Journalism Training Program so feel free to disagree with me.