It's almost the end of the month again.

It is about to be payday.

You are excited about this because your salary is left with a figure that, if not monitored carefully, could land you at your best friend's door asking for an interest-free loan.

Ironically, what bothers you most is that you do not know how your last salary was spent.

In Ghana and most parts of the world, the cost of living is steadily increasing - a fact no one will dispute. Still, you'd rather not make that an excuse for why your money cannot take you through the month.

In an economy where the income rate is almost stable while the cost of living steadily increases, is it possible to consider the ways of the ant and be wise?

A colony of ants is very organized - one of their admirable qualities.

They are always prepared for the proverbial "rainy day".

Even the bible in Proverbs 6:6 says, " Go to the ants, you lazy one, consider its ways and be wise".

I am pretty sure that as diligent as these tiny insects are, they do not just save but also budget. Ants are known to ration their store to ensure that whatever they keep will outlast the underground periods.

Is "hand-to-mouth" the only way to live?

Is a budget necessary?

First, let's get to why a budget is essential. Then we can explore how to draft a good one.

A budget is necessary when you want to be lord of your money and not the other way around.

And I hate to be that person, but you should "cut your coat according to your size."

I get it. There is too much pressure on social media than we can mostly handle. Start with the simple and more straightforward things.

For example, you do not always need a bottle of coke when you buy a meal. Get some water and save the 3 cedis extra. No one will know you had a whole bowl of waakye without coke. This way, you would not be left wondering why the 500 cedis you had in your Momo ( mobile money wallet) is left with 100 cedis. Come to think of it, these additional expenses, though little when isolated, make up a considerable chunk of runaway costs.

You are more likely to be able to save and invest when you have a budget:

Most of us would usually spend our monthly salary and plan to keep whatever is left at the end of the month.

This technique is very similar to the college student who says, " I learn better at night on my bed" and falls asleep after 20 minutes of repeatedly reading one sentence. It is likely to fail.

Having a budget and allocating a percentage of your earnings to savings and investment is better.

Pro-Tip: Issue a standing order with your bank to help you with saving and investment. A standing order is an instruction to a bank to pay a specific amount to another account at regular intervals, usually triggered by a deposit. Applying this to our case, you can create a standing order to send 20% of every salary payment to your investment account. That way, you will eliminate the temptation to have spent that amount later.

With a budget, your "rainy days" are less likely to be thunderstorms because you have savings.

How to make the most of your money?

• Make a list of all the money you constantly make every month, including money from your side hustles.

• Before the alert drops, list your needs, your must-haves and must-dos, and your savings and investment preferences. Do not forget to add your miscellaneous expenses for things you do not plan for but might need during the month.

Of course, these must be necessities that might influence your well-being if you do not get them. For instance, medicine or fuel.

• Based on your monthly spending, allocate percentages of your income to your list of planned expenses.

• Stay true to your budget and keep from overspending; this will assist you in understanding and modifying your spending patterns so that you can create more accurate budgets with time and make your financial goals a reality. Remember standing orders? They come in handy at this point.

Pro-Tip: Do not forget to budget for the fun things #WorkHardPlayHard.

Pro-Pro Tip: You can put a little bit of your money away every month for travel at the end of the year or every other year. and travel here does not have to be out of the country. Tae a trip to Akosombo 'for the gram'.

There is no one-size fits all way to create a budget as the constituents of a budget are relative

Yes, the current economy is challenging, and the future is uncertain, but you feel this lightness when you know all your bills are paid and you have money that is working for you.

Budgeting prevents you from constantly worrying about where your money is going.

It puts you in command. It allows you to make the most out of your money.

It is how you achieve financial goals— how you create financial progress!

Don't only take my word for it. Just do it.

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