Ekegey's Financial Advice
Hello folks, thank God I am back with your favourite tips on managing your finances. I had a very bad moment last week from a terrible pain on my lower spine. In fact, I have not visited the hospital for a long time due to the behaviour of some nurses and unprofessional doctors at some public health facilities some time ago, thus two years ago. But thank God some nurses and health workers could seriously behave professionally to prove that not all of them are impudent but believe in the purpose of their job. Please join me to say a big hurray to the front desk and the pharmaceutical staff of Holy Trinity Clinic, for their love for what they do.
That’s just about it, but what I really want to share with you is another important financial lesson I learnt during the previous week whiles I was trying to cure my ailment. I was given a prescription for a drug that I needed to take to solve my ailment. This medication was a 300mg and I was supposed to get 20 capsules that have to be taken five days. When I walked into the first pharmaceutical shop the ladies said they do have the medication but in 150mg and going for GH¢1.20 each and that all I needed to do is buy 40 capsules and take two at a time instead of the one each of the 300mg. But on just a quick thought, I decided to try another shop and see if I could get the 300mg. After going through three other shops, I found the 300mg which was going for GH¢1.50 each. I quickly realised how lucky I was for insisting to get the 300mg dosage. Apart from the fact that I only needed to swallow one capsule at a time, I also save a lot on just one prescription.
The reality here is that the 150mg were going to cost me GH¢48.00 to get the full dosage of 40 capsules but I got the right dosage of 300mg for only GH¢30.00. This is a big savings, looking at the fact that the savings of GH¢18 was just on one prescription. In a situation where somebody had to buy some medications periodically over the year, one can actually save money if you buy smartly. In case I need a prescription on monthly basis which could save me GH¢18 per month, I would be saving a total of GH¢216 in the whole year. If this is the situation for somebody who need to be on prescription to solve a chronic problem over his lifetime, may be for e period of 40 years, you would be saving GH¢8,640 over that period.
If you put this amount of GH¢18 savings one just one regular purchase into an investment instrument which returns an average of 15% per annum over the period of 40 years, your total accumulated portfolio would have been GH¢558,289. This is about 5.6 billion old cedis which as a result of being smart when buying one single item over a period of time. Remember that this computation is only base on one item of the numerous items you buy on regular basis. If you think very well before buying things you regularly need for your household upkeep and buy those things from the right place without compromising your status in any way, you could reach your financial freedom over some years. I am very sure you now understand when I said sometime ago that you need not to change anything of your current status or income stream before saving towards your future. You just need to be committed and discipline yourself and one day you would hit that jackpot and be very proud of yourself. Think before you buy.