Susu, mobile money, or bank? The best way to save money as a young person

As your monthly salary arrives, responsibilities start piling up, but you also deserve to unwind after all the stress you endured to earn that money. During this planning phase, you remind yourself that saving for the future is just as important—because, as the saying goes, “nobody knows tomorrow,” right?

However, saving isn’t always easy. Before you know it, unexpected expenses, peer pressure, or impulse spending can drain your funds, leaving you back at square one. Sound familiar?

For many young people in Ghana and beyond, saving money is easier said than done. But financial security isn’t just about willpower—it’s also about choosing the right saving method.

Some opt for the simple Susu box, while others find themselves torn between the traditional banking system, the convenience of Mobile Money, or the age-old Susu system. Each option has its own benefits and drawbacks, and understanding them can help you make the best choice for your financial future.

Susu: You Never Know

Susu is one of the oldest forms of saving in Ghana and other West African countries. It involves daily or weekly contributions to a trusted collector, who keeps the money safe and returns the full amount (sometimes minus a small fee) after a set period.

Advantages:

• Encourages disciplined saving, whether daily or weekly

• Works well for those with irregular incomes

• No banking fees or complex documentation required

Challenges:

• Limited security (money can be lost if the collector is dishonest)

• No interest earned on savings

• Inflation can reduce purchasing power

Mobile Money: Convenient and Flexible

Mobile Money (MoMo) services such as MTN MoMo, Vodafone Cash, and AirtelTigo Money have revolutionised savings in Ghana, allowing users to store and transfer money digitally with ease.

Advantages:

• Easily accessible via mobile phone

• Can earn interest with savings features like MoMo wallets

• No need for bank visits or extensive paperwork

• Instant access to funds for emergencies

Challenges:

• Easy access to funds can lead to impulsive spending—just check your airtime purchase history, and you’ll see why!

• Transaction fees add up over time—the 50 pesewas and 1 cedi charges, plus the E-Levy, can be frustrating.

• Risk of fraud and scams—those suspicious calls and poorly written scam messages are a constant nuisance.

Banking: Secure and Rewarding

Banks offer structured and long-term savings solutions with added security and financial growth through interest earnings. Banks in Ghana, such as GCB, provide various savings accounts tailored to individual needs.

Advantages:

• Money is safe and insured

• Earns interest over time

• Access to loans and investment opportunities

• Financial literacy support from banking professionals

Challenges:

• Requires documentation (e.g., ID, proof of residence)

• Banking fees may apply

• Less flexible than Mobile Money and Susu—although banks now offer MoMo integration and ATM cards for easier access

Which One Should You Choose?

The best saving method depends on your financial goals and lifestyle.

• If you prefer a simple, informal way to save, Susu might be ideal.

• For tech-savvy individuals who want flexibility, Mobile Money savings accounts offer convenience.

• If long-term financial security is your priority, opening a bank savings account is the best option.

Brief Tips for Effective Saving

Regardless of your chosen method, here are some essential tips to maximise your savings potential:

1. Set a Savings Goal – Define what you are saving for, whether it’s education, a business, or an emergency fund.

2. Be Consistent – Develop the habit of saving regularly, even if it’s a small amount.

3. Avoid Unnecessary Withdrawals – Resist the temptation to withdraw money unless absolutely necessary.

4. Take Advantage of Interest Rates – If using a bank or MoMo savings account, choose one that offers competitive interest rates.

5. Stay Informed – Be aware of fees, fraud risks, and best practices for each savings method.

Conclusion

By understanding the strengths and weaknesses of these saving options, young Ghanaians—and people worldwide—can make informed financial decisions and build a stable future. The key is to develop a habit of saving, remain disciplined, and choose a method that aligns with your financial goals.

Whether you opt for Susu, Mobile Money, or a traditional bank, taking charge of your finances today will lead to greater financial freedom tomorrow.