{"id":94125,"date":"2025-09-14T14:47:08","date_gmt":"2025-09-14T14:47:08","guid":{"rendered":"https:\/\/sotnews.agency\/?p=94125"},"modified":"2025-09-14T14:47:08","modified_gmt":"2025-09-14T14:47:08","slug":"everyone-needs-a-budget-st-monicas-students-advised","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=94125","title":{"rendered":"Everyone needs a budget \u2013 St. Monica\u2019s students advised"},"content":{"rendered":"
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Everyone needs a budget. That was the message given to final-year students at St. Monica\u2019s College of Education at Asante-Mampong as they prepare to leave the classroom for the world of work.<\/p>\n

Budgeting helps manage finances by allocating income towards expenses, savings, and goals.<\/p>\n

Finance Officer of the College, Isaac Osei Kwarteng, explained that monitoring where money goes helps people understand spending patterns, identify short- and long-term goals, and separate expenses into needs and wants.<\/p>\n

\"Everyone<\/figure>\n

Because of common budgeting challenges such as unplanned purchases, irregular income, and balancing short-term wants with long-term needs, students were oriented to prepare them for life after school.<\/p>\n

\u201cHaving gotten their first paycheck, they must know how to maneuver their way through so that they can be financially independent,\u201d Mr. Kwarteng said.<\/p>\n

He stressed that the orientation is important because it helps students design personal budgets by estimating their revenue and expenditure.<\/p>\n

Mr. Kwarteng also introduced students to the 50\/30\/20 rule, where 50% of income goes to needs, 30% to wants, and 20% to savings or debt.<\/p>\n

\u201cSo we told them that because of inflation and other issues, savings can easily be wiped off. That is why they must develop an investment culture, where a fixed amount is regularly deducted,\u201d he added.<\/p>\n

The students also learned budgeting techniques such as the envelope system \u2013 allocating cash to specific categories, zero-based budgeting \u2013 assigning every cedi a purpose and priority-based budgeting \u2013 focusing on high-priority financial goals.<\/p>\n

They were advised to be realistic, flexible to allow for unexpected expenses, build an emergency fund, and plan debt management.<\/p>\n

The final-year students described the event as eye-opening, saying they learned that budgeting varies depending on income, lifestyle, and goals.<\/p>\n

Gloria Agyie Boama said, \u201cI learnt basically one thing \u2013 the 50\/30\/20 strategy.\u201d She admitted she used to spend without a budget, but now intends to prioritise budgeting.<\/p>\n

Kessewaa Stephanie said she had little networking knowledge but the seminar gave her useful insights on how to connect with people.<\/p>\n

For Rhoda Nyarko, she is now determined to compete in the outside world and achieve her personal goals.<\/p>\n

The annual seminar, organised by the Social Science Department of the college, equips students with knowledge beyond formal education to prepare them for the world of work.<\/p>\n

Head of Department, Bosco Aboagye, said the testimonies from students over the past four years motivate them to continue.<\/p>\n

\u201cBeing in school is quite different from being out there as a teacher. When our students are about to leave campus, we introduce them to real-life issues they will face,\u201d he explained.<\/p>\n

He noted that the seminar also tackles issues such as marriage, travel opportunities, career paths, scholarships, and personal development.<\/p>\n

Students\u2019 Affairs Officer, Yaa Asantewaa Bediako, described the seminar as beneficial and said it equips students with lessons they will carry with them for years.<\/p>\n<\/div>\n

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\"EveryoneEveryone needs a budget. That was the message given to final-year students at St. Monica’s College of Education at Asante-Mampong as they prepare to leave the classroom for the world of work.<\/div>\n","protected":false},"author":1,"featured_media":94126,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1454,1883,117,10,9,8530],"tags":[],"class_list":["post-94125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget","category-national","category-news","category-politics","category-popular","category-st-monicas-college-of-education"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/94125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=94125"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/94125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/94126"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=94125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=94125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=94125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}