The short answer. Look at last month’s MoMo statement, sort every payment into categories, set a monthly limit for each category a little below what you spent, and check your next statement against it. Start with the categories that leak the most: usually transport, food, betting and lots of small spends.
1. See where last month actually went
A budget built on guesses doesn’t last. Start with the truth: your MTN MoMo statement for last month. Here’s how to get it as a PDF in a few minutes.
2. Sort every payment into categories
Group your spending so you can see the pattern. These categories cover most people in Ghana:
- Rent and bills: rent, ECG prepaid, water, school fees.
- Transport: trotro, Bolt, Uber, taxi, fuel.
- Food: chop bars, groceries, delivery.
- Airtime and data.
- Family and support: money you send home or to relatives.
- Fun: going out, subscriptions, shopping.
- Betting.
- Fees: MoMo charges such as cash-out.
- Savings: money you move away on purpose.
3. Set a limit for each category
Don’t try to fix everything at once. Keep the essentials close to what they really cost, and cut hardest where the money leaks. Here’s a worked example using one month of real-looking numbers:
| Category | Spent in October | November budget |
|---|---|---|
| Transport | GHS 1,311 | GHS 1,000 |
| Food | GHS 931 | GHS 800 |
| Airtime & data | GHS 210 | GHS 200 |
| Betting | GHS 480 | GHS 100 |
| Kept in November | GHS 832 |
Most of that comes from one decision: capping betting. That’s usually where the quickest win is.
4. Plug the small leaks
- Small spends add up. Sixty payments under GHS 20 can quietly cost more than one big purchase.
- Fewer, bigger transactions. Cash-outs and some transfers carry a charge each time, so batching them usually costs less.
- No more e-levy. The 1% e-levy on electronic transfers was abolished from 2 April 2025, so any charges on your statement now are MoMo fees, not the levy.
5. Check in once a month
At the end of each month, get your new statement and compare each category with its limit. Over in one place? Move the limit or cut somewhere else. Under? Move the difference to savings before you spend it.
Let Tracey do the boring part
Tracey does steps 1 to 3 for you. Send your MTN MoMo statement on WhatsApp and Tracey sorts every transaction into categories, shows where your money went, and lets you set a monthly budget for each category. When the next statement comes in, Tracey shows how you did. It’s free, and it speaks English, Pidgin and Twi. Meet Tracey.
This guide is general information to help you manage everyday spending. It isn’t investment, loan or tax advice.
Common questions
What is the easiest way to start budgeting in Ghana?
Start with last month. Get your MoMo statement, add up what went on each category, then set next month’s limit a little below what you actually spent in your two or three biggest categories.
What is the 50/30/20 rule?
A common starting point: about 50% of your income for needs (rent, bills, transport, food), 30% for wants and 20% for savings. Treat it as a guide, not a law. If family support or rent takes more, adjust the split and build up slowly.
Is there still an e-levy on MoMo transfers?
No. Ghana abolished the 1% electronic transfer levy (e-levy) from 2 April 2025. Charges you see on MoMo now are MTN’s own fees, such as cash-out charges.
How often should I check my budget?
Once a month is enough for most people. Get your new statement, compare each category to its limit, and adjust the next month.
Can an app do this for me?
Yes. Tracey reads your MTN MoMo statement on WhatsApp, sorts every transaction into categories, and lets you set a monthly budget per category. It is free.