Achieving financial wellbeing isn’t about luck—it’s about making smart, consistent choices. The CedisPay 7 Baby Steps provide a clear, step-by-step roadmap to help you take control of your money, protect your loved ones, and build lasting wealth. Follow these principles and use CedisPay’s Financial Wellbeing Budget App to stay on track and transform your financial future!

• Have Proper Protection – Start with the Right Financial Safeguards
  • What Get life, health, and disability insurance to protect your income and family from unexpected events like health issues or premature death.
  • When As soon as possible, preferably before significant financial responsibilities or dependents arise
  • Why Without proper protection, your savings or investments may not be enough to handle unexpected events, and your family’s financial security could be at risk
  • How
    • Use the Financial Wellbeing Assessment tool to assess your current financial situation and identify any gaps in your coverage.
    • Set long-term protection goals with the Financial Wellbeing Roadmap.
    • For personalized guidance on insurance options, reach out to an expert via Ask a Coach
    • Enable Alerts & Notifications to remind you of premium payments
• Start Saving with GHS 1,000 (or $1,000) – Build Your First Emergency Fund
  • What Save an initial emergency fund of GHS 1,000 (or $1,000) to cover small financial setbacks
  • When Start saving as soon as possible, even while focusing on paying down debt.
  • Why An emergency fund protects you from going into debt during minor emergencies, reducing stress and financial strain
  • How
    • Set up your Savings Goal Tracker to set and monitor your GHS 1,000 goal.
    • Use the Financial Wellbeing Savings Calculator to determine how much to save each month to reach your goal.
    • Track your spending habits with the Spending Tracker and look for areas to cut back, helping you reach your savings goal faster
    • Stay motivated by participating in Weekly Challenges
• Limit Your Debt – Keep Debt Below 30% of Your Income
  • What Manage debt wisely and aim to keep your debt below 30% of your income to avoid financial strain
  • When Start as soon as you can, ideally before taking on more debt, and maintain this ratio throughout your financial journey
  • Why Keeping debt within manageable limits frees up cash flow, reduces stress, and helps you make better financial decisions
  • How
    • Use the Debt Management Tool to track your debt-to-income ratio and create a repayment plan
    • Organize and adjust your budget using the Budget Planner to ensure you stay below the 30% threshold.
    • Check your Budget Assessment Tool to evaluate if your debt payments are within a healthy range.
    • Set up Alerts & Notifications to remind you of upcoming debt payments and avoid missed payments
• Build a 6-Month Emergency Fund – Secure Your Financial Stability
  • What Save enough to cover 3 to 6 months of living expenses for financial emergencies.
  • When Once you've built your starter emergency fund, continue saving until you have 6 months of living expenses
  • Why A 6-month emergency fund ensures that you can handle major setbacks like job loss or unexpected expenses without going into debt
  • How
    • Track your progress using the Savings Goal Tracker and make adjustments as needed.
    • Use the Financial Wellbeing Savings Calculator to help you calculate how much you need to save to reach your emergency fund goal.
    • Monitor your overall financial health with the Financial Wellbeing Dashboard and make sure you're staying on track
    • Take advantage of the Year-End Financial Reflection to review your emergency fund progress annually
• Invest 15% for Retirement – Secure Your Future with Smart Investing
  • What Invest 15% of your income into retirement accounts to ensure a comfortable future.
  • When Start as early as possible, ideally in your 20s or 30s, and continue contributing as you grow older
  • Why Consistent investing for retirement builds wealth over time, ensuring you don’t outlive your savings
  • How
    • Use the Retirement Needs Calculator to determine how much you need to save for retirement.
    • Track your retirement savings with the Retirement Savings Tracker to stay focused on your goals.
    • Set clear investment goals with the Investment Goal-Setting Tool and ensure you're diversifying properly
    • Maximize the growth of your investments with the Compound Interest Calculator to see how your savings can grow over time
• Plan for Education – Save for Your Children's Future
  • What Start saving for your children’s education to prevent financial burden later in life.
  • When Start saving as soon as possible, ideally when your child is born, to take advantage of time and compound interest
  • Why Education costs are rising, and saving early helps you avoid going into debt to fund your child’s future
  • How
    • Set an education savings goal using the Savings Goal Tracker.
    • Use the Investment Goal-Setting Tool to choose long-term investment strategies for your child’s education fund.
    • Review your savings capacity with the Financial Wellbeing Calculator and adjust your plan accordingly
    • Participate in Weekly Challenges to stay motivated and increase your education savings
• Grow Wealth and Give Back – Create Lasting Financial Impact
  • What Focus on growing your wealth while also contributing to causes you care about
  • When After stabilizing your finances, continue to invest and give back regularly
  • Why Building wealth creates opportunities for financial freedom, while giving back helps make a positive impact on your community
  • How
    • Use the Investment Goal-Setting Tool to develop a strategy for growing your wealth.
    • Access Financial Insights to learn strategies that help maximize your returns and philanthropic contributions.
    • Maximize cash flow with the Learn to Budget section, enabling you to grow your wealth and make charitable donations
    • Track your progress with the Rewards System, earning points as you hit key financial milestones

💡 The CedisPay Financial Wellbeing Budget App helps you stay organized, track your progress, and take actionable steps to achieve your financial goals—using the right tools at the right time. Download it today and start following the 7 Baby Steps with confidence!