CedisPay

My name is Emmanuel Akrong, Founder and CEO of CedisPay. But before CedisPay existed—before I stood before you today—my life was in pieces. On August 5, 2018, news stations in both Canada and Ghana were reporting the same tragic story: A Black man lost his wife and son in a swimming pool in Brampton, Canada. That man was me. But the pain didn’t end there. Just one month later, I lost my job. I wasn’t just grieving I was drowning. Drowning in sorrow. Drowning in financial chaos. I had no savings, no emergency fund, no idea how to move forward. Then, at one of my lowest moments, my coach gave me a challenge that would change everything: “Do something meaningful with your pain.” That single line became my turning point.

Turning Pain Into Purpose

I started by taking control of my health. Movement at the gym became therapy. That movement turned into momentum. In the process, I began rebuilding my finances—step by step. Through trial, prayer, mistakes, and learning, I discovered six powerful principles that gave me structure, peace, and clarity. These principles became the foundation of my comeback—and eventually evolved into what is now the CedisPay 7 Baby Steps™ — a simple, actionable roadmap for anyone seeking financial freedom. I built CedisPay for people like me—those who’ve felt stuck, overwhelmed, or behind in life and money.

Understanding the Struggle

Living paycheck to paycheck
Battling high-interest debt
Lacking a clear financial plan

The 6 Levels of Financial Wellbeing

Financial Security – Stable income, manageable debt, and some savings
Financial Stability – Minimal stress, steady footing
Financial Freedom – Choices without financial constraint
Financial Resilience – Strength to withstand life’s financial shocks
Financial Confidence – Knowing you’re in control
Financial Peace of Mind – Calm, clarity, and contentment

The CedisPay 7 Baby Steps™ to Financial Wellbeing

Unlike other approaches that focus only on building wealth, our steps help you build a life of stability, purpose, and peace. Whether you’re deep in debt, starting from scratch, chasing a big dream, or just looking for clarity—this roadmap will guide you.

Why These Steps Work

Like Tony Robbins says, “Success leaves clues.” We studied the best—from Dave Ramsey’s Total Money Makeover to The Millionaire Next Door—and adapted the principles to meet the realities of Ghanaians and everyday people everywhere. Most importantly, we lived them.

The Story Behind Baby Step 1

After I lost my wife and son, one thing saved me from financial ruin: Her wise advice to get life insurance. Because of that protection, I was able to keep our home even after losing my job. That experience shaped everything we do at CedisPay—starting with protection first, not last.

The 7 Baby Steps

Protect Your Loved Ones: Get life insurance to safeguard your family’s financial future. Without it, one unexpected event can destroy years of savings.
Save Your First GHS 1,000 (or $1,000): Build a starter emergency fund to handle life’s small financial shocks—without going into debt.
Limit Your Debt: Keep debt below 30% of your income. This frees up your cash flow and protects your peace of mind.
Build a 6-Month Emergency Fund: Now that you’re stable, grow your savings to cover 6 months of expenses for serious emergencies.
Invest 15% for Retirement: Secure your future. Start investing early and consistently to build wealth through compound growth.
Plan for Education: Set aside funds for your children’s education. Save now to prevent stress and student debt later.
Grow Wealth & Give Back: Keep building—but don’t forget to give back. True financial wellbeing includes generosity and legacy.

The Power of Order

Each Baby Step builds on the one before it. Don’t skip. Don’t rush. Start with protection. Then save. Then build. That’s how lasting financial freedom is created—one habit, one step at a time.

Detailed Guide on How to Achieve Financial Wellbeing with the CedisPay 7 Baby Steps

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!

CedisPay Baby step 1 : 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
CedisPay Baby Step 2 : 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
CedisPay Baby Step 2b: Build Your Starter Emergency Fund(Save one month’s worth of living expenses)
- What Save one month’s worth of living expenses to create a financial cushion for unexpected situations.
- Why Life is unpredictable—medical emergencies, car repairs, or sudden job delays can happen at any time. Without savings, these setbacks can push you into debt. A starter emergency fund provides financial stability, peace of mind, and control over your finances.
- How
  - Set a Target – Calculate your essential monthly expenses (rent, food, utilities, transport).
  - Save Consistently – Automate savings and cut back on non-essential spending
  - Keep It Accessible – Store it in a safe, easily accessible account (but separate from daily spending).
CedisPay Baby Step 3 : 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
CedisPay Baby Step 4 : 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
CedisPay Baby Step 5 : 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.
CedisPay Baby Step 6 : 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
CedisPay Baby Step 7 : 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!

The Importance of Order

Each of the 7 Baby Steps builds on the foundation laid by the previous one. For example, proper protection comes before establishing an emergency fund because unforeseen events can quickly deplete your savings. By having insurance in place, you can mitigate the financial impact of unexpected events and preserve your savings.

Following the CedisPay 7 Baby Steps will help you achieve financial freedom and stability. Remember, the journey begins and continues with budgeting—an essential practice that ensures you stay on track. We are here to support you every step of the way, providing the tools and resources needed to succeed.

How to Access the CedisPay Financial Wellbeing Model

To make this journey accessible to everyone, we’ve integrated the CedisPay 7 Baby Steps into our My Financial Wellbeing Budget App. This app is a comprehensive, web-based platform designed to guide you through each step of the process, helping you build and maintain financial wellbeing.

Access Our Financial Wellbeing Budget App: https://cedispay.com.gh/budget
Read the User Manual: https://cedispay.com.gh/financial-education

How to Use These Steps with the CedisPay Financial Wellbeing Budget App

Set savings & investment goals
Track debt payments
Monitor your insurance and financial protection
Access financial education tools
Join weekly challenges
Get alerts & reminders
Talk to a coach for guidance

https://cedispay.com.gh/budget

Conclusion

Take the first step towards financial wellbeing today and embrace the path to wealth creation with CedisPay. Whether you’re just starting out or looking to refine your financial strategy, our 7 Baby Steps offer a clear, practical, and personalized roadmap to achieve financial stability and peace of mind. We're here to help you every step of the way.

A Personal Journey to Financial Wellbeing