A financial analyst, Jerry Afolabi has urged Ghanaians to plan towards Christmas celebrations at the beginning of every year to enable them ease on the salaries they earn in December.
According to the budget expert, majority of Ghanaians are not mindful of their spending during Xmas festivities yet they do not save towards that hence they are ushered into post Christmas hardships in January.
He was contributing to issues of over spending among many Ghanaians during festive periods on the Morning Xpress Thursday morning, when he observed that many people are not able to deal with utility and other bills as a result of their inability to plan months ahead of December.
“As a people what we need to begin to do especially when we’re heading into this New year is to plan our year very well. When you are able to plan very well, you’ll know your disposal income that comes to you at the end of every month and you’ll know your expenditure. . . If you plan very well, you’ll realise that once you are entering into the New Year, you won’t have to enter with deficit ,” he explained.
It is believed that many Ghanaians do not plan towards Christmas festivities and end up overspending beyond their pay cheques which leads them into hardships in January.
Mr. Afolabi is of the view that when workers rely on only their December salaries for other expenditures in January, it could lead them to be confronted with the cost of other “miscellaneous.”
He also advised Ghanaians to cut down on expensive holidays if they do not have what he calls “disposable income” adding that there will be so much traffic in town and for that matter, much time should be given to families at home while breadwinners opt for moderate expenditure on the yuletide to avert deficit in the New Year.
“Cut on your expenditure and make sure that places that are not of much interest and importance, you don’t go to those there. People spend a lot of monies on alcohol and all that,if you know you don’t have that kind of disposable income, know all your needs and wants and not start the year with a deficit,” he advised.
Adding to the conversation was policy analyst Edem Agbana who advised that people should rather go for affordable holidays and be mindful of their expenditure.
“January is just like any ordianary month”, he said and added that monies meant for utility bills and school fees should not be spent on christmas.