‘Be Financially Disciplined This Yuletide’

Hannah Annobil-Acquah

HANNAH ANNOBIL-Acquah, Head of Retail Banking at First National Bank (FNB) Ghana, has called on Ghanaians to avoid getting into financial distress during this yuletide.
According to her, the lack of financial discipline around the festive season can easily lead to financial woes especially in these trying times.

She has therefore asked holiday makers to plan their budget and be honest with themselves on what they can afford and do their research ahead of time on what they need to know exactly, what they want to buy and determine the price of those goods upfront. “Buy only what you need. Don’t buy anything because it is displayed for sale. Also, don’t use debt to buy non-essential or luxury goods. Consumers should also remember that credit incurs interest. If you are tapping into your long-term savings or emergency saving funds, this also suggests that you may not afford a lot of Christmas shopping and spending. Therefore, consider the financial burdens ahead in the incoming year,” she advised.

Mrs. Annobil-Acquah added that “Sometimes we are lured by the excitement, appealing market and are tempted to buy goods simply because we are told that the prices have been reduced. However, it’s important to understand whether there has been any substantial reduction in the price of the item you wish to buy.”

She said the easiest way to determine if there had been a decrease is to track the price over a period of time. “Do not be tempted to spend excessively, and if you have a list of what you want to buy and a budget, stick to it. In these tough economic times, we need to be more prudent and stricter about our spending habits,” she added.

Mrs. Annobil-Acquah also advised that “Just because something is labelled cheaper in the festive season doesn’t always mean that you must buy it.”

A business desk report