Don't borrow money for Christmas - Financial advisor warns Ghanaians
- Salaried workers have been urged not to borrow money to celebrate Christmas with friends and family as this could cause hardships
- Employers have also been tasked to ensure that salaries are paid on time for workers to plan ahead of their Christmas and New Year festivities
- Financial expert, Charles Mensah, gave this advice in a discussion on Joy News titled; “Christmas expenditure and the economy”
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Financial Advisor, Charles Mensa has advised all and sundry especially business operators not to borrow for spending during Christmas festivities.
Speaking on JoyNews' PM Express on Thursday, he said business operators should consider planning at an early stage of the year.
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He also said that employers borrowing to pay bonuses during Christmas "is like borrowing to get married. You're not ready."
“Any company that borrows to give bonuses, you are not ready. You are just acting,” he told George Wife.
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He said this because credit for the money begins to be paid off in January, adding, "Where's the profit? Where will the money come from to pay off the debt?
"So the banks will call you to their facility and then you'll be yelling at the employees when they haven't done anything."
Mr Mensa further suggested that in order to avoid borrowing to pay bonus, employees should be made familiar with the insurance policies they can avail annually.
He also said that the 13th month of the year should be planned for the next year. According to him this will help take care of the bonus.
The financial advisor also advised the employees on how to spend the bonus given during Christmas.
“I want you to adopt something called BSI. When you get your bonus, B stands in to pay off your debts, the ones with your own personal loans that you owe, S for savings. When you pay off your debt you can probably save before investing,” he said.
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