The Head of Retail Banking at the First National Bank Ghana, Hannah Annobil-Acquah has cautioned the public to exercise self-discipline in managing their financial resources this festive season.
She said lack of financial discipline around the festive season could lead to financial woes, especially in these trying times.
Mrs Annobil-Acquah gave the caution in tips on how to make people financial savvy during this year’s Christmas Holiday season.
“With the holidays just around the corner, it’s important for consumers to exercise caution and self-discipline when managing their money over this period,” she said.
“Sometimes we are lured by the excitement, appealing marketing and are tempted to buy goods simply because we are told that the prices have been reduced,” Mrs Annobil-Acquah stressed.
She said it was important for people to understand whether there had been any substantial reduction in the price of the item they bought.
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,” Mrs Annobil-Acquah said, adding that “Just because something is labelled cheaper in the festive season doesn’t always mean that you must buy it.”
The Head of Retail Banking outlined a number of suggestions to help people avoid getting into financial distress during this yuletide period.
They include planning for one’s budget and being honest “with yourself on what you can afford.”
“Do your research ahead of time – you need to know exactly what you want to buy and determine the price of those goods upfront. Buy only what you need and not because something is on sale,” she said.
Mrs Annobil-Acquah advised the citizens not to use debt card to buy non-essential or luxury goods, saying “consumers should also remember that credit incurs interest.”
“If you’re 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. Consider the financial burdens ahead in the incoming year,” the Head of Retail Banking stressed.
BY TIMES REPORTER