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 it could cause hardship
  • Employers have also been tasked with ensuring wages are paid on time so workers can plan their Christmas and New Year festivities.
  • Financial expert, Charles Mensah, gave this advice in a discussion on Joy News titled; “Christmas Spending and the Economy”

Financial adviser, Charles Mensa advised everyone, especially economic operators, not to borrow to spend during the Christmas festivities.

speaking on PM Express by JoyNews On Thursday, he said traders should consider planning early in the year.

Don’t borrow money for Christmas – Financial adviser warns Ghanaians. Charles Mensah, financial analyst. Photo credit: Myjoyonline
Source: Getty Images

He also said employers borrowing to pay Christmas bonuses “is like borrowing to get married. You’re not ready.”

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“Any business that borrows to give bonuses, you’re not ready. You’re just playing around,” he told George Wife.

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He said this because the credit for the money begins to be paid back in January, adding: “Where is the profit? Where will the money come from to pay off the debt?

“So the banks will call you into their premises and you will yell at the employees when they haven’t done anything.”

Mr. Mensa further suggested that in order to avoid borrowing to pay premiums, employees should be made familiar with the insurance policies they can avail of each year.

He also said that the 13th month of the year should be planned for next year. According to him, this will help take care of the bonus.

The financial advisor also advised employees on how to spend the Christmas bonus.

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“I want you to adopt something called BSI. When you receive your bonus, B replaces your debts, those with your own personal loans that you owe, S for savings. When you pay down your debt, you can probably save before you invest,” he said.

Source: YEN.com.gh

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