‘Spend cautiously during festive season’

The Head of Retail Banking at First National Bank, Mrs. Hannah Annobil-Acquah has advised the public to spend cautiously this festive season in order not to create financial problems for themselves.

She said thoughtless spending could create debt and financial problem for people, indicating that people tend to spend lavishly in festive seasons without considering their financial resources.

“This festive season, many of us may be guilty of spending without thinking; however, if you never pay attention to the money you are spending it can soon lead to real financial problems. That is why you should not surprise yourself with your expenses during this Christmas,” she said.
Mrs Annobil-Acquah entreated the citizenry to check the amount in their current bank account, savings account and credit card and other outstanding obligations on their home and, personal loans and hire-purchase, stressing that “people should have a good idea of these balances”.

“If consumers don’t know what they have spent their money on at the end of the month, it is very unlikely that they are making positive and planned financial decisions,” she said, adding that,  “If you have no idea what is going on with your bank account, this a sure sign that you are not on top of your finances.”

The Head of Retail Banking advised shoppers to check the price tag on the items before they buy, pointing out that  online survey indicated that 6 per cent of respondents never check the price tag of an item when they make purchases and 30 per cent sometimes check while 64 per cent always check.

“Checking the price shouldn’t just be for big ticket items but also for every other thing, including the drinks, cakes, sweeties, foodstuff, cooking oil, dresses and gift items for friends and loved ones during the yuletide,” she said.

“Taking note of an item’s price habitually will ensure that you are aware when the price has gone up, if there are any deals on similar consumables or if you can go without that purchase just this once. Checking the price of every item you purchase only takes a few seconds but can make a real impact on your spending at the end of the month,” Mrs Annobil-Acquah stated.

The Head of Retail Banking, while wishing the general public a happy festive season, encouraged them to save to buy the items they need instead of borrowing to buy and keep them out of debt.

By Times Reporter

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