Financial consultant, Charles Mensah has advised all and sundry especially business operators not to borrow to spend during the Christmas festivities.

Speaking on the JoyNews’ PM Express on Thursday, he said the business operators should consider planning at the early stage of the year.

He also noted that employers borrowing to pay bonuses during Christmas “is like borrowing to get married. You are not ready.”

“Any company that borrows to pay bonuses, you are not ready. You are just acting," he told George Wiafe.

This he said was because payment of borrowed for funds starts in January, adding that “where is the profit ? Where is the money going to come from to settle the debts?

“So the banks will call you in their facility and then you would be shouting on employees when they haven’t done anything.”

Mr Mensah further suggested that to avoid borrowing to pay bonuses, employees should be introduced to insurance policies they can benefit from yearly.

“Introduce them [employees] t certain insurance scheme like savings and loans or something that they can cash out by November, December because once you start January, there would be December.

“So December shouldn’t be a surprise that you are now looking, scratching here and there selling assets of the company or doing this just to please them.  Only to GRA knock on your door in the morning of January and then you cannot even pay,” he stated.

He also said a 13^th month year for the next year should be planned. This according to him will help take care of the bonuses.

The Financial Consultant also counselled employees on how to spend the bonuses awarded them during Christmas.

“I want you to adapt something called BSI. When you receive your bonus, the B stands for pay down your debt, your own personal debt people that you owe, the S stands for savings. When you pay down your debt then you can save before you probably do the Investment,” he said.