Audio By Carbonatix
Economist Dr Evans Nunoo, says it doesn't make economic sense for someone who earns between GH¢1,000 and GH¢2,000 to be taking tea, bread with eggs and salad.
January, the first month of the year, is often observed as a difficult period in relation to personal financial management.
The current unstable economic environment makes the situation dire.
To effectively manage one’s current financial situation, consumers are advised to assess their assets and obligations to make informed purchases.
Dr Evans Nunoo, gave the advice when he spoke to David Akuetteh on Luv-in-the-morning.
The topic was 'how to survive on a salary of GH¢1,000 to GH¢2000'.
“Two thousand Ghana cedis is a small amount, if you look at our current economic situation. If you have to pay school fees and other bills. If you are a young person yet to start a family, 2000 cedis might be okay. Though you may want more.
“But if you are a family person, you don’t have the luxury of drinking tea and bread with eggs and milk. It’s too complex. Some of them even add salad,” he said.
Dr. Nunoo also advised on multiple bank accounts for expenditure and projects.
“If you are expecting multiple streams of income, you are tempted to have more bank accounts. If you want to work harder and be financially strategic, it is better to keep more than one bank account. It is not as if, if you are having only one bank account, you are making a mistake or not working hard."
Economists are advising that not more than 50% of personal monthly income should go towards debt repayment.
Nearly every Ghanaian carries some kind of debt.
But many wonder how much income should be allocated towards paying off credit cards, car loans, student loans, or mortgages.
Generally, the rule to follow is to pay as much as you can each month in excess of the minimum required payment for the loan. This can pay off the debt sooner.
Dr. Evans Nunoo also outlined what he described as unnecessary expenses for the year 2023.
“You should not spend because you want someone to see you as a good person. You should not spend just so people will see you are of a certain social standing. You don’t spend because others are spending,” he explained.
Latest Stories
-
Police formally investigate woman after Brit stabbed to death in French village
6 minutes -
The beauty of disaster in Ghana: How politicians benefit from national tragedy
9 minutes -
Two Russians handed down jail terms for terrorism and spying in Angola
10 minutes -
High Court grants police assistance order for Receiver to take possession of Cheddar’s No. 1 Oxford Street Hotel
23 minutes -
Wontumi first casualty of ORAL, others could follow – Mustapha Gbande
29 minutes -
Foresters calls for protection of other urban forests following reversal of Achimota Forest declassification
31 minutes -
Majority, Minority clash over 44% debt-to-GDP ratio ahead of Mid-Year Budget Review
31 minutes -
Two patients exchange blows at Ejisu Government Hospital, damage computers and equipment
53 minutes -
‘I’ll die for my party” – TikToker Mama One says after bail over remarks against Mahama
54 minutes -
Ghana’s energy reset must move from financial rescue to productive investment
1 hour -
Galamsey fight: We have partly succeeded – Mustapha Gbande
1 hour -
Freedom without restraint is not freedom
1 hour -
Early warning must be matched by early action to prevent atrocity crimes in Africa – William Nyarko
1 hour -
Homeless woman found dead at Koforidua Jackson Park
1 hour -
Heaps of refuse, choked drains linger in parts of Accra nearly 2 weeks after nationwide clean-up
2 hours