In a statement to commemorate the birth of Jesus Christ, Mad. Owusu Banahene noted that while “we all need to enjoy the festive season it is equally be prudent to save somewhere untouched for use from January” Parents whose wards will be going back to school in January must also be extra careful with spending without planning how to take care of their ward’s fees in the coming weeks from January 9th 2023.

Mad Justina Owusu Banahene stated that Parents and Guardians may not only be paying school fees but will be buying books as well since the academic year starts in January.

According to her it’s very important for parents and Guardians to spend more wisely this festive season since January is an ugly month of Pain and strangely looks more like a month of 60 days which moves slowly each day.

She said Christmas is a passing fancy, parents must ensure that they spend the money required to take care of the school needs of their children, adding that parents had to come to terms with the need to make sacrifices to give their children quality education which is a down payment parents had to make to assure the kids of a better and secured future.

Mad. Justina Owusu Banahene said there is no doubt that people including parents spend a lot more during festive season than they would normally during the year, on gifts, food, entertainment, travel, events, spoiling loved one’s etc. While the festive season comes every year and parents have ample time to plan well in advance, it is unfortunate that many parents do not plan properly and in the end succumb to the temptation of overspending, using bank overdrafts or taking loans to fund festive spending.

With ever increasing cost of living Parents need to be financially savvy and, make tough but necessary decisions to scale down on festive spending this year.

Sometimes it is worth waiting rather than impulsively spending on non-essential items and services which would only bring misery. In making festive spending, parents should always distinguish between the needs and wants, otherwise, parents may begin the New Year with more debts than they intended which may ended them up being saddled with regrets.

“The festive season is here. So, while we gear up to soak all the fun and festivity, not keeping a tab on our spending habits could put us in a bit of a financial mess. In fact, there is always the danger of overspending or spending excessively during the festive season”. She advised