Ghanaians are being encouraged to nurture the habits of savings irrespective of their monthly income.
This, according to a Professor of Accounting at the University of Professional Studies, Samuel Antwi that individuals must ensure that their savings are invested into the right ventures which will yield positive returns.
He mentioned that the economic situation is getting tougher and suggested that savings can help Ghanaians sail through.
” If you don’t save today, you will suffer tomorrow. There are some whose income is insufficient but they are able to save, and over time they build up savings. It doesn’t matter how much money you earn, put per cent aside as putting yourself. Don’t chop all your monies. “
Professor Antwi highlighted some misconceptions about managing finances.
He said, individuals must make a deliberate effort to plan and budget well for themselves and their families with limited resources.
Professor Antwi advised that people be frank with issues and discussions about financial status.
Savings refers to the money that a person has left over after they subtract their consumer spending from their disposable income over a given time period. Savings, therefore, represents a net surplus of funds for an individual or household after all expenses and obligations have been paid.
