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Financial planning an easy way to dodge the ’90 days of January’ myth – Paul Mante of EDC

Paul Kofi Mante MD EDC 12 Paul Kofi Mante is the Managing Director for EDC Investment Limited

Fri, 21 Jan 2022 Source: happyghana.com

Paul Kofi Mante, the Managing Director for EDC Investment Limited, has implied most Ghanaians spend most of their December earnings on the period’s festivities, thereafter find themselves ‘sweating’ as they wait on their January salaries.

Mr. Mante admits the complaints by Ghanaians are understandable, attributing the problem to the spendthrift nature of Ghanaians during the Christmas festivities.

He blamed it on the fact that most Ghanaians hardly engage in financial planning.

Speaking in an interview with Samuel Eshun on the Happy Morning Show, The EDC Boss said, “It’s quite understandable for most Ghanaians to complain about the month of January simply because they tend to spend a lot in the month of December. Very few people do financial planning or budgeting. The money comes in December and then it’s all gone. We need to remember that the salary for the month is meant to be spent the next month.

"The money that comes in December must be spent in January, but because of the Christmas festivities, we end up spending everything in December. Then January becomes 60 days or for some 90 days. You feel January alone has taken up to six months to end as you countdown for the salary. This is basically because we haven’t made enough provisions for the month."

Mr. Mante encouraged Ghanaians and most importantly salaried workers to pay more attention to financial planning.

“People need to understand that it is very important they take financial planning very seriously. When you budget for the month, you would be able to sort out some little things. Although the month of January will appear to be long, you would be able to navigate through without finding it that complicated,” he added.

He further suggested that life in January would be peaceful for most Ghanaians when they engage in financial investments.

Source: happyghana.com