A senior lecturer at the GIMPA School of Business has fired some words of warning to parents who have not developed the habit of savings.
Dr. Owusu Ansah in an interview with Eric Acquah on ATV's Sika Sem show, stated that every home comprising of a father and mother with or without children, must draw their own budget and try their best to save part of their incomes before the rainy day sets in.
“Every family needs a budget, both the mother and father must put money together at the end of each month to avoid borrowing”, he said on the show.
He advised that such savings should be made to cater for expenditure such as paying of school fees and hospital bills and to cushion the family in times of emergencies.
“You (parents) must draw their budget each month and state the source of income. They also write what they use their money for”, he noted.
In addition to the above point, he advised that parents could take the step of saving GHC 200 a year towards the building of their home.
“In Ghana, the prices of land never depreciate, unlike the UK and other places where it does come down. In other countries, environmental factors contribute to the pricing of land so if you are in Ghana, where we don’t necessary need mortgage loans to get our homes, parents can make time to save and build their own homes”, Dr. Owusu Ansah said.