Charles Mensah, Managing Partner at Trust Consult Limited, has categorically stated that people face financial crisis because they live beyond their means.
He noted that people should not spend money on things that do not bring value to them.
'We must buy things we need and not because they are cheap. We should not even feel shy to negotiate prices because people can deliberately hike prices of items to make big profits and cultivate the habit of consistent savings no matter how small,' the financial expert noted.
Speaking on the topic, 'Prudent Financial Management: A Tool for Financial Independence' at the University of Mines and Technology (UMaT) in Tarkwa at the weekend, Mensah noted that to overcome financial crisis people should do meticulous financial planning and follow it religiously.
The programme dubbed 'TIGO Financial Literacy Conference 2012' brought together over 500 people from the mining communities, entrepreneurs, workers, organizations, students and the general public to learn at first-hand investment, financial management and other related financial issues that would help them avoid financial crisis.
He pointed out that people should cut down their expenditure on things that do not benefit them, adding 'don't buy a car because everybody at your work place owns a car; you may run into debt and find it difficult to pull yourself out of it; you must live within your means'.
The financial consultant advised workers, students and the general public to work tirelessly to overcome financial crisis.
He suggested that people should cultivate the habit of saving or
investing their money into viable ventures and do proper
record-keeping on all their transactions, stressing 'ensure you always have savings of a minimum of three months' salary in case of dismissal, sickness or any eventuality.'
He intimated that people should eschew laziness and be prepared to take up part-time jobs to supplement their salaries in order to earn appreciable money because financial crisis could drive people to do the unthinkable.
Mawuena Dumor Trebrah, Chief Business Strategist, Inspire African Consult Limited, who chaired the TIGO Financial Literacy Conference 2012, expressed excitement about the initiative by the Students' Representative Council (SRC) of UMaT.
She was enthused by the intelligent analyses by the various speakers and the down-to-earth manner of the various presentations, adding 'it is an opportunity to re-assess how to manage our financial resources to begin to plan today towards financial independence.'
Felix Atsu Ackuayi, SRC Treasurer of UMaT, said the programme was crucial not only to workers but students, who would soon enter the job market to manage their finances appropriately in order not to plunge themselves into financial crisis.
From Sam Mark Essien, Tarkwa