Sunday , 29 January 2023

Families need to adopt IMF-like budget engagement on Christmas spending

A Chartered Accountant, Kingsley Adjenku-Hayford has advised the public on how well a budget can be made for the yuletide.

Speaking in an interview on Joy FM Super Morning Show on Wednesday, he said that “there is a need for a family International Monetary Fund (IMF) engagement.”

He was contributing to the topic “Managing your Christmas finances.”

According to him, spouses must engage family members and discuss plans ahead of the festivities.

He further noted that they should be transparent about their income, and be vocal about things that they can and cannot do. This, he said, many shy away from.

 “A lot of men begin to run away. From the beginning of the year they are not open so I don’t foresee them open to the end, but it is good to open up,” he said.

“There are two opens, it depends on what you want to disclose. It depends on how you have run your life till now. If you openly disclose 100 % you collapse but for some of us who have been open all along, it is better to say – this is the income,” he added.

According to him, once the conversation surrounding the subject is over, planning is made simpler.

He, however, noted that gifts should be considered when budgeting for Christmas.

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