The Group Chief Executive Officer (GCEO) of Old Mutual Ghana, Tavona Biza has advised individuals in the country to turn their resolutions for 2024 into actions to achieve their dreams.
He said JJanuary often brought financial crunch, as holiday spending left pockets empty, and unpaid bills piling up.
Mr Biza said at Old Mutual Ghana, crafting a list of New Year’s resolutions had been a common approach to “making things better for the year ahead.”
However, he said resolutions could be challenging due to our tendency to set overly rigid rules for ourselves, adding that “We often adhere to these resolutions briefly before reverting to old habits.”
The GCEO said keeping your financial resolutions simple and having as few as possible makes success possible.
Mr Biza outlines five fundamental financial planning strategies and resolutions that could have a profound impact on your life, emphasising that “Incorporating these principles into your resolutions can make 2024 a significantly smoother year financially.”
The first strategy should be to reduce spending and increasing savings.
He said a budget was essential for achieving this goal, adding that adopting the 50:30:20 budgeting can be an effective approach.
Mr Biza said 50 per cent of one’s income cold be allocated needs, which covered essential and fixed expenses, another 50 per cent for wants which focused on non-essential lifestyle expense and 20 per cent on savings, which helped build a financial cushion for the future and support financial goals.
“Using this guideline as a framework and adjusting the ratios as needed can help you stay on track,” he stated.
Mr Biza said while reducing spending may seem daunting, it could be achieved by identifying and eliminating small, everyday expenses that often go unnoticed.
“By tracking your daily spending patterns, you may be surprised to discover that these seemingly insignificant purchases add up to a substantial amount over time. For instance, if you spend GH¢20 on small items every day, it translates to GH¢140 per week, GH¢600 per month, and a staggering GH¢7,300 annually. By identifying and eliminating these unnecessary expenses, you can improve your financial well-being,” Mr Biza stated.
The second, he said was to spend less and reduce debt by understanding one’s spending patterns and identifying areas where you can cut back.
“Limit the amount of cash you keep, cancel debit cards that are not essential for your daily purchases, avoid borrowing and making deposits that yield no interest. This will help you avoid impulsive spending and stay focused on your spending goals and debt repayment, if any. Don’t fund entertainment with credit,” he said.
Mr Biza said the third resolution was to distinguish between wants and needs am recognize “That what you desire may not always be essential.”
“Purchasing luxury retail items through instalment plans can be a costly attempt, especially with interest rates hovering around 30percent. Consider saving for desired items instead. Often, you may find that the desire for the item diminishes once you have the funds,” Mr Biza added.
The fundamental principle of financial management is that if an offer appears too good to be true, it likely is.
“It’s unfortunate that people seeking financial success often fall prey to unrealistic promises that lead to disappointment. Steer clear of any investment scheme that offers abnormally high interest rates or unrealistic returns on your money. Your fourth resolution should be to stick to reputable financial institutions for your investments,” he said.
Finally, there’s one resolution that could have a life-altering impact on you and your family, Tavona emphasised.
“As we transition through life’s stages, from our first jobs to retirement, having a trusted financial adviser can be invaluable. Their expertise can guide you in structuring savings, investments, and long-term financial planning, ensuring you build a lasting legacy for your family.”
“As with all financial endeavours, swiftly translating your resolutions into action is the cornerstone of achieving prosperity,” he stated.
Dataware Tech, Yadaba Communications partner to empower financial professionals on data analytics
Dataware Tech, a leading provider of data analytics solutions, and Yadaba Communications, a boutique communications firm specialising in technology-enabled solutions, are partnering to launch a comprehensive quarterly workshop series designed to equip professionals with the essential skills to harness the power of data analytics.
The inaugural workshop, dubbed ‘Empowering Decision Makers: A Comprehensive Journey through Data Analytics’, will take place on Tuesday, March 5, 2024, at the Airport View Hotel in Accra.
This cohort is focused on professionals in the financial services sector and aims to bridge the gap between data and decision-making, fostering data-driven processes and enhancing business outcomes within the financial sector.
Kwesi Kwofie, Chief Executive Officer of Dataware Tech, highlighted the crucial role of data analytics in today’s data-driven landscape, particularly for financial institutions.
He pointed out the potential of advanced analytics in addressing key challenges, stating that “Data analytics is becoming increasingly vital for organizations, and financial institutions are at the forefront of this revolution. Advanced techniques like anomaly detection for fraud, churn prediction for customer loss, and sentiment analysis can unlock valuable insights and drive data-driven decision-making, ultimately leading to improved performance and resilience.”
Participants will engage in practical hands-on sessions showcasing real-world applications of data analytics in financial services. Attendees will gain valuable insights and acquire practical techniques they can directly implement within their organizations.
Mabel Korkor Ocansey, Public Relations Executive at Yadaba Communications, reiterated the organisation’s commitment to empowering professionals through knowledge and expertise.
“We are excited to partner with Dataware Tech to deliver this vital training to financial decision-makers. Developing skills and competencies is crucial for individual and organizational growth, and we believe this workshop series will equip professionals with the tools they need to thrive in the evolving data-driven landscape,” she explained.
Beyond the hands-on sessions, the workshop will also provide ample opportunities for networking and collaboration. Attendees will have the chance to connect with industry peers, exchange ideas, and build valuable relationships within the financial services community.
“This workshop series is a unique opportunity for financial professionals to gain the skills and knowledge they need to unlock the power of data and transform their decision-making processes. Do not miss out on this chance to empower yourself and your organization in the evolving world of data-driven finance,” Mr Kwofie added.