Last week we looked at the key financial principle of paying yourself first, by saving some of the income you earn. Like our Jamaican proverb advises, “Parson christen ‘im pickney fus,” which means that a parson takes care of his child first, so should you prioritise your own financial affairs.
When your income is stretched to the limit taking care of bills and other obligations, it may seem impossible to find an extra dollar to put aside for the future. Recognise that if all your money is spent paying other people, then you really have nothing to show for all of your hard work.
Slow savings – a waste of time?
It may require you to make a big sacrifice to save consistently, and to be disciplined not to deplete your funds unless you have a true emergency situation. However, when you look at the slow progress on your savings growth, you may be tempted to wonder if your sacrifice is pointless. Continue reading Jamaican Style Money Guide – Every Mickle Mek A Muckle
I recently overheard two shoppers discussing the high price of groceries at the supermarket. One lamented that she had to discontinue her son’s college savings plan as it was costing her more each month to buy the necessities. “Right now, it just doesn’t make any sense to save,” she complained.
Rising inflation levels and reduced interest rates have definitely curtailed the ability and willingness of many people to save. When they have to make a choice between paying the bills and putting aside money for the future, their current needs will always take precedence.
Some people believe that the money tradition of saving has gone the way of phone booths and floppy disks — an outdated and old-fashioned relic of times gone by. They declare that it is more money-savvy to invest their cash than to leave it languishing in low-interest bank accounts.
Despite the realities of tenuous budgets and unattractive returns on savings, there are many reasons why the practice of saving is still an essential financial habit to adopt. Let’s look at some considerations that will help you to make sense of saving. Continue reading Making Sense of Saving
Two weeks of 2015 have swiftly flown by and some people may have already settled back into practising unsupportive financial habits, despite their fervent declarations to do better this year. In fact, there may be few differences between the New Year and all the past years for many persons.
Even if you realise that your resolutions usually fizzle out like wet firecrackers, don’t give up on trying to create a better life. The key to being successful with your goals is to break them down into bite-sized objectives that you honestly believe you can realistically attain over the year.
Last week we discussed a fundamental money goal to accomplish this year — preparing a budget. This will give you a solid base upon which to build your financial future. If you are not currently saving consistently, I encourage you to make it the second objective on your bucket list for 2015. Continue reading Money Resolution #2: Save Regularly
Recently I found myself compelled to carry out a major re-organising project in my home. I finally admitted that I had run out of space to keep some important items, so I decided that it was time to take control of my chronic storage issues. With spring in the air, it presented the right opportunity to take on a comprehensive clean-up challenge.
At first, I thought that the simple answer to my dilemma was to purchase a few more containers or another cabinet to house all the stuff that I needed to put away. However, a quick audit of my closets revealed that I already had more than enough storage bins; the real problem was that I was keeping too many things in them that I no longer needed.
I realised that there was only one solution — some of my stuff had to go. As I went through the slightly traumatic process of unpacking, sorting and deciding what to keep or dump, I thought that most of us could probably benefit from a clean-up campaign on our finances. Upon further reflection, I began to see some lessons that spring cleaning can teach us about money success. Continue reading Money Lessons from Spring Cleaning
If you have made a determined resolution to improve your finances this year, then our 2012 Money Manifesto will help you to chart the course.
Last week we looked at the fundamental principle of budgeting, indicating that it was crucial for you to be aware of all your expenses, plan for your spending needs for an entire year, and make the right choices with your money.
Another essential practice required for money success is saving. Saving is the act of putting aside some of your money instead of spending it to buy products and services. When you save you should not be intending to go back for the money a few days later to pay bills; this money should be left to accumulate over time. Continue reading Saving Is Still In Style
One of the essential money principles that persons often neglect in challenging economic times is the important act of saving. When there’s not even enough money to pay basic expenses, it’s easy to understand why people will forgo this simple, but fundamental tool of financial success.
Even if they had extra funds left after paying their bills, many people think that it doesn’t really make sense to save, as the money seems too small to make a difference to their financial situation. It’s common to hear people comment that interest rates are too low, and it takes too long for savings to grow, so why bother? Continue reading Three Keys to Saving Success