At the beginning of a year, many people declare that they want to make some changes in their lives, in order to produce better results than they experienced in the previous year. Very often, their willingness to improve diminishes after a few weeks or months, leading to unfulfilled resolutions.
Some people fail to realise their objectives because they don’t establish a strong motivation that will force them to persevere until their goal is met. If you have a compelling vision for your future or a credo that directs all your actions, then you are more likely to succeed.
In this tough economy, more people are complaining that they are surviving from pay cheque to pay cheque. They feel like they are only working to pay their bills; all of their income is consumed by the rising cost of living and there is nothing left behind for saving or investing.
Although inflation keeps moving prices upwards while income remains stagnant, if you are going to achieve your money objectives this year, you have to find a way to overcome this challenge. What will you use to inspire you to grow in spite of these negative economic forces? Continue reading Jamaican-Style Money Guide: Parson Christen ’Im Pickney Fus
As we usher in the year 2016 with an optimistic outlook for a bright future, we must have a
decisive game plan to create a more prosperous New Year. Instead of just rehashing wishful resolutions from past years, make a concerted effort to attain these specific financial objectives:
1. A S.M.A.R.T. goal
It’s been said that ‘a promise is a comfort to a fool’; and some people believe that resolutions are foolish wishes that bring cold comfort. Your dreams may seem impossible to achieve if you don’t convert your ideas into specific, measurable, actionable, relevant and time-based goals.
Select one dream that would make the biggest difference in your life. Write it down precisely, expressing how you would measure it, take action on it and know when it was complete. Consider all the steps you need to take every day to realise your goal and persevere until you accomplish it. Continue reading 7 Money Must-Haves for 2016
Today’s economic climate dictates that businesses need to become leaner and more cost-efficient to survive in a competitive environment. Many government institutions also have to regulate their operations to ensure that they can make the best use of limited resources.
When the owners or managers of these organisations decide that they need to reduce expenses, they will often look first to their employees. Staff-related costs can be a significant portion of an entity’s budget, so cutting the wage bill can usually benefit the bottom-line.
While a business owner or management official may justify the advantages of reducing the staff component, the workers may see things differently. A decision to lay off people may be seen as unwarranted, especially if they think that the organisation is making enough money to retain them.
Is your job in jeopardy?
Whether you agree with the management’s stance or the employees’ viewpoint, the reality is that the employment landscape has changed. More positions will be downsized in ensuing years, so if you are currently employed, you should prepare yourself for the possibility of job loss. Continue reading Maximising Your Money After Losing Your Job
From June to November, many in Jamaica keep an anxious watch for signs of an impending storm. During the months of the annual hurricane season, we are more likely to see these dangerous weather systems developing in the tropical waters which surround our island.
If one of the ominous cloud formations appears to be drifting in Jamaica’s direction, people often think about preparing for the possible arrival of heavy rains and wind. However, if we are spared the onslaught of bad weather, some persons will simply abandon their plans until the next scare.
The reality is that we are always faced with the potential of an emergency occurring at any time. As our Jamaican proverb of the week states, “Trouble nuh set like rain.” While a downpour is always preceded by gathering dark clouds, a major calamity can take place in your life without warning. Continue reading Jamaican Style Money Guide: Trouble Nuh Set Like Rain
Many of our Jamaican proverbs are light and witty; while they give us pause to think, they usually also give us a hearty laugh. However, there are other old-time sayings that contain dire warnings which explain the problems that we will bring upon ourselves if their messages are ignored.
One ominous Jamaican adage that is often used for cautionary advice is, “Short cut draw blood.” This succinct saying has a clever twist on the meaning of the word ‘cut’; while a short cut can be a quicker way to reach your destination, the word cut can also connote a type of physical injury.
It’s natural for people to seek the easiest route to achieve their objectives, and historically this has helped mankind to develop many important inventions. However, there are times when trying to find the easy way out of a situation can actually cause more harm than good. Continue reading Jamaican Style Money Guide: Short Cut Draw Blood
If you would like to become smarter with money, you can gain tremendous insight by exploring the wisdom in our beloved Jamaican proverbs. As the saying goes, “A word to the wise is sufficient;” and a few astute adages from our rich heritage can help you to increase your financial intelligence.
One smart saying that I have heard many Jamaican old-timers use is, “Don’t hang yuh cap whey yuh cyaan reach.” In Standard English the proverb translates to, “Don’t hang your hat higher than you can reach;” and it cautions persons not to expend more than they can afford.
The concept of ‘living within your means’ is a basic principle to financial success, yet it’s one of the money rules that is easiest to break. Many people have no idea what their ‘means’ really is, so they often find it difficult to remain within the acceptable limits whenever they spend their money. Continue reading Jamaican Style Money Guide: Don’t Hang Yuh Cap Whey Yuh Cyaan Reach
Traditional Jamaican proverbs are wonderful sources of folk wisdom that can provide people with insight into various aspects of everyday life. I like to use these adages in discussing money matters, as they often reveal essential principles of proper money management.
Recently, the rains have given us a welcome break in the prevailing drought conditions in Jamaica, but we are still experiencing severe water restrictions. This brings to mind the Jamaican saying, “Rain a fall, but dutty tough,” which means that although rain is falling, the ground is still dry and parched.
This proverb has a deeper meaning when applied to a person’s finances, as it could refer to the all-too-familiar situation in which income is being earned, but it is just not enough to cope with all the bills. Your money evaporates as soon as you get it, just like a drizzle of rain in the arid desert.
As prices rise and earnings stagnate, many people are reeling from inflationary pressure on their spending power. If you have been suffering from a prolonged money drought and this Jamaican adage resonates with you, the following strategies may help to revitalise your financial situation. Continue reading Jamaican Style Money Guide: Rain a Fall but Dutty Tough
We have been looking at strategies which couples can use to manage their money as their relationships develop through courtship, engagement and marriage. Let’s look at some of the financial considerations that couples may face when a new baby comes into the picture.
Save for medical expenses
An increase in medical expenses is an unavoidable reality when planning for children. From the pregnancy test that confirms that the little one is being formed, to the hospital bill after the bundle of joy enters the world, couples should expect to spend a lot of extra money on health costs.
Even if couples are not ready to start adding to their family, it would be wise to create a ‘baby account’ in which they put aside some funds every month. This nest egg would be a significant help in dealing with prenatal expenses when they finally make the decision to have children. Continue reading Money & Relationships: Then Comes Baby in a Carriage
After the thrill of the wedding ceremony has faded and the fantasy of the honeymoon is over, newlyweds must adjust themselves to the routine of marriage. Unlike storybook romances in which the couples live ‘happily ever after’, newlyweds often find that this period brings many challenges.
In Genesis 2:24, it declares that “A man shall leave his father and mother and be joined to his wife, and they shall become one flesh.” This speaks to a concept of togetherness in which both parties in the marriage are thinking, planning and acting in one accord for the good of the family.
In an ideal marriage, couples would genuinely leave their self-interest outside the door, and work selflessly for each other once they cross over the threshold. Individuals would look out for their spouses when making plans for the future, and any decisions made would benefit them both. Continue reading Money & Relationships: Then Comes Marriage Pt 2
When the blossom of new love begins to bear the fruits of a long-term bond, couples may decide that they want to cement their relationship by getting married. During the month of June, it is customary to see many couples joining their lives together as they celebrate their nuptials.
Like any other major life development, the decision to get married comes with certain financial implications that should be carefully considered before taking the plunge. Let’s look at some vital information that can help people make the right choices when planning for their weddings.
Get financial counselling
Couples often view their relationships through rose-tinted glasses before they get married, and they may overlook some worrying signs that could impact their future together. This is especially true when it comes to their finances, as this topic is often a taboo subject for many people. Continue reading Money & Relationships: Then Comes Marriage Pt 1