Tag Archives: budget

Money & Relationships: First Comes Love

Traditionally, many couples select the month of June to celebrate their weddings. This custom stems from the era when ancient Romans observed a festival honouring Juno, the goddess of marriage and childbirth. Now, June is still considered the time to cherish love, matrimony and family.

When you put romantic notions aside, the reality is that celebrating love, marriage and the family can be quite costly. Whether you’re dating, preparing for your wedding, managing the bills with your spouse, or planning for your children, you need to be on top of your finances to survive.

Over the next few weeks, we will look at the topic of money and relationships by examining some issues which can affect your finances when other people are involved in your life. This week, let’s find out how to successfully manoeuvre the tempestuous financial waters when you’re in love. Continue reading Money & Relationships: First Comes Love

Safeguarding Your Property

Your financial wealth is not determined solely by the amount of money you have in your savings account; the value of the assets you have accumulated over time is another factor. Many people believe that purchasing a home would be an important acquisition that would boost their net worth.

Owning a property can provide you with a physical sanctuary that will give you the peace of mind to excel in your other financial endeavours. Knowing that you and your family will always have a place to call home can also give you the impetus to work harder to protect this important legacy.

Whether you direct your money into the ownership of property, place funds in formal investment options, or invest your resources in operating your own business, it is important to consider all the possible challenges that could arise which could jeopardise the preservation of your wealth. Continue reading Safeguarding Your Property

To Own, or Not To Own?

Purchasing a home is one of the most important spending decisions that people will make in their lifetime. While having a piece of property with your name on the title may be a cherished dream that you would like to achieve, it can also be an intimidating and uncertain financial move to make.

If you are trying to choose between buying your own home and continuing to pay a landlord, you can’t just compare the cost of renting with your expected mortgage payment. Let’s take a look at some of the various factors that you need to consider if you are thinking of taking this big step.

Amount available to invest

Acquiring a property in Jamaica can be a costly affair, so you need to be aware of the full amount of money you will need to spend before you can get your name on the title. Most people aim to secure the deposit of between 10 to 15 per cent, but there are other costs that will be incurred. Continue reading To Own, or Not To Own?

New Year’s Resolution #4: Earn More

Over the past weeks we have been examining some of the key money goals that you should have on your 2015 resolution list. If you really want to avoid the disappointing results of past years, then you must understand exactly what is required to put you on a positive financial path.

One problem that can be very frustrating for persons who want to achieve their financial objectives is that they just don’t have enough income to do everything they would like to. As the saying goes, “It takes cash to care;” and to attain many of your goals, you need to have excess funds on hand.

More money is essential

The reality is that many people do not have enough money left over after paying their regular bills to comfortably attain many of the objectives and acquisitions that they desire. It may be almost impossible for you to live out your lofty dreams, solely on the proceeds of a regular pay cheque.

Therefore, a critical part of your game plan to have a better financial year is to look at options to increase your earning ability. Without additional sources of income, you will be challenged in your quest to manage your budget, avoid burdensome debt, and save towards building your wealth. Continue reading New Year’s Resolution #4: Earn More

New Year’s Resolution #3: Reduce Debt

If 2014 ended with your finances in a precarious position, then perhaps you have pledged to improve your money situation this year. Since many people don’t keep the resolutions they make at the beginning of a year, what can you do to ensure that you realise your 2015 money goals?

It’s best to review all the things you want to achieve with your money, and identify two or three objectives that would dramatically improve your finances. Then you need to carry out some small action every day that will further these goals, and you should see positive growth by year end.

An increasing number of people are currently struggling with debt issues which are crippling their ability to manage their money. If you admit that your borrowing has put your financial future in jeopardy, then reducing or eliminating debt must be one of your important plans for this year. Continue reading New Year’s Resolution #3: Reduce Debt

Money Resolution #1: Make A Budget

For many people, the beginning of a new year is the appointed time to get serious and make firm resolutions for positive changes in their lives. It is also customary for some of these people to give up on their self-improvement promises by the time month two or three of the year rolls around.

Very often, the reason that they fail to complete their New Year’s goals is that they did not outline exactly what they were required to do to accomplish them. It makes no sense for you to make nice-sounding resolutions without thinking through the requisite steps to realise them.

Lack of commitment to the hard work required for change to occur is another obstacle to goal achievement. If you wish to reverse an undesired behaviour, you must be willing to do whatever it takes, despite discomfort or inconvenience, to adopt new attitudes and actions. Continue reading Money Resolution #1: Make A Budget

Conversations at Christmas Time

To all my faithful readers, I wish you a blessed and happy Christmas! Just for this day, try to put aside all the concerns and challenges that you may be facing with your finances, and focus on enjoying the food, fellowship and festivity with your family and friends.

If you’re celebrating with your relatives and close companions, consider yourself fortunate. There are many persons whose loved ones are no longer part of their lives, whether through death or separation, who find this time of year particularly depressing and lonely.

There are news reports of disasters – famine, disease, mass murders and kidnappings – that persons all over the world are experiencing at this time. These should help you to put your own problems into perspective when you consider the immense suffering that’s taking place elsewhere.

So eat, drink and be merry! Spend the day making cherished Christmas memories that will last for a lifetime. However, when the holiday frivolity has subsided, your thoughts may return to reflecting on the less pleasant money issues that have been pervasive throughout the year. Continue reading Conversations at Christmas Time

Holiday Reality Check for Kids

It’s often been said that the Christmas holiday period is best enjoyed by children (or those who are young at heart!) Most youngsters look forward to a visit from Santa Claus, who travels around the world on one special night, rewarding all the good kids with the presents they wished for.

Many other children, who are old enough to realise that the celebrated tale is just a fantasy, still expect to see their brightly wrapped gifts under the tree on Christmas morning. Going out to a few parties or festive events is also a major part of the seasonal excitement that children really want to enjoy.

For most parents or caregivers, the squeals of delight and enthusiastic hugs that they receive from their satisfied kids help to make the holidays extra special. I believe that there are very few adults who would willingly take away their children’s joy by denying them their heart’s desire at Christmas. Continue reading Holiday Reality Check for Kids

Twenty-Day Money Challenge

As the year winds down to a close, this is a good time to reflect on the items on your ‘must-do-in-2014’ list which you may not have accomplished as yet. Although we are heading into the busy holiday season, you still have a few weeks to try to clear up some of your important, unfinished business.

As you may have discovered, making plans and executing them are vastly different undertakings. It is easier to write down what you would like to get done, than to actually do the steps required to carry out your goals. Procrastination, doubt and indecision are usually the main causes of this failure to finish.

Instead of giving up and declaring that it’s too late, aim to make the last twenty days of the year really count. Let’s look at some strategies that can help you to refocus and re-energise yourself, and get moving on this year-end goal challenge which will allow you to head into 2015 on the right footing. Continue reading Twenty-Day Money Challenge

Self-Employed Spending Plan

Budgeting is an essential skill for successful money management and it should be practised by all persons, regardless of their income level. Without a clear idea of the real cost of your lifestyle, you may make improper spending decisions and jeopardise your future financial well-being.

Preparing a spending plan is even more critical if you are self-employed, especially if your income is generated sporadically and you cannot predict when your next dollar will be earned. While there is freedom in being your own boss, there are numerous challenges with not having a regular pay cheque.

If you carry out proper planning by utilising a comprehensive budget, it can help you to overcome some of the feelings of insecurity and apprehension that may be triggered by possible income instability. Here’s how creating a spending plan can be advantageous for self-employed persons. Continue reading Self-Employed Spending Plan