Tag Archives: emergency fund

Jamaican Style Money Guide: Trouble Nuh Set Like Rain

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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 →

Financial Fears

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Fear has been described in the acronym False Evidence Appearing Real, indicating that very often the thing you fear is not factual, but just based on some perception in your mind. Sometimes you may even be embarrassed about some of the strange thoughts that secretly cause you to be fearful.

Fears about money can leave you feeling vaguely uncomfortable about your finances, intensely anxious about your future prospects, or send you into full-blown panic mode. Even if your fears may be irrational they can cripple you mentally and physically and prevent you from actualising your goals.

Many financial anxieties may stem from your concerns about losing something important that money can provide, while certain types of financial mistakes can be serious enough to warrant extreme distress. Let’s look at some common financial fears and simple strategies which can help you to deal with them. Continue reading Financial Fears →

Money Mayday

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Historically, the first day of May was celebrated around the world with activities, including the crowning of the May Queen and dancing around a maypole. In modern times, the May Day festival has been merged with the Easter holidays, and it is no longer popular in most countries.

Apart from its association with ancient celebrations, the term ‘mayday’ has a less pleasant meaning. Mayday is used as a signal to indicate that a vessel such as a boat or aeroplane is facing a serious emergency. It was coined because it sounded like the French expression, ‘m’aider,’ which means ‘help me.’

When sudden disaster strikes

Two recent tragic events affecting air and sea travel made me reflect on the mayday distress signal. The mysterious disappearance of Malaysian Air Flight 370, with hundreds of passengers onboard, and the sinking of the South Korean ferry demonstrated how a routine journey can quickly turn into disaster.

Although we may not like to think about it, in the twinkling of an eye our lives can go into a negative tailspin from which it can be very difficult to recover. Just like those persons who embark on a voyage, we need to make adequate preparations to protect ourselves from the uncertainties that surround us. Continue reading Money Mayday →

Expect the Best, Prepare for the Worst

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For many people, thinking about the subject of money brings on negative emotions ranging from mild confusion, constant frustration, sheer anxiety to full-blown panic. It’s unfortunate that such an essential part of our lives can sometimes cause us to experience so much mental pain.

Very often, persons will create their own money misery with their poor financial habits. Splurging in excess of their income, not planning for upcoming expenses, ignoring the need to save, and not making efforts to earn part-time income are some of the practices that can cause distress.

While careless spending and budget shortfalls are the usual suspects for money worries, sometimes a lack of organisation in your financial affairs can bring unwarranted concern. Uncertainty about the true state of your finances can lead you to be overly fearful about your financial future. Continue reading Expect the Best, Prepare for the Worst →

Money Mission: Stop Procrastinating!

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Isn’t it amazing how fast we have sped through 2012? It seems like just yesterday we were making optimistic declarations about our plans for the new year. Now, there are only 60 days left until this eventful year becomes history. Looking back on the past 10 months, would you say you have accomplished your goals?

Many of our wishful resolutions are destined to remain unfulfilled. If we took the time at the beginning of the year to assess our needs, think about viable solutions to our problems, and write down firm declarations to better our lives, why have over 300 days gone by without us taking action? Why did we let distractions and discouragements keep us from our achievements?

The answer to this age-old problem will vary, as persons may have different issues that affect their levels of motivation. Despite the situations that may have held you back in the past, you can still make an effort to work on some of your unfinished targets. You can make the rest of the year really count by tackling one or two of your incomplete objectives. Continue reading Money Mission: Stop Procrastinating! →

Money Manifesto for 2012

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As many Jamaicans go to the polls today to select the party, people and policies of their choice, I thought that I would create a ‘Money Manifesto’ containing all the financially smart steps that can help you to shape a prosperous future for 2012 and beyond.

The 12 points shared below represent the essential areas that you should follow if you wish to become financially successful.

1. I will make financial education my priority.

I will invest in my own personal development by seeking to learn more about money. I will endeavour to read or listen to good financial advice every single day, as I recognise that most of the solutions to my money problems can be found in other people’s experiences in books and CDs. Continue reading Money Manifesto for 2012 →

Managing Money When You’re Sick

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Illness can wreak havoc on even the best-planned budget and throw your money management into disarray. Most people aren’t concerned about how sickness can affect their financial lives until they are in the middle of an emergency health situation.

Let’s look at some things you should consider when you’re thinking about life’s eventualities. Hopefully this will help to improve your state of financial readiness in the event of illness.

Health Insurance

Without a doubt, health insurance is a god-send when you’re facing a daunting medical bill. It allows you to hang on to your money while the insurance company picks up the tab for some of the cost of medical services and products. Check out these crucial questions relating to insurance: Continue reading Managing Money When You’re Sick →

When Emergency Strikes

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“Into each life some rain must fall. Some days will be dark and dreary.” – Henry Wordsworth Longfellow

“Your bill is J$2,100,”  the cashier muttered.  As I handed over the money to the cashier at the hospital, I wondered what would have happened if I didn’t have enough money to pay for the admittance fee. Would they not attend to my six-year old son’s obvious case of emergency?

“Your lab fees are J$1,734 and the cost of the disposables is J$2,926.”  One more time I had to pay the smiling cashier to ensure that the emergency care was provided.  Hours later, as I prepared to leave the hospital with my son, the nurse handed me the documents with a note that there was yet one more bill to be paid.

“Your charge is J$1,904.” As I handed over the money, I realized that my early morning emergency had already cost me over J$8,600, and this was with health insurance! With the cost of medication to come, I knew that my budget for this month had just been turned upside down. Continue reading When Emergency Strikes →