Tag Archives: Spending

The Past and Present Tense of Money

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The start of a new year usually fills our hearts with optimism and hope for a better future. I’ve always been fascinated by this phenomenon – why should this period inspire us to create lofty resolutions and ambitious declarations? Why do we anticipate that the fading old year will usher in bright beginnings?

There is no magic elixir that gets released on New Year’s Day; the first of January is just another 24 hours that will come and go, just like they did on December 31.

Despite our fervent wishes to exercise regularly, save more, be kinder to other people or pursue our dreams, chances are that after a few days of inspired activity, we will continue along the same old pathway as we did before.

The reality is that you can choose to transform your life at any time of the year. The date doesn’t make a difference; whether it’s February 28, April 13, or September 4, any day can symbolise that moment when you finally commit to do whatever it takes to effect the changes that you desire. Continue reading The Past and Present Tense of Money →

Smart Spending for Savvy Shoppers

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How can words adequately describe the high that comes from shopping with genuine abandon? The surge of energy while speeding on a roller coaster ride, the enthusiasm of winning a hard-fought race, even the excitement of a first love can sometimes pale in comparison to the adrenaline rush that a serious shopaholic experiences upon seeing a sale sign in a favourite store.

Thanks to our challenging economy, the joy of carefree spending has been drastically curtailed for many consumers. Stringent budgets and limited disposable incomes have forced many former fashionistas to turn away from their favourite pastime and focus their spending on the bare necessities of life.

While prudence might dictate that in tough times it’s financially wiser to choose between fresh or canned vegetables instead of the new red or black shoes in the department store, decreased consumer spending on non-essentials actually has a negative effect on the livelihood of many business owners. Continue reading Smart Spending for Savvy Shoppers →

2010 Action Plan #1: Control Your Spending

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In recent times, while speaking to several persons about their money problems, I have detected a growing sense of desperation in their voices. Although many have not yet reached a stage of full-fledged panic, it is obvious that they are very worried about the current financial situation facing Jamaica.

“If I can’t make ends meet now,” a client asked perplexedly, “what’s going to happen to me when the full impact of the tax increases hits?”

I believe that good results can come out of every bad situation. The prevailing economic crisis has forced many of us to recognise that we can no longer be nonchalant or clueless about our financial condition. We have received a monetary wake-up call – it’s now time to take control of our finances!

Over the next three weeks, I will share with you an action plan that will help you to survive in these times, and set yourself on the right track to long-term financial success. Continue reading 2010 Action Plan #1: Control Your Spending →

Celebrating the Holidays When You’re Broke

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As one of my favourite Yuletide songs proclaims, “It’s beginning to look a lot like Christmas.” It’s hard to escape the commercial manifestations of the holidays – aggressive advertisements, sparkling shops and tempting trinkets – all screaming at us to “Buy, Buy, Buy!”

Many people who would normally jump wholeheartedly into the seasonal spending spree can only look on from the sidelines as spectators, as their bank accounts reflect the current economic crunch. Other persons have decided to throw caution to the wind by declaring that it’s business as usual this year.

Armed with partner draws, overseas remittances, or credit cards dangerously close to their limits, some shoppers are living on the edge by spending more than they can really afford.

How can you balance your desire to participate in the holiday festivities, if you’re strapped for cash and your financial reality dictates frugality at this time? Continue reading Celebrating the Holidays When You’re Broke →

Don’t Stop Spending!

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A call for persons to spend more might seem like very strange advice for a financial coach to give in these challenging economic times. The typical recommendation for weathering this tough economy is to cut back on consumption by buying only the basic necessities and channeling as much money as possible into savings.

First, let me qualify my comments by indicating that my discussion on the merit of spending is not intended for persons who are in unmanageable debt or unable to make ends meet. If you are in that position (as too many of us are) then you need to focus your attention on aggressively reducing your liabilities and earning more money to cover your budgetary needs.

However, a fear of all the gloom and doom surrounding the global recession has prompted some consumers who are financially capable of maintaining their normal buying habits, to choose to keep their money close to home instead. Continue reading Don’t Stop Spending! →