In Jamaica, unscrupulous persons are getting more creative in finding ways to rob unsuspecting persons of their hard-earned money. Debit card fraud has reached unprecedented levels in our country.
I received an article recently online that explains how these scammers work.
It’s vital to be aware of how you can protect yourself against card fraud.
Thanks to Stuart Lieberman for sharing this information! Continue reading Debit Card Fraud
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
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
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!
Our current economic system has socialised us to exchange a form of money – whether cash or credit – to receive goods and services. Unfortunately, whenever we run short of this precious monetary commodity, we’re unable to obtain the things that we need or want.
In these times when finding extra cash is definitely challenging, we have to become creative if we want to maintain our standard of living. There really is no shortage of the items that we need in the marketplace; the problem lies with our inadequate supply of money to pay for them.
What if there was another way to get products and services without having to spend money?
In olden times before a system of monetary exchange evolved, people were able to acquire the things they needed to survive, by exchanging an item they already had with other people’s goods. Continue reading Back to the Basics of Bartering
“I am frustrated with the way my husband spends money. Although we agreed that we need to stick to a budget to keep costs under control, he refuses to give up spending money on things like clubs and sporting events. I want to plan for the future, but he seems to be happy living in the present. Please help!”
Studies have shown that disagreements about money are one of the leading causes of marital breakdown. Compromise is perhaps the most important ingredient for a successful union, especially when it comes to financial matters.
But what happens when the two parties in a marriage have vastly different money beliefs and practices? How can they arrive at a workable arrangement when they have opposite money personalities? Continue reading Managing Money in Marriage
“I’m really distressed about my financial situation. Although I’m earning twice as much as I did a year ago, now every month I’m broke right after payday, and I’m in serious debt. What am I doing wrong?”
Most people desire to make more money so that they can improve their finances. It seems practical to think that if we get additional income, our money troubles should disappear. So why is it that so many of us retain less money when we earn more?
It’s easy to point to the spiralling cost of living to explain this phenomenon. But should we only put the blame on the tough economy? Can our own spending habits contribute to this earn-more-have-less problem? Continue reading Can Earning More Make You Poorer?
“Despite the current financial uncertainty, I still find myself shopping too much. I earn a great income, but I’m not saving enough, and I realize that I have to be more responsible with my purchases. Whether it’s at the supermarket or online stores, I really enjoy buying something frivolous every week. What can I do?”
One of the first steps in curing yourself of the desire to shop excessively is to figure out the reasons that drive you to overindulge. Let’s look at some common motivations that may cause you to spend too much, along with possible solutions to curb your consumer cravings:
Reason: You’re bored
The reality is that for many people, shopping is fun. Think of the adrenaline rush that comes from finding that perfect item in the right colour, and on sale to boot! Shopping can become even more entertaining when done with a group of friends. I’m sure most ladies will agree that there’s nothing that bonds us together like a shared passion for shopping.
Solution: Stop browsing online shopping websites to pass the time. Find another hobby that can stimulate you without costing you. How about forming a book club where your friends can meet to discuss the book of the month? Or you could start a group physical activity like jogging, which will not only bring great camaraderie but create health benefits as well. Continue reading Why Do You Love to Shop?
Consumers today are faced with difficult spending decisions. How can we find money to save towards our goals when the costs of necessities such as food and utilities are constantly increasing? Our only option is to find ways to conserve and become more efficient in our usage of these commodities.
Last week we revealed some clever inventions that can help us to conserve on our electricity usage. This week we will also examine how changing the way we use precious resources such as electricity, water and petrol can help us to cut costs.
Conserve energy
One of the best ways to cut energy consumption is to use our appliances in a more efficient manner. Cranston Ewan, Managing Director of Jamaica Energy Saving Solutions in Kingston, confirms that consumers can see drastic reductions in electricity bills by simply turning off machines when they are not being used. Continue reading Conserve Resources and Save Money
Trying to be frugal in spending money can be a big challenge in these times. Despite our best efforts to conserve on the use of some big-ticket expenses such as our electricity bill, it sometimes seems that these costs have only one way to move – UP.
What can frustrated consumers do to fight back against rising electricity prices? The good news is that there are some companies that have heard our complaints and have seized the opportunity to supply the market with viable energy-saving options. Here are some exciting new products that can help us to conserve on our light bills:
OWL Energy Monitor
This energy monitoring device gives you a reading on the energy consumption in your home or office on a real-time basis. Andrew Jackson, managing director of Jetcon, distributor of this product likens the Owl to the speedometer on your car. Continue reading Saving Money on Your Electricity Bill