Tag Archives: Jamaica

Money & Relationships: Then Comes Baby in a Carriage

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

Money & Relationships: Then Comes Marriage Pt 2

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

Money & Relationships: Then Comes Marriage Pt 1

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

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

Making a Fortune With Food

When I was in high school in the 1980’s, a career in the food industry was not considered to be a practical choice for ambitious students. Back then, you only took Home Economics if you were struggling with those ‘prestigious’ subjects that would lead you to more profitable professions.

Today, it’s almost fashionable to declare that you want to make money with food. Thanks to cable TV food shows, the resurgence of fine dining, as well as notable recognition programmes such as the annual Jamaica Observer Food Awards, many persons are now proud to be earning with food.

However, while your co-workers may rave about the bread pudding that you sell on Fridays, it may not necessarily mean that you should venture into opening a dessert business. Earning part-time income from your hobby is one thing, but starting an enterprise requires careful deliberation. Continue reading Making a Fortune With Food

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?

Maintaining your health

Last week we looked at the connection between wealth and wellness, noting that ill health can jeopardise your finances. Sickness can decrease your work output, deplete your savings and destroy your plans for the future. You need to have good health to pursue great wealth.

Since wealth can be defined as a “plentiful source of a particular desirable thing”, you could say that good health is a form of prosperity in itself. Whether you have an income shortfall or you have significant net worth, you must preserve your health if you want to be truly financially secure.

Very often, persons will explain that a shortage of time and/or money hinders them from pursuing healthy lifestyles. Let’s look at some of the common excuses and outline some strategies that can help you to find the right balance between managing your wealth and maintaining your health. Continue reading Maintaining your health