Financial Empowerment

    Financial education is critical in our quest for financial freedom. This can be achieved by understanding and successfully utilising four instruments.

    • Revenue/Spending Plan
    • Savings
    • Credit
    • Insurance

    Financially literate citizens know the importance of saving and investing.  Saving will promote financial stability in a country, which will help to generate more local and foreign investments.  Increased investments will ultimately generate economic growth and development

    Economic empowerment for all Jamaicans is a key area of focus for The Jamaica National Group.  One medium used is training in financial literacy, the BeWise financial empowerment programme, spearheaded by the JN Foundation. Through financial education, Jamaicans learn how to use and apply financial instruments, such as budgeting, saving, credit and insurance, to their daily lives so they can improve their lives, become financially stable and work towards achieving financial freedom.

    Financial Instruments

    Revenue/Spending Plan

    Save 10 percent of your income, give away 10 percent of your income, and allocate the remaining 80 percent of your income to all of your spending categories. Click here for revenue and spending plan


    Savings generally represent only one part of an individual’s assets, and unlike investments, have minimal exposure to risk.


    This is defined as money that is loaned by a creditor – it helps us make investments on our journey to financial independence.


    Purposes of Insurance
    Insurance can be used to create, preserve and transfer wealth

    Financial Tips

    10-10-80 Budgets

    The 10-10-80 budget is built on the premise that most households require no more than 80 per cent of its earnings to live comfortably. People who subscribe to this budgeting plan set aside 80 per cent of their pay cheque for food, utilities, rent, clothing and other necessities. They give 10 of the remaining 20 percent to charity or to their church as tithes, and the rest goes into a savings or investment account for the future.

    How much should one have saved for retirement?

    The Multiplier Effect:

    • By age 35: Have twice your annual salary saved.
    • By age 40: Have three times your annual salary saved.
    • By age 45: Have four times your annual salary saved.
    • By age 50: Have five times your annual salary saved.
    • By age 55: Have six times your annual salary saved.
    • By age 60: Have seven times your annual salary saved.
    • By age 65: Have eight times your annual salary saved.

    Build A Retirement Portfolio

    One which will provide different streams of income during retirement

    • Formal pension plan – Employer Superannuation Scheme OR  Individual Retirement Scheme
    • Insurance Policy (with an investment component)
    • Real estate
    • Equity (Shares)
    • Mutual Funds
    • Bonds
    • NIS


    Avoid paying interest on your credit card

    –     Pay your bill……… in full, on time; every time

    Begin saving for retirement as soon as you start working

    When the budget does not balance –

    • Seek ways to earn additional income
    • Reduce expenses


    Access and review your credit report annually

    Making periodic lump sum payments on your mortgage reduces the life of the mortgage

    Saving is the fuel for investment: because the wealth of a nation is dependent on the savings of its people.
    – Earl Jarrett, CEO, JN Group

    Do not save what is left after spending; spend what is left after saving.
    – Warren Buffett

    Save for a rainy day. When you don’t work, savings will work for you.
    – K. Soni

    Beware of little expenses; a small leak will sink a great ship.
    – Benjamin Franklin

    A penny saved is a penny earned.
    – Benjamin Franklin

    A bargain ain’t a bargain unless it’s something you need.
    – Sidney Carroll

    We make a living by what we get, but we make a life by what we give
    – Winston Churchill

    One million dollars is still a million one dollar coins.
    – Michael Andre Collins

    Take action, an inch of movement will bring you closer to your goals than a mile of intention
    – Dr. Steve Maraboli

    It is true that improper use of credit can be disastrous, credit properly used can enhance your life.
    – Liz Pulliam Weston, Personal Finance Columnist

    The future depends on what you do today
    – Ghandi




    Dear Mrs. Miller, I just want to say a big thank you to you and your team for tackling the mission of inspiring persons to #BeWise and to be Financially Empowered. After being exposed to one your sessions while at the UWI's Marketing Association Financial Empowerment Meeting, I was immediately motivated to take charge of my finances! Since then, I have opened an investment account and after gaining employment, I been able to save in it on a more consistent basis. Apart from that making a budget and sticking to it as well as tracking my spending are also tips which I remember and am currently utilizing. I pray that God continues to bless you and give you the strength to continue touching more lives. Thanks again, Mrs. M!
    I was first introduced to the Be Wise Financial Empowerment programme at a staff meeting in January 2018 at a JAMPRO staff meeting. Rose Miller presented on smart financial decisions we can begin to make and how the programme can help us achieve our financial goals realistically. I reached out to Rose soon after the session. She has been a consistent source offering a directory of financial reads, accountability partner, and financial decision sounding board. The programme has certainly enlightened me to best practices I was not aware of and also a reiteration of those I already knew, confirming that I was on the right path for some things. Through the programme, I have been able to learn more about saving automatically, save more-spend less through self-control, the right way to plan financially, including applying the 10-10-80 rule, and how to select better investment products that suit my need. I have truly been empowered to make wiser financial decisions and I am glad I made the call! Looking forward to a continued relationship/coaching through the programme. D.C
    Just taking time out to wish you and the staff of the JN Foundation Happy Holidays. I would also like to say many thanks for the encouragement to attend the Financial Empowerment Seminar. My life has changed tremendously since then. I have learnt to make saving a top priority, invest and spend little to enjoy more. I now use coupons and take advantage of special offers. Not only am I budgeting, I have always budgeted but now I am sticking to my budget. Time gone if I am asked for money after budgeting I would give it and then lessen my own needs or wants, now I am able to say “sorry I can’t afford it, it was not in my budget.” So much has changed for me financial and I know there is more to come. I used to be scared of credit cards and now I own one, it doesn’t own me. Thank you once more JN Foundation team. You have made my Christmas look bright and the New Year will be even brighter.
    Good morning Team!, They say there is no moment like the present.  As promised, I have begun my application process for the Credit Union Family Indemnity Plan today.  It is such a simple application form and I encourage everyone to take advantage of this product.  It seemed like a no brainer to me. Please find attached a copy of the form for reference. Let me know when (notice I did not say “If”) you have applied so that I can keep track of our Financial Empowerment progress! No excuses. Thank you Mrs. Miller for an impactful and motivating seminar yesterday. Regards, Tiffany
    Dear Mrs. Miller, Thanks for following-up regarding feedback from the BeWi$e session…. I was told by most persons that the session was awesome! I was also told that it was informative and that you both have a pleasant personality. We are exploring the possibility of having you again on a Sunday morning with the wider church population.

    Articles and Tips

    Financial Literacy Wards Off Scamming – Rose Miller

    Rose Miller, manager, Strategic Empowerment Programmes at the JN Foundation says a financially literate person can more easily detect when they are being scammed and so ward off financial danger. Mrs Miller made the comment while addressing a financial empowerment lunch and learn session organised by the JN Foundation in collaboration with JN Member companies, […]

    Bank fees and charges often stir up conversations among Jamaicans

    Why? Because fees and charges can sometimes be confusing or overwhelming and not easily understood. But the business of banking is very costly, and because of the importance of banks to the stability of the economy, every ounce of care must be taken to ensure banks are strong and sound, so that your money is […]

    Banking Fees You Can Avoid

     ATM withdrawal fees Most banks offer a certain number of ATM transactions free each month to their customers. Plan carefully each month your need for physical cash and take advantage of the number of free transactions available to you, as using other banks’ ATMs could cost you. And as much as possible, make purchases using […]

    Five Common Credit Card Myths

    There are many common myths about credit cards that either make people reluctant to get them or misuse them. Here are five common credit card myths. A credit card gives you free money. No, you have to pay back the money that you use on your card. A credit card will definitely put you in […]

    It’s World Savings Day!

    Here are Some Key Tips to Grow Your Money As Jamaica, and the rest of the world, observes World Savings Day on October 31, we share a few tips to help you save and grow your money for a secure financial future. Take the first step to evaluate your financial health by “DOING A THOROUGH […]

    The Importance of Financial Literacy and Financial Planning for Seniors

    Rose Miller, grants manager at the JN Foundation and head of the JN BeWi$e Financial Empowerment Programme, says there is a growing need for more senior citizens to be exposed to financial education programmes so that they can better plan for old age. She noted that this is important as research shows that growing older […]

    Uncollected Customer Debt Can Negatively Impact Businesses’ Profitability and Growth

    Larry Watson, chief executive officer of the Jamaica Chamber of Commerce (JCC), states that any company that has a significant percentage of its business as credit customers, could find its uncollected debt to be crippling. “It has a negative impact on cash flow and in any business, cash flow is key. Hence, the saying in […]

    Use Your Credit Card Wisely This Holiday Season

    Rose Miller, head of the JN BeWi$e Financial Empowerment Programme, says contrary to the common belief, a credit card is not a “debt sentence,” if used prudently. Mrs Miller, who is also Grants Manager at the JN Foundation, stated that a credit card can be an important tool in the quest towards financial security, if […]

    Use Your Credit Card Wisely This Holiday Season

    Rose Miller, head of the JN BeWi$e Financial Empowerment Programme, says contrary to the common belief, a credit card is not a “debt sentence,” if used prudently. Mrs Miller, who is also Grants Manager at the JN Foundation, stated that a credit card can be an important tool in the quest towards financial security, if […]

    Don’t Blow Your December Salary on Holiday Spending

    With such few opportunities to indulge in social activities during 2020, due to the restrictions and challenges posed by the COVID-19 pandemic, there’s a temptation among some Jamaicans this year to ‘live a little’ this Christmas and treat themselves and their loved ones. However, Garfield Goulbourne, relationship manager at JN Bank, is advising persons to […]

    ‘Savings Could Help to Cushion the Economic Impact of COVID-19’

    Rose Miller, grants manager at the JN Foundation, is renewing the call for more Jamaicans to get serious about building an emergency fund. Speaking against the background of World Savings Day, observed globally on October 31, she stated that the COVID-19 pandemic is a vivid example of why an emergency fund is such an important […]

    Budgeting to Get the Most Out of Your Paycheck

    Let’s face it – nothing beats the feeling of checking your bank account on payday. However, after you pay off your electricity, water and cable bills and go to buy some groceries, do you ever find yourself in the same financial position you were just two weeks ago? If this story sounds familiar to you, […]

    Some Important Financial Considerations Before You Make Any Major Life Decision

    There are some inevitable big decisions that we all make in our lives that will have a major impact over the course of our lifetime. For example, what we choose to study in school has an important influence on the trajectory of our career goals and life choices that align with the decision, if we […]

    Applying for a Credit Report in Jamaica

    You’ve done all the right things – You’ve saved years for your dream house on the coast, scoured through listings and are ready to apply for your first mortgage. Everything seems to be lining up until your mortgage officer calls and says, “Sorry to break the news, but you have bad credit”. Today, credit scores […]

    How to Raise Money-Savvy Kids

    It’s no secret that kids mimic what they see or hear their parents do. Even as you navigate your own finances, there are plenty “teachable moments” where you can teach them about money. And the sooner you start the better.  In fact, a study conducted by Cambridge University shows that financial behaviours kids will take into […]

    The Financial Checklist for Newlyweds

    Getting married is one of the biggest and most important days of your life. However, before you walk down that aisle, there are a number of decisions you will have to make with your spouse, such as finalizing the guest list, selecting the perfect venue and securing the vendors! These are all considered par for […]

    How to Calculate Your Net Worth

    When you think of net worth – what exactly comes to mind? Right away, you might think of the Forbes’ billionaire list, which ranks the wealth of the world’s richest – including the likes of Bill Gates, Oprah Winfrey and Michael Lee-Chin. In this article, we’ll be guiding you through how you can calculate your personal net worth. […]

    Six Tips to Save!

    “No matter how much you make, at the end of the day, it is what you save that really matters,” says Rose Miller, grants manager at JN Foundation and head of the JN BeWise Financial Programme. Mrs Miller advises that to ensure you are on the right track, the general rule is to save at […]

    You need a Financial Cushion

    The current COVID-19 pandemic has truly allowed many to fully appreciate the concept, often espoused by financial experts, that everyone needs to have an emergency fund.   This fund should ideally consists of 3-6 months of living expenses, or more, if possible.   Even with this cushion in place it is necessary to be frugal, always ensuring […]

    Monetise Your Talent during COVID-19, Says Financial Literacy Expert

    Financial literacy expert, Rose Miller is encouraging persons who have lost their jobs as a result of COVID-19, to look at ways to monetise their skills to assist in earning an income. “We all have gifts. Try and identify if there is a gift that you can use to earn an income. In fact, even […]

    Building Your Emergency Fund

    Rose Miller, head of the JN BeWi$e financial empowerment programme, advised that the sooner one starts making a financial plan, the more control that person will have over their money and future plans. She pointed out that, “Building solid financial habits is critical for long-term success,” noting that, “establishing an emergency fund is a necessary […]

    Losing Your Job in a Pandemic

    Five Steps to Manage Your Finances It’s never easy coping with a job loss. In fact, it is regarded as one of lives most traumatic experiences. With the ongoing COVID-19 pandemic, job losses abound globally. In Jamaica, thousands of persons have been laid off across several sectors. In tourism alone, 75 per cent, or 120,000 […]

    Consider the 10-10-80 Budget Rule

    Rose Miller, head of the JN BeWi$e financial empowerment programme says that although it may not be the ideal plan for every individual, the 10-10-80 budget is a common choice among people, who are serious about saving for the future. 10-10-80 Budgets The 10-10-80 budget is built on the premise that most households require no […]

    Poor Debt Management Can Affect Your Physical Health

    The start of a new year always brings with it deep reflection. It’s a time when most persons often make decisions about the things they want to change in their lives or the goals they want to attain in the New Year. It is also a time when some persons frequently pause to reflect on […]

    Use the Equity in Your Home to Kick-start Your Business

    Many people who want to start their own businesses do so for various reasons. For some, it is to achieve one’s independence and become their own boss, or simply to enjoy the convenience of working flexible hours, while challenging themselves to achieve a successful business. Yet for others, the desire to own a business stems […]

    Public Sector Workers Urged to Borrow Carefully

    Steve Distant, Chief of Sales at JN Bank, has advised public sector workers to think carefully about their borrowing habits, pointing out that there are many ways to borrow without incurring bad debt. Mr. Distant noted that the first rule of thumb, is to know the difference between good and bad debt and to learn how […]

    How to Borrow Without Incurring Unnecessary Debt

    Borrowing wisely can help anyone to generate wealth. There are many circumstances in which it’s appropriate to borrow money, so it’s worth keeping a few rules of thumb in mind when taking on debt. There are distinctions to be made between “good debt” and “bad debt,” but the greatest impact of all may be whether […]

    Preserving Your Pension in the Time of COVID

    Pension expert, Sharon Smith, says as difficult a time some people may be experiencing now due to the economic effects of COVID-19, pension contributors should be seeking to preserve their savings. Ms Smith, who is the head of premium financing and pensions at JN Bank, said, whether contributing to an approved retirement scheme, superannuation fund or […]

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