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 REVIEW OF YOUR INCOME AND EXPENSES.” You may find that you are spending too much on unnecessary things and excluding some very important ones.

 1 ) Not budgeting? This is a good time to start. There are budgeting tools for all ages based on your level of comfort, these include:

1. 1. Budget Apps
   2. Envelopes
   3. Microsoft Excel Sheet
   4. Pen and Paper

2 ) When you seek a loan from any institution, they usually look at the 5 C’s of Credit.

1. 1. Capacity – your present and future ability to meet your payment obligations
   2. Capital – your contribution to the business
   3. Character – your payment history
   4. Collateral – the assets or instrument that will secure the loan in case of default
   5. Condition – existing conditions at the time of application

3 ) Take advantage of Social Services! Sign up and make voluntary contributions to NIS (National Insurance Society) and NHT (Nation Housing Trust)

1. Ensure you have enough money in retirement, create a Retirement Portfolio consisting of:
2. Formal Pension Plan
3. Equity linked Insurance Policy
4. Real estate
5. Equity/Mutual Funds
6. NIS

4 ) Insurance protects you and your family against the risks of an uncertain future – It is like a Financial Safety Belt.

5 ) Know your credit score. Get your free annual credit report. Visit a credit bureau today! Try any of these credit bureaus: CRIF Info Bureau Limited, Credit Info Jamaica Limited or Credit Information Service.

6) Credit should be used primarily to improve your financial security. Next time you take a loan, bear that in mind.

1. Find ways to keep money in your pocket.
2. Take advantage of rewards and discounts
3. Practise energy conservation in all its forms
4. Plant a backyard garden and cutback on some food purchases

JN Group

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