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. 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. 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
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