WHEN SPLURGING DOESN'T MAKE SENSE
Living beyond our means is really living beyond our income. The indulgence, luxury, extravagance, call it what you will, may be out of proportion with the rest of your life.
Here are some tips to help you manage your finances better this year.
TIPS: 1. Manage your cash flow and put aside funds for school fees before splurging and partying. 2. Never spend off your entire bonus. Put away 10 percent of it to purchase things you really need. 3. Curtail the use of your credit card; use it very wisely especially for the things that you really need. Manage your debit card wisely also.
According to Joan Edwards, financial planning manager at the Jamaica Money Market Brokers (JMMB) the amount you invest will determine the amount of interest accrued on your investment.
Edwards stated that you can start a Save Smart Account with JA$1000.00 You can also open a Sure Investor Account with $100,000.00 and get rates of 14 percent to 20 percent interest depending on the amount invested.
Michael Steele, General Manager for Marketing and Business Development at COK Cooperative Credit Union states that you must not invest in consumables but with an investment slant.
"Do not spend on unnecessary things; spend on the really important things.”