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Your financial education is your responsibility.
Take charge of it and achieve financial freedom sooner, rather than later!
Financial Empowerment
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
Savings generally represent only one part of an individual’s assets, and unlike investments, have minimal exposure to risk.
Credit
This is defined as money that is loaned by a creditor – it helps us make investments on our journey to financial independence.
Insurance
Purposes of Insurance:
Insurance can be used to create, preserve and transfer wealth
Financial Tips
Saving is the fuel for investment: because the wealth of a nation is dependent on the savings of its people.
Do not save what is left after spending; spend what is left after saving
Save for a rainy day. When you don't work, savings will work for you.
Beware of little expenses; a small leak will sink a great ship.
A penny saved is a penny earned.
A bargain ain't a bargain unless it's something you need.
We make a living by what we get, but we make a life by what we give
One million dollars is still a million one dollar coins.
Take action, an inch of movement will bring you closer to your goals than a mile of intention
It is true that improper use of credit can be disastrous, credit properly used can enhance your life.
The future depends on what you do today
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.
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
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.
- 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