Tips to manage financial resources during the coronavirus crisis

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Rose Miller, JN Foundation financial literacy expert, is suggesting that Jamaicans consider the following tips, to manage their financial resources during the coronavirus crisis.

Reach Out To Your Creditors

Mrs Miller noted that the good news is that many utility and other companies are aware that some persons are experiencing financial hardships, as a result of the COVID-19 restrictions.

“Some have designed programmes specifically to assist their customers during this rough time. Therefore, if you find yourself in the spot where you won’t be able to meet your financial responsibilities, it is wise to reach out to your creditors, because they may be willing to work with you until you are back on your feet,” she advised.

Make Partial Bill Payments

“The reality is that many people will be forced to choose between paying their monthly bills and providing sustenance for their families,” Mrs Miller said. “If you are faced with that predicament, you may need to prioritise your bills and make minimum payments to avoid disconnection and some penalties.”

Be Creative with your Meal Preparation

Mrs Miller said the Jamaican idiom, ‘tun yuh han’ mek fashion,’ will come in very handy at this time. “You may need to get creative in the kitchen to ensure that every member of the family eats and that you are able to make what you have last for some time,” she said.

She noted that, in some instances, persons may need to forego buying chicken or fish and purchase the more affordable vegetables, such as callaloo and cabbage or canned goods. “But, if you do buy the chicken or beef, you can make it stretch by adding some vegetables,” she advised.

“It may also mean that you will only be able to eat two or even one substantial meal for the day instead of three big meals,” the JN manager said.

Listen out for Opportunities of Assistance

“Keep your ears to the ground, so that you do not miss out on any opportunity for assistance from the government, the church or corporate Jamaica,” Mrs Miller recommended.

Many organisations, including financial institutions, have announced measures through which they will be providing relief or assistance to persons experiencing financial difficulties, during the COVID-19 pandemic. The government has also announced relief packages for affected groups and some church organisations have been collecting donations, to assist the most vulnerable.

Mrs Miller said persons in dire need of financial assistance should not be afraid to take advantage of any of these opportunities.