Financial advisors offer input

THE ensuing pandemic has highlighted the need for persons to reconfigure their finances and one financial advisor outlined the importance of creating an ABC framework.

Speaking during The UWI Open Campus Jamaica Eastern Region and the Lions Club of New Kingston’s final webinar in the series ‘The Scoop on COVID-19’, Camille Steer, Corporate Manager, JMMB Fund Managers, explained that building an ABC framework would help persons build financial resilience.

“The first thing is do not panic, but we still need to have a framework. First, you need to Audit your finances and create a pathway for financial well-being and that audit is like a financial spa day and should be done two or three times a year,” she said.

“There was a lot of panic buying last year and persons were using their credit card because they were panic buying groceries. So now is the time for you to examine your monthly utility bills and aim to consolidate your personal debts, your car, house and try to get a lower interest rate.

“Next step is Budgeting. This activity requires you to pay yourself first savings and track how you are progressing with your financial goals. Try to have 10 to 15 days of no spending as this particular habit helps you to maintain your discipline and stay on track with your budget.”

She added that the final step in the ABC framework was to remain Consistent. She explained that once you have audited your finances, documented and budgeted for your goals, remaining consistent was the “superpower” needed to achieve all the financial goals.

“Once you do this, you will develop strong financial habits and build financial confidence in achieving your goals and that is what you want,” she said.

Alicia Lyttle, Founder of Pow Social – a digital marketing agency, outlined ways for persons to increase their earning opportunities.

She noted that a service-based business was always the fastest way to make money.

Therefore, it was against this backdrop that Lyttle stated that persons should look to take whatever skill they currently had and work on turning this into a business or service online, so that they could start earning an income from it. (CLJB)