Monthly Archives: January 2023

Rose Miller, lead for financial empowerment programmes at the JN Foundation, says the New Year presents an opportunity for persons to reset and re-evaluate their finances.

“The new year offers an opportunity to reflect on the past and set goals for the future. Revisiting and re-evaluating your financial and other personal goals can help set you up for success in 2023 and beyond,” she informed.

Mrs Miller recommends the following five ways to start the New Year on sound financial footing:

Re-Examine Your Budget
She advised that re-examining one’s budget can assist in figuring out where one needs to make adjustments.  She said by taking stock of one’s income and expenses and if and how one expect those to change in the New Year, one would be in a good place to determine what will be required to reach one’s goals. She cautioned that, among other things one will need a high degree of discipline to be successful.

Start a budget and track your expenses
She noted that if no budget was established last year, now was the time to create one. “Creating and sticking to your budget could be one of the best things that you can do for your finances in the New Year. Budgets force you to take a hard look at the money that you bring in, the money that you shell out, and the money that you may owe,” she said.

If you have never followed a budget before, the thought of starting one can be daunting. The truth is, budget is a useful tool. In the words of John Maxwell, “A budget is telling your money where to go instead of wondering where it went.“ Once you get used to following a budget, you can begin finding ways to free up cash to put towards your financial goals which will help improve your financial security.

Establish and maintain your emergency fund 
Mrs Miller pointed out that the importance of having an emergency funds cannot be over-emphasized. She said it is also equally important to understand what constitutes an emergency – an important and unexpected incident.  “If the purpose of having an emergency fund is truly understood it will not be used for unintended purposes and the need for replenishment, to ensure that this safety net is in place, would be readily appreciated,” she said.

Start Investing
The financial empowerment team lead said that for the New Year, building wealth should be a priority area, and this can be accomplished through investment. “While it may not be the easiest resolution on this list, investing is the key to building your wealth,” she added. 

She recommended consulting a financial advisor who can help to decide on an investment plan compatible with your age, goals and risk tolerance, among other considerations.

Make Planning for retirement a Priority

Another critical area of focus for the New Year must be retirement planning. She reminded that retirement planning must begin early; “When you are young, saving for your retirement probably sounds like the least exciting thing that you can do with your money. The truth is, money needs time to grow hence the sooner you start, the more secure you will be when your retirement comes. Investing in your retirement means that you are investing in your future,” she said. 

Staff and administrators of three children’s homes in St Catherine and St Andrew operated by the Mustard Seed Communities were overjoyed after receiving a donation of personal care and food items from the JN Foundation and employees across the JN Group, recently.

The three children’s homes which benefited were: Sophie’s Place in Gordon Town, St Andrew; My Father’s House, also in St Andrew; and Jerusalem, located in Spanish Town, St Catherine.

The homes received a total of 3,584 baby and adult diapers; 2,500 baby wipes; 1,000 feeding tubes and 300 packages of food drink.

“We are elated!” a very pleased Christine Madden Watson, administrator at Sophie’s Place exclaimed after being presented with the items by a team from the Foundation recently.

“The needs are ongoing. The children [who] we have are physically disabled and many of them are on medication so their nutritional needs are great. So we are always in need of dietary supplies,” she said.

Mrs Madden Watson was especially grateful for the diapers donated, noting that the ones provided by the Foundation are more resilient than the ones they currently have in stock.

 “This particular brand diaper came just in time,” explained Mrs Watson.

Since 2013, the JN Foundation and employees of The Jamaica National Group have been supporting Sophie’s Place. Over the years, groups of JN employees also supported individual children by covering some of their monthly expenses.

Ezlyn McKenzie, administrator of My Father’s House in St Andrew was similarly grateful for the benevolence of the JN Foundation and JN employees. “We are a charitable organisation and the donation received from the JN Foundation is appreciated,” she said.

The home caters to 36 residents- 20 boys and 16 girls. They are physically and mentally challenged and are wheelchair-bound.

Chevanese Peters, programmes coordinator at the JN Foundation said the donation was made possible through a ‘Comfort for Christmas’ initiative organised by the JN Foundation where employees of The Jamaica National Group contributed diapers and funds towards the initiative.

“We know the needs at the Mustard Seed Communities are great and our members of staff did not hesitate to support the initiative and were happy to contribute,” she pointed out.

“Diapers and wipes were received through our ‘Comfort for Christmas’ initiative while the feeding tubes and food drink were acquired through our ‘Funds to Fuel a Nation’ project, where employees have been committing monthly donations that go towards funding the Mustard Seed Communities and other community projects,” she said.

Christmas is a time for giving, but it’s also a time when many persons overspend, with some even borrowing to cover Christmas expenses. However, Rose Miller, lead for Financial Empowerment at the JN Foundation, advises that this is a time for one to be most careful about managing expenses.

“Struggling financially especially around the Christmas holidays is a reality for many individuals. But there are things we can do to try and avoid extra debt that will carry over into the New Year,” she pointed out.

Mrs Miller recommends the following tips to manage expenses at Christmas:

Assess your finances ahead of time
The first step should be to sit down and assess one’s current financial situation. She recommends that persons ask themselves the following questions: ‘What have I got saved up for the holidays?’ ‘How many paydays do I have between now and when I need to buy gifts, food, and finance other expenses for the holiday?’ She noted that having a rough idea of what you have to work with, and what you can realistically save between now and then can help you to stay grounded.

Set a budget and stick to it
Once you have a good idea of your financial situation, she advised, that is a starting point to figuring out where the money needs to be spent. Gifts, she pointed out, aren’t the only holiday expenses.

“Visiting and/or entertaining relatives and friends can add up, as can food, sprucing up the home, and even the cost of attending a work function,” she said.

Factor in your regular expenses
She informed that aside from purchasing gifts during the holidays, one’s regular expenses, such as rent or mortgage, still need to be paid.

“There are the utilities, credit cards, loans, childcare expenses, and your regular grocery shopping that have to be paid,” she noted.

Make your Christmas Gift list
She informed that when making one’s Christmas list, it is important to decide which people on the long list will receive gifts and those to whom it would just be nice to show appreciation. “Making homemade gifts is an option and sometimes will be more appreciated by the receiver,” she said.

Spend wisely
The JN Foundation financial empowerment expert warned that persons should avoid impulsive purchases and going after deals; it can be tempting to splurge when faced with these offers. “But before you make a purchase, ask yourself: ‘Who is this for?’ ‘Is this person on my gift list?’ ‘Do I really think they would like it, or am I focusing on the price?’  or ‘What other gift is this replacing?’” she said.

Track your spending
Mrs Miller noted that staying on top of your spending can help to avoid any unexpected worries. Tracking your holiday budget on a spreadsheet, app or notebook can be a good start, but checking your account and credit card statement regularly, and noting any other unexpected expenses that may have popped up are other options to consider.