Grow your financial knowledge

Fri, Oct 21. 2011

Grow your savings

Financial Information Month October 2011

If you take a moment to look at your finances, you will realize that it infuses every aspect of your life without fail. Everything you do, everywhere you go has implications for your finances. Medicine, housing, food, entertainment and education all must be bought and paid for.{{more}}

We commit to a mortgage for twenty five years without taking the time to read exactly what it is we are committing to. We don’t know whether we are paying interest on the reducing balance or interest on interest. We’re not too sure what shares are or how they work. We are overwhelmed by the foreign languages of the ECSE, JSE, TTSE and all the other SE’s that stream through the airwaves. How can we even begin to put the pieces all together?

The answer is to start simple. First, look at the financial items you currently have (savings accounts, loans, hire purchase etc) and commit to understanding them and how they work.

Secondly, do not take on any additional financial products unless you fully understand them. Don’t sign on the dotted line unless you know what you’re signing up for. Read the agreement thoroughly and ask questions about the things you don’t understand. Take away the agreement if you have to and discuss it with someone who may have more experience than you.

Finally, seek out knowledge. These days, every kind of information is at your fingertips. The Internet is a never ending source of information on the different investments and debt instruments. The Eastern Caribbean Central Bank also offers some excellent short financial courses from time to time. Look for their ads in the newspaper and sign up!! First Citizens Investment Services Limited also offers some interesting workshops that will be worth attending.

Remember that your learning is ultimately your responsibility. The greatest investment you can make is in yourself. All of the tools are available to you. Reach for them.

Written by:

Alisa K. Best

Service and Support Officer

Scotiabank