Like most Jamaicans, I have memories of my father emptying his pockets and placing his coins in a pan at the end of a long day at work. These coins, which were commonly referred to back then as ‘red money’, consisted of one, five, ten, twenty and twenty-five cent coins. After some time, the pan would be filled with coins, and he would give us the laborious task of counting them. The sums were often enough to provide several treats, and we were always amazed that despite their initially small value, they amounted to such large amounts. Times have changed, as coins with those values are currently out of circulation. The only coins that are used today are those that represent $1, $5, $10 and $20. However, the principle remains that even a small amount can accumulate to meet your financial needs.
Savings – the way forward
The mentality can easily be ‘I can’t save, I don’t make enough.’ Is that really true? Sadly, many who ascribe to this view end up denying themselves the opportunity to achieve financial success. The worst thing to do is to decide that your limited means has somehow disqualified you from putting something aside each day. This couldn’t be further from the truth! Why not try a new challenge? Whatever type of employment you have, whether you are paid weekly or monthly, place $20 in a container as you enter your house. The challenge is that you must place all your twenty dollar coins aside regardless of how much you had planned to spend that day and avoid the urge to use the money as a resource to pay for any other incurred expense.
Does it appear that the amount that you are putting aside is too small to make a difference? You might be surprised at the results. Saving just $20 every day will only result in $400 a month, $4800 a year. However, what if you can put even more money aside such as $50? Then in a week you would accumulate $250, $1000 a month and $12,000 a year. It gets even better if you decide to put aside money in both the $20 and $50 dollar funds then add them together, the result will now be $16,800 at the end of the year.
Putting aside small funds at first might not seem to be the answer to your financial woes, but as time goes on and your savings multiply you will be able to see the benefits. The money should not be used in a five year period. During that time it might need to be stored in a safe place, such as BiztechP2P, where it can keep up with inflation. However even as you deposit the funds, continue the trend and save steadily. Remember if any additional funds come your way; simply combine it with your smaller amounts. Can you imagine that after saving your spare change you are well on the way to being able to weather financial storms?
The Jamaican sayings, “Every mikkle mek a mukkle’ and ‘One One coco full basket’, are more than just quaint cultural antidotes, they highlight a truth which maybe some have forgotten, which is that even small amounts can make a difference. Take one step at a time as it will take you where you need to go on your journey to achieve your financial goals.