The Christmas season is fast approaching and with the additional financial demands of the season, the Jamaican public is being urged to still prioritise good financial choices even during the holidays.

Ricardo Williams, head of branches – eastern, JN Bank, says it is imperative that saving is
prioritised, especially during the festive season.

Williams highlights the importance of making a budget and exercising smart financial tactics during the Yuletide festivities, as it is easy to overspend on the holidays. He notes that it is especially important given the fact that salaries are usually paid early in December and therefore it has to last for a longer time until the next pay period.

He notes that there are a wealth of personal benefits to be derived from savings, such as the
ability to establish a financial safety net. It also positions one for asset acquisition, education
attainment, and to respond to emergencies and other needs as they arise. Therefore,
Jamaicans should always ensure that they consistently save.

Williams outlines some tips he believes would be helpful during this Christmas season.

Budgeting: He suggests allotting a separate amount for savings while also making plans for the money they plan to spend on holiday activities. “Set aside the savings in a less accessible account, perhaps one without a debit card, so that you can’t easily withdraw it,” he stated.

Make a list: After completing the budget, make a list of all needed expenses. Williams advises that this is useful to ensure no additional, unnecessary purchases are made.

Analyse the list: After writing down all the expected expenses, Williams suggests going over it to make sure that everything on it is needed at the time. This is to ensure that unnecessary things are not priortised when they could possibly be left out or wait until another time.

Avoid impulse purchases: “No matter how good the discount looks, if it’s not on the list, it means you don’t need it and therefore should not buy it,” Williams stressed. “No matter what, stick to the budget.”

Additionally, given the usual uptick of crime during this busy time of year, Williams also urges customers to be vigilant and to pay keen attention to their surroundings when conducting their business during the season. He advises to avoid walking around with large amounts of cash and to ensure to make online purchases with reputable sites to ensure that purchases can be tracked.