As summer closes, parents gear up for the biggest event in September, back-to-school. From booklists to school fees, the preparation process for many parents can be tedious. 

Undeterred by this and confident in their young children’s progress; supermoms and managers at Sagicor Jamaica, Latoya Hylton and Olivia Campbell, have embraced a solutions-driven attitude to tackle the financial realities of their children’s future.

While making plans for the school term goes well beyond pen(cil) and paper, Hylton and Campbell describe the significant impact that having product solutions from a comprehensive financial institution such as Sagicor has made on their unique journeys in preparing for their children’s needs.

Latoya Hylton explained that this school period is usually intense, especially since she became a single mother.

“My daughter’s father passed away a few years ago. Because of that, I’ve had to take a good look at my finances. I went from a two-income home to one income. Realising that I’m alone in this journey, I had to incorporate greater money management efforts,” she said.

To assist with spearheading this initiative, Latoya, a mother of an active seven-year-old girl, sought support through several investment solutions at Sagicor. “The Sigma Global Funds are something that I save in routinely. Every time I get paid, I put money towards it. It pays off for bigger expenses like travel. While it is designed for adults, these funds can also serve as a medium to long-term investment avenue for purposes like funding my child’s education as well,” she noted.

Recognising the value of starting financial literacy conversations early, Hylton encourages her daughter to be financially savvy by using her Star Savers Account that she opened for her daughter with just J$200.

Specifically designed to teach kids to save, Sagicor Bank’s ‘Star Savers Account’ and can be opened for as little as J$200.  

“With the Star Savers bank account, any money that my daughter gets, she puts it down. This fosters a culture of saving from an early age. For the past two Christmases, I brought her to the bank and had her draw the money. Her reward for saving is treating herself to something that she likes. This gives her a goal to look forward to.”

She continued, “My daughter is very smart and has many questions. I try my best to answer as honestly as possible so that she is able to satisfy any curiosity and learn from her mistakes.”

As an added layer of protection, Hylton has opened a ‘Child Protector Plan’ at Sagicor Life. Specifically designed for children, this critical illness policy focuses on the major health conditions.

“Children can get critical illness at any given time. In the event of being diagnosed with one of these critical illnesses, the plan provides a lump sum payout. It includes a hospital benefit for non-critical ailments, incorporates a mandatory investment element, and allows parents the flexibility to add supplement savings or investments,” she added.

She says that there is a mandatory saving component that goes untouched until the child becomes an adult.

Hylton also recommends the School Companion Plan to parents want to secure health insurance for their children. Under the plan, parents receive insurance support for their children for prescriptions, doctor consultations, hospital stays, and diagnostic services such as X-rays.

 Mother to three wonderful boys, Olivia Campbell, agrees that you can never be too prepared when it comes to children, because you never know what cards life may deal you.  

“No amount of books, counselling or speeches can prepare you for motherhood. I’ve been a mother for 10 years. And my journey has been a rollercoaster to say the least. I’ve had several miscarriages. But God has blessed me with three boys ages 10, five and two and a half years old,” she highlighted. 

 Campbell explained that she takes her mothering role as a full-time job, even as she pursues her career, and tries to be as hands-on as possible. “It is a lot,” she says, but she is grateful to be a mom, “I saw my mother with three children with very meagre resources and I was proud of her. I have always wanted to be a mother and I really enjoy it.” Even though her mother has passed away, she hopes that she can carry on those rich nurturing traditions to her boys.

“I teach my children that life is not always butterflies, strawberries, and cherries. Sometimes, there are unfortunate events and things that you didn’t plan for. There are instruments at Sagicor, such as the Sagicor Sigma Global Funds which allows persons to invest and reap returns to meet either goals or emergency needs.  The lesson I want to share with my boys is that they should have these things in place because if you seek them before you need them, they will put your mind at ease and pay off in the long run,” she said.

It might seem difficult to save for your young ones, but as a parent, Campbell says you just have to make good investment decisions that will benefit the family in case anything happens, or even cut back on your own expenses. “Don’t hang your basket where you can’t reach it, but instead make sure that your basket is never empty”.