

As many Jamaicans finalise their goals for 2025, one financial expert is encouraging individuals to focus on achieving financial stability in the new year.
According to Sigourney Hitchins, senior manager of Branch Services at Scotia Investments, proper management of personal finances can set the foundation for long-term success and a better quality of life.
“Just as we often resolve to improve our physical health in the new year, improving our financial well-being should also be a top priority. The two go hand in hand, as good financial health can provide greater opportunities for security, growth, and peace of mind.”
One of her first pieces of advice is to take stock of your current financial situation. “Starting the year by assessing where you stand financially will help you make more informed decisions. It’s important to be honest with yourself about your spending habits and savings, even if you feel you’ve overspent during the festive season,” she shared.
For those who may have overextended themselves financially, Hitchins recommends creating a budget and sticking to it. “The beginning of the year is a good time to re-evaluate your expenses and cut back where necessary. Start with tracking your monthly income and fixed expenses, then allocate funds for savings and debt repayment.”
In addition to budgeting, she suggests focusing on maintaining a good credit score.
“Credit can be a useful tool for achieving your financial goals, but it’s important to use it wisely. If you have credit cards, make sure to pay off your balances in full every month. High-interest credit card debt can snowball quickly, so avoiding that will set you up for financial success.”
For those carrying multiple high-interest loans, Hitchins advises considering debt consolidation.
“Debt consolidation can help you streamline your payments and potentially lower your interest rates. Financial experts recommend maintaining a debt-to-income ratio of no more than 35% for optimal financial health.”
For those expecting a bonus or windfall in the new year, Hitchins suggests applying the “50:30:20” rule. “Use 50 per cent of any bonus or extra income to build up your savings or invest in a portfolio, 30 per cent for debt repayment, and the remaining 20 per cent for personal enjoyment. This approach ensures that you’re balancing both your immediate and future financial needs.”

Hitchins also emphasises the importance of improving financial literacy in 2025. “Understanding the basics of investing, the risks involved, and how to diversify your portfolio is crucial for building wealth. There are many reputable information resources available online, however we strongly suggest speaking with a licensed financial advisor who can also help you create a tailored plan to reach your financial goals.”
With discipline and a clear strategy, Hitchins believes that financial stability is achievable for anyone in the new year. “By committing to a financial plan and sticking with it, you will see the results over time, leading to greater financial freedom and security.”
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