“We Can Survive This Economic Hurricane” says General Manager of Jamaica National Building Society

KINGSTON, Jamaica – Several options are open to help Jamaicans to brave the “global economic hurricane” now impacting the country, says Jamaica National Building Society (JNBS) General Manager, Earl Jarrett.

The near-collapse of global financial structures translates in the country having difficulty raising capital on international markets and the economy’s projected contraction by between 0.5 and 2 percent, he said. As a result, companies and individual persons are coming under growing pressure to meet their everyday requirements; and, therefore, need to adopt effective strategies to face the crisis.

“We should never waste the opportunities presented by a good crisis,” Mr. Jarrett stated, paraphrasing United States White House Chief of Staff, Rahm Emanuel. “Despite the challenges facing us, it is important to have a positive perspective on what is happening if we are to emerge with our heads above the water,” he told participants in a JNBS public meeting at the Civic Centre in Montego Bay, recently.

He said that it was important for each person to position him or herself economically to respond to the rigors of this financial climate, and noted that, “Personal planning must become an integral part of your economic response strategy.”

Pointing out that there are opportunities even in times of adversity, he stated that, “Those who can identify and capitalise on opportunities will be the ones to weather the challenges and emerge best able to thrive in the new Jamaica.”

One important response to the crisis must be an increased emphasis on conserving resources. Corporate Jamaica and individual citizens need to focus on conserving electricity, water, money and food.

Adopting a more frugal outlook will result in the reduction of waste, curbing costly habits, defying expensive social norms and suppressing instant gratification by means of fiscal self-restraint.

“There is a need to save,” the Building Society General Manager declared, “Particularly now in these times, it is important to put aside some funds, no matter how small.”

To save effectively however, you need a budget to guide the effective management of your finances. It matches your needs with the resources at your disposal and keeps you on track to achieving your goals.

“Take an active interest in the monies you are spending and identify ways to take advantage of discounts and savings such as through the use of ATM machines at JN locations where there is no charge to withdraw your funds. Look out for hidden transaction fees and charges when you do business with other financial entities,” he cautioned.

He explained that a simple mechanism for saving money is to examine the comparative costs of different financial institutions charge for the same transactions.

Each dollar needlessly given to a financial institution is one less you have for yourself. Consumers should also try to avoid hire-purchase agreements, where they end up paying very high interest costs.

Outside of the need to control expenditure is the imperative of maximizing investment returns, as taking control of one’s financial destiny requires mastery of both savings and investment.

“There are numerous investment possibilities despite the current global economic challenges,” he maintained. “Capitalise on opportunities in sectors such as agriculture and tourism.”

Personal care is an emerging aspect of the tourism health and wellness market, he said. “Given our natural propensity for eco-tourism, nature spas, and the utilization of some of our rich herbal, home-grown remedies will add that special therapeutic touch visitors are anticipating.”

In fact, he continued, we should also to enjoy these special services by taking local vacations. “You will enjoy the stellar Jamaican hospitality while protecting one of the country’s most vital sectors. And, now is also the time to ensure we purchase locally produced goods. Eat Jamaican. It is more affordable and healthier,” he urged the audience.

Few acknowledge that health is one of our greatest assets, Mr. Jarrett outlined. The value of life insurance is widely understood, but not many realize the financial devastation a major health crisis can cause, until it actually occurs.

“Take responsibility for your health through programmes such as JN Health and the National Health Fund,” he advised.

The event in Montego Bay was the second in a series of financial planning meetings mounted by Jamaica National, to discuss current financial challenges with members and citizens across the island. The next meetings are scheduled to take place in Ocho Rios and Kingston.