20 January, Basseterre, St Kitts and Nevis – Spending within one’s means; being prepared for financial emergencies and having a plan for retirement are key to achieving financial health and wellness.
Speaking on this week’s episode of ECCB Connects, Personal Financial Expert and Founder of YourMoneyWorth.com, Melisa Boutin – and CEO of Finance Focus, Luana Laurent offer advice on how people can achieve and maintain financial wellbeing.
Laurent states that financial health is the state of one’s personal financial situation and that being financially well is being able to make financial decisions with little stress and anxiety. She added that this is determined by several factors including: the level of debt a person has; and savings coverage for self and family. In addressing the subject of big spending, she advises that individuals ought to determine whether the purchased item is an investment or an indulgence. She explains that investments add value,whereas indulgences are for instant gratification.
Boutin identifies some of the good habits to adopt which include, budgeting, paying yourself first and adding savings as a monthly bill. She encourages individuals to determine what their goals are and to write them down in order to save towards them.
For the full discussion with Guests Laurent and Boutin, viewthis week’s episode of ECCB
Connects on the ECCB Connects YouTube channel and Facebook page.