ECCB challenges public to achieve fiscal prudence
By VonDez Phipps
Reporter-SKNVibes.com
BASSETERRE, St. Kitts – AS the Federation celebrates Financial Literacy Month during October, the East Caribbean Central Bank has launched a ‘fix-your-finances challenge’ as an opportunity to enable the general public to improve their financial status and their lives.
The 31-day challenge proposes, in as many ways, recommendations to guide the average citizen in changing their mindset toward money management in order to be able to live their dreams.
The challenge firstly stressed the need for individuals to set financial goals and develop budgets, as these may be the first steps in “fixing finances” thus allowing individuals to understand their present situation and prepare to change it for the better. It highlighted making clear objectives with specific timeframes in which to accomplish them, and focussed heavily on prioritising the allocation of their money.
It also engaged the reduction of debt with ‘wise spending’ in order to minimise expenses. Consumers are encouraged to get bills under control, concentrate on servicing debts and make loan payments on time in order to reduce the amount of money owed and, by extension, avoid financial losses.
Flexibility is required in this financial challenge, especially in tracking one’s income and expenses. It was noted that individuals should “set their minds on saving and realize that things can change”, while recognizing the necessity to have a good understanding in relation to where their money goes each day.
The challenge also stressed the importance for consumers to adjust their attitude toward saving and to recognize that “once you cut back on unnecessary spending, there will be opportunities for savings”. The exercise urged members of the public to have a positive attitude while using practical means of saving.
The month-long challenge encourages consumers to recognize the benefits of wise money management in order to create financial protection and independence for their future.
