VM Elevate - December 2023

VM ELEVATE

GET AS MUCH AS YOU GIVE THIS SEASON!

Creating a Happy Home this Holiday - Page 2

Boost your Business for 2024!

- Page 4

Skip the lines, send love directly - Page 5

Transform Your Everyday.

DECEMBER 2023

OCTOBER 2022

FINANCIALLY WISE

Creating a Happy Home this Holiday

T

he holiday season is a time for joy, togetherness, and creating lasting memories with loved ones. However, money concerns can often cast a shadow over this joyous period, leaving some feeling stressed and anxious. The good news is that you don't have to let financial worries dampen your holiday spirit. With a bit of planning and some smart financial moves, you can enjoy a festive season filled with warmth, happiness, and financial well-being.

Savvy Savings Strategies The key to enjoying the holidays without breaking the bank lies in having a smart savings strategy. Here are a few ideas to get you started: •

Embrace the spirit of giving without the hefty price tags. Encourage your loved ones to create handmade gifts, share heartfelt experiences, or donate affordable amounts to causes close to their hearts.

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Involve children in a holiday savings competition. Set a target amount and encourage your kids to contribute their allowances, earnings from chores, or proceeds from selling homemade crafts.

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Take advantage of sales and discounts.

Shop with purpose this season. Plan your holiday shopping in advance and keep an eye out for special offers and promotions.

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Consider DIY decorations and festive treats. Get creative and have fun making your own ornaments, centerpieces, and cooking or baking delicious treats.

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Save or invest a portion of your bonus.

Always set aside a little from the extra you receive to help with your financial responsibilities in the new year.

Responsible Credit Card Usage

travel rewards (VM Visa Platinum) so you can maximise on your purchases.

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Monitor your spending closely. Once you’ve set your spending limits, check your balance regularly to avoid overspending.

This practice is also a good way to avoid overlimit charges and credit card fraud.

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Pay off your credit card balance on time each month. Whenever possible, clear your balance by the end of your billing cycle. You may also pay the minimum balance to keep your credit payments compliant if you are unable to clear the entire balance during the billing period. This will help you to avoid accumulating interest charges.

Exploring Home Renovation and Inexpensive Entertainment If you're considering home improvements over the holidays or for the new year, partnering with a trusted real estate partner, like VM Property Services can provide you with valuable guidance and financial assistance.

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Seek expert advice on costs and financing options. An experienced real estate agent can help you estimate renovation costs, explore financing options, and connect you with qualified contractors.

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Skip the traditional gift for a financial gift.

Making your loved ones aware of your renovation plans and encouraging them to send monetary gifts to a registry or savings fund for your home renovation can provide you with access to additional funds for the renovations.

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Entertain on a budget. Opt for smaller gatherings and inexpensive/timeless décor pieces that can be utilized for several years.

Credit cards can be a valuable tool for managing holiday expenses, but it's crucial to avoid getting caught up in the emotional side of holiday shopping and use them responsibly.

Some ways to do that are: •

Create a clear budget and stick to it. Figure out how much you can afford to spend and keep your spending below that amount.

Remember to avoid impulse purchases.

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Prioritise essential expenses first. Make sure your essential expenses, like rent and all your bills and utilities are covered before indulging in holiday shopping.

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Opt for credit cards with cashback or travel rewards programmes. You’ll earn points while spending, which can be redeemed for future purchases or travel experiences.

It’s money in your pocket. VM Visa Credit Cards offer cashback (VM Visa Gold) and

Creating a happy home this holiday season is not about spending a fortune. It's about cherishing the moments, creating memories, and fostering a sense of love and togetherness.

By implementing smart financial strategies and seeking guidance when needed, you can ensure this holiday season is filled with joy, laughter, and the peace of mind that comes from making good money choices.

PRODUCTS AND SOLUTIONS

Boost your Business for 2024!

A

s it approaches the end of the year, a resolution echoed by most business owners is growth for the new year.

Whether it’s improvement in technology, human resources, sales or production, every entrepreneur wants to take their business venture to the next level. VM Business Solutions is therefore focused on helping you to actualise your business goals through financial advice and providing the appropriate solutions. While you continue to work on your business and brand, here are 5 tips you can use to maintain profitability:

Manage and Monitor Cash Flow For most businesses, especially MSMEs, cash flow is the lifeblood and can be the difference between viability and failure. It is therefore crucial to monitor and track incoming and outgoing cash flows. One way to achieve this is by implementing efficient invoicing and payment collection processes to boost inflows while negotiating favorable delayed payment terms with suppliers so that cash flows into the business faster than paid out. At VMBS, we offer Online Banking solutions for business to view transactions and facilitate the receipt of cash via ACH or RTGS.

Maximise Returns on Surplus Cash Having mastered the monitoring of cash inflow and outflow, MSMEs should look to interest bearing accounts with minimal fees to maximise gains on their surplus of cash. By opening an interest-bearing Operating Savings Account with VM Business Solution, business owners can earn attractive returns with no low fees.

Leveraging technology is essential for efficiency in all aspects of the business.

Embrace Technology Leveraging technology is essential for efficiency in all aspects of a business. To streamline the financial management processes, it is key for MSMEs to invest in accounting software to automate tasks like invoicing, bookkeeping and financial reporting as these tools will save time and reduce the potential for human errors.

Diversify Revenue Streams The reliance on a single product or service can make your MSME vulnerable to market fluctuations and thrive in a competitive market.

It is recommended that business owners explore opportunities to diversify the company’s revenue streams. This could involve introducing new products or offering value-added services.

Invest in Financial Literacy To make informed decisions especially to scale and grow your business, take the time to educate yourself about financial statements, key performance indicators (KPIs), and investment strategies. The more you understand your financial data, the better equipped you’ll be to navigate the complexities of a competitive market and give yourself the gift of success!

VM Business Solutions

Skip the lines, send love directly Make the holidays nicer and safer for you and your loved ones when you send and receive money with VM Money Transfer's Direct to Bank.

With Direct to Bank you can skip the long lines and send your holiday love notes directly to their Jamaican bank accounts, with the help of our remittance partners: Xoom PayPal, Money Gram, RIA, WorldRemit, Small World, NSC e-Money Services and our newest partner Yalla Xash.

Whether you’re funding holiday treats and gifts, or your local savings, pensions or mortgage accounts, do it comfortably, by advising your recipients to sign up at vmmoneytransfer.com.

VM Money Transfer Services