VM Elevate - November 2022

VM ELEVATE

Build Your Financial Starter Pack for 2023

How to avoid the Ben Johnson season? - Page 2

Opening an VM account becomes light work - Page 3

Transform Your Everyday.

NOVEMBER 2022

OCTOBER 2022

FINANCIALLY WISE

Building a Financial Starter Pack How to avoid the Ben Johnson season

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s the end of the year gets closer, so does the festive season with all its gift giving, party going and home decorating. But as exciting as the last few weeks of the year might be, now is a good time to remind ourselves of what usually comes next. For many, the heavy spending at the end of the year is usually followed by a more financially challenging period. At least, until the next paycheck kicks in.

For reasons which remain shrouded in mystery, this time is sometimes called Ben Johnson season in Jamaica. It’s a time when you might find yourself diving into the piggy bank to cover everyday expenses, pinching resources to make things stretch, buying less or cheaper groceries, and sacrificing pursuits of leisure.

Regardless of where the label came from, Ben Johnson season is an all too familiar experience for many Jamaicans. One way to make sure you avoid experiencing this is to have a Financial Starter Pack to make sure you start the new year off the right way and, as a long-term goal, enjoy a financially rewarding life – minus the Ben Johnson stress. The important thing to note is that, since we are preparing for the year ahead, the best time to get your starter pack together is now.

Here’s what should be in it: • A Road Map – Make an outline of your resources for each of the next two months, and the first month of the new year. It should include your regular pay as well your bonus, if applicable. Next, subtract the amounts you’ll need to cover your expenses for each month.

Then, subtract the amount you’d like to save or invest for each month (more on this in the next step). What remains is the maximum amount you have for holiday spending – your budget.

However, it’s a good idea to use just a portion of that, keeping at least 25% for unexpected expenses.

• A Strong Financial Portfolio – As soon as you receive it, it’s time to put the amount you set aside for saving or investing into the instrument of your choice. VM’s iSave account is a good way to earn interest if the money can remain untouched for at least a year. Products like stocks and unit trust funds are also good options if you’re comfortable with a bit more risk and want to save towards medium to longterm goals. Starting a pensions fund early is a smart option to avoid Ben Johnson seasons in your autumn years. Keep your financial goals in mind and talk to a VM Advisor before deciding.

• Consistency – An important component of your starter pack is consistency, which is one way to get returns you’ll be happy with later on. Whether you’re saving or investing, ensuring you add to it monthly is the best way to do it. It’s a good idea to see if you can create additional sources of income to invest even more. Monetize a hobby or sell some stuff you no longer need. Get creative. You’ll be glad you did.

OUR BUSINESSES AND PRODUCTS

Opening a VMBS Account Becomes Light Work

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Call Member Engagement at 876-754-8627 for more information.

Building a Financial Starter Pack (cont’d) You might be tempted to put this off, but now is the best time. Do it before you get caught up in the emotions and the hype that go along with the season. The best time to plan what to do with your bonus is before you get it. So, take some time and work on your Financial Starter Pack, and stick with it. That way Ben Johnson season might get here, but it doesn’t have to get you.

Go get your Home with VMPS! We are inching closer to the end of the year, and this means it’s time to start setting goals for the new year and envisioning what your 2023 should look like. If owning a property is likely to be a part of your wish list next year, finding it, is possible with a VMPS Realtor.

Shemika Chin Frankson, Realtor of VM Property Services sums up two important steps to get moving on this goal. These she says can begin before the curtains are drawn on this year, propelling you even further towards your goals in the new year, even sooner than you may think.

Get Pre-approved Once you have set the goal, it’s time to get moving. Get a mortgage pre-approval done to confirm your eligibility for a mortgage loan as well as the amount qualified for. With this pre-approval, you know what you can afford.

Plus, vendors tend to give preference to prospects with mortgage pre-approvals. VM Building Society can provide a mortgage pre-approval within 48 hours of applying.

Click here.

Find a VMPS Realtor After getting your mortgage pre-approval, find a Realtor and share the plans for the home you desire, even if you’re not quite ready to make an offer. As the experts, we will ensure that you are in a good position to make an offer when the time is right. With the pre-approval letter, your Realtor will help to refine the property search for you based on affordability, and when you identify a property, submit an offer on your behalf. If you intend to conduct a cash purchase, it is also important to engage a Realtor to guide you on finding the right property and putting in the right offer price, among other things.

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Transform Your Everyday.