Easter in Trinidad and Tobago is always a special time for many as it symbolises a time of renewal and hope. As a lead up to Easter, some persons would have used this time to fast and abstain from some of their favourite things as a sign of sacrifice and to test their self-discipline.
The Mutual Funds Association of Trinidad and Tobago (MFATT) would like to share with you, some of the ways individuals would have used this time to improve on a few negative habits and practices.
Many persons would have taken the opportunity to prepare their own meals. Eating out makes up a large chunk of one’s discretionary spending, that is, purchasing non-essential items with money left over after paying for necessary expenses. Cooking your own meals usually result in significant savings, especially if one incorporates going to the “market” vs visiting the “grocery” to purchase fruits and vegetables. Not only would one eat healthier, but the individual would also spend less. Persons who may even say that they don’t have the time to prepare meals daily, there’s an easy fix called, “weekend meal prepping,” which takes a bite out of your time during the busy week. Meal planning also helps you to stay on track of your budget and control your spending during weekdays.
Relinquishing Unhealthy Habits
This may be a sensitive topic for some, but it’s important to acknowledge the negative effects of unhealthy habits such as smoking, gambling, excessive alcohol consumption, falling prey to ‘get rich quick’ schemes, and the overconsumption of processed foods will have on an individual’s overall well-being. These habits can be costly and are silent creepers that usually go unnoticed, but over time, can serve as a deterrent to achieving an individual’s financial goals and objectives.
Impulse shopping is a very common way to waste money. Some call it retail therapy and have possibly engaged in that behaviour at some point. It’s typical to buy things that aren’t needed only to end up in the “Unused and Useless,” pile that is either ignored or forgotten. These types of purchases have emotional underpinnings and only provide short term pleasure. One way to mitigate against impulse buying is to take a day or two before making a purchase and carefully ponder on needs vs wants. That way you have the chance to decide whether the purchase is necessary and determine if you “feel” the same way about it.
Now that we’ve shared some ways that persons can use this reflective season to make positive changes, you are invited to reflect, revisit, and reset your goals that may serve you well in the future.
Whether you decide to invest in a short or medium to long-term mutual fund or make an important purchase, with commitment and prudent choices, you can achieve your financial goals and objectives.
Article by the: Mutual Funds Association of Trinidad and Tobago
Mutual Fund Association of Trinidad and Tobago
UTC Financial Centre
No. 82 Independence Square ,Port of Spain, Trinidad
Telephone: (868) 625-8648
Fax: (868) 625-5627