Roadmap to Financial Security – Guide to Saving
2016 Financial Resolutions

Many of our citizens spend a great deal of time and energy on becoming physically fit, which is an admirable quality. Of equal importance is the need to become financially fit and to maintain that fitness over various life stages.

We encourage you to avail yourself of all of the tools necessary to ensure that your goals become a reality. Here are some tips for you to consider to improve your financial well-being:

Young adult (Ages: 17 – 21)

  • Map out what you will like to accomplish in the next five years;
  • Create a detailed plan of how to get there and modify your plan as your situation changes
  • Put aside a minimum of one tenth (1/10) of any income that you receive before you spend out of it;

Early working years (Ages: 22-29)

  • Request the services of a registered financial advisor to help you match your goals to a financial plan;
  • Financial experts advise that you should try to  ensure that you have at least six month’s salary put aside in the event of an emergency like losing your job or being on extended sick leave;
  • Do not yield to the temptation to buy everything your heart desires;
  • Continue to save a minimum of ten percent (10%), more if possible;
  • Meet all of your fixed expenses, clear off all of your debt, satisfy your needs and then see which of your ‘wants’ can be met.

Middle years (Ages 30 – 49)

  • As your income increases, so should the money you put aside for savings
  • Ensure that you also put aside money in a retirement fund
  • Consider the purchase of assets that appreciate in value over time such as real estate
  • Consider investing in the stock market directly or through a mutual fund

Winding down years (Ages: 50 – 60)

  • You should be working to ensure that you are free from major debt at least five years before the mandatory age of retirement
  • Consider the purchase of real property which can supplement your retirement income
  • Ensure that you have appropriate insurance coverage so that your retirement savings are not eaten up by medical expenses

Retirement phase (Ages: 60 & up)

  • If you choose not to work, ensure that you are as careful with your finances now, as you were when you were younger
  • Turn a hobby or passion into additional income (tutoring, interior decorating, coaching)
  • Use your successful life story to help others learn how to be Financially Fit!

The Trinidad and Tobago Securities and Exchange Commission (TTSEC) is not an investment advisor nor is it a brokerage house. This article is intended solely to provide you with the information you need to make sound investment decisions and to ensure that you are familiar with and understand your rights and responsibilities as a consumer of financial services.

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