Are you struggling to make ends meet? Do your monthly expenses exceed your monthly income? Do you save monthly? Are you financially prepared for future emergencies?
With the economic hardship, it is challenging to save and have money put away for unanticipated life events such as illness, accident, job loss or death.
For some of us, money comes in and goes right back out by the end of the month. It leaves just as it comes. Our monthly expenses are much more than our monthly income.
Save it or spend it
It seems like we have no savings and are only living to pay bills. We work hard and die as soon as we retire. We do not get to do the things we love nor enjoy our hard-earned money.
Life can be challenging and unpredictable. Sudden unemployment or illness can take all our savings and leave us to beg for food.
No doubt that food, utility, shelter and transportation are expensive. Now, meeting our basic needs can cause financial turmoil especially if our salary has not increased in proportion to the cost of living.
Basic or luxurious lifestyle
Some of us can afford a luxurious lifestyle and enjoy all the finer things in life. For others, luxurious lifestyle choices cause financial vulnerability which warrants living paycheck to paycheck.
Living paycheck to paycheck is stressful. It affects our mental health, causes depression, anxiety and suicidal thoughts. It impacts our relationships and undermines our sense of self-worth.
Reasons most Saint Lucians live paycheck to paycheck
1) High cost of living with little to no increase in salary
Inflation has caused economic struggles for many of us as the cost of living keeps increasing. Paychecks cannot stretch far enough to meet our basic needs.
Increases in bus fare, gasoline, groceries, utilities, childcare and school supplies cause us to struggle to afford our day-to-day lifestyle.
As a result, our disposable income finishes long before we get it. The price of everything goes up but our salaries remain the same.
2) Too much fete
Many Saint Lucians go out on a weekly basis. Saint Lucia’s laid back and festive environment allows for constant events. There is always a place or fete to go to.
It is easy to spend money on the weekly boat rides and fetes. We love entertainment and recently went to every cricket match- Caribbean Premier League (CPL).
Gender spending
Women inject money into purchasing a new outfit, getting hair and nails done and transportation to attend events. Money is also needed to purchase food and drinks.
Men on the other hand, most times are the ones giving women money to attend the fetes. Men, likewise, spend tons of money on getting drinks whilst on outings.
3) Too many women
Some men have two to three women and have to provide for all of them. Most times, the jabals are more demanding than the main woman. This equally affects men’s ability to save and have money readily available for emergencies.
Some women are expensive and request that men give them money or make some form of contribution all the time. There is a high price to pay with having multiple and demanding women.
4) Fine dining
Many of us Lucians love to treat ourselves to fine dining. We love take outs and going to restaurants to enjoy the food and ambience.
There is no problem with dining outdoors but it should be done in moderation to limit the hole we already have in our pocket.
5) Not preparing home cooked meals
A lot of us prefer to buy food instead of cooking a home-based nutritious meal. Homecooked meals are more cost effective plus we know exactly what we put in our system.
Fast food increases the risk of acquiring high blood pressure and cholesterol. This will be costly in the long run as we seek medical attention to manage those conditions.
6) Spending to please others
Some of us love to compete with our neighbors, family, friends and coworkers. We spend money we need to do other things just to keep up with our rivals.
We do impulsive buying to show off, look flashy and in style and to make others think we can afford.
We are envious and have a boastful mentality. We watch others luxurious lifestyle and crave it.
7) Gambling
Gambling by playing Brags for money, purchasing lotto or playing on the CAGE machines can lessen the amount of money available to do other things. Some of us gamble all our monies and struggle to reach our next paycheck.
8) Alcohol and drug abuse
Know someone who claims to have no money but frequents the rum shop, is a heavy drinker and is constantly drunk?
Sometimes, we randomly spend money on alcohol after a hard day’s work or spend on lots of cigarettes and illicit drugs.
9) Not budgeting for other expenses
We do not budget for birthday gifts, special occasions and house or car maintenance.
We should plan! Plan for the need to travel suddenly in case our relative die overseas, someone gets married or has a baby and requires our presence.
We need to plan for irregular expenses and things that may happen suddenly because things can happen and be beyond our control.
10) Failure to budget at all
We should make it a habit to have a monthly budget with the possible amount that will be spent on bills, groceries and other expenses.
Create a budget that is realistic. Let us avoid unnecessary spending.
Keep track of your every dollar so you can save a few more dollars.
Reems Sonson
Our Tropical Living
Come live and love island life
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Very true
Yes!