My 2021 Financial Challenge
Do you want to end 2021 more prosperous than you did last year? If you said ‘yes’, I am writing specially to you; whether you accomplished all of your goals last year, most of them, some of them or none at all. The New Year is an opportunity to wipe the slate clean and develop a laser focus as you forge ahead in 2021.
How much money should you save/invest by the end of the year? Whether you can start with J$10,000 monthly, less than J$10,000 or more than J$10,000 monthly, the table below will help you to determine where you will be if you stick with your 2021 financial challenge. Your saving or investment goal, however, should be guided by your bigger financial goals, as this will determine how soon you will be able to turn your dreams into reality.
As most of us will agree, driving at one speed gets boring and, slows you down in getting to your destination, so be prepared to “change gears” over time to boost your momentum and get there faster, we suggest, changing your financial gear each quarter. Of course, JMMB will be right there to help you along the journey with great financial advice and financial solutions to suit you.
|
STAGE |
MONTH |
MONTHLY AMOUNT |
MONTHLY AMOUNT |
MONTHLY AMOUNT |
|
1st GEAR Determine Saving/Investment Amount |
January |
$ 10,000.00 |
$ 50,000.00 |
$ 100,000.00 |
|
February |
$ 10,000.00 |
$ 50,000.00 |
$ 100,000.00 |
|
|
March |
$ 10,000.00 |
$ 50,000.00 |
$ 100,000.00 |
|
|
2nd GEAR Increase by 5% |
April |
$ 10,500.00 |
$ 52,500.00 |
$ 105,000.00 |
|
May |
$ 10,500.00 |
$ 52,500.00 |
$ 105,000.00 |
|
|
June |
$ 10,500.00 |
$ 52,500.00 |
$ 105,000.00 |
|
|
3rd GEAR Increase by 10% |
July |
$ 11,550.00 |
$ 57,750.00 |
$ 115,500.00 |
|
August |
$ 11,550.00 |
$ 57,750.00 |
$ 115,500.00 |
|
|
September |
$ 11,550.00 |
$ 57,750.00 |
$ 115,500.00 |
|
|
CRUISING Increase by another 10% |
October |
$ 12,600.00 |
$ 63,000.00 |
$ 126,000.00 |
|
November |
$ 12,600.00 |
$ 63,000.00 |
$ 126,000.00 |
|
|
BONUS TIME!! |
December |
$ 18,900.00 |
$ 94,500.00 |
$ 189,000.00 |
|
TOTAL |
$ 140,250.00 |
$ 701,250.00 |
$ 1,402,500.00 |
You will need to implement several financial strategies throughout the year, but for now all you need to focus on is “starting your engine” and later shifting to “first gear” when you get paid in January. Here is how to kick-start your 2021 goals.
1. Start your engine. (Kindly fill in the blanks spaces provided).
• My financial/s goal is/are: 1) ___________________ 2) ____________ (e.g. home ownership)
• I will visit a JMMB branch location for my free JMMB Goal Planning Session on __________ (place date here) so that I can calculate the cost of my goal/s and how long it will take me to achieve this goal/s
• This year I need to save/invest $___________ towards my goal
• My net salary is $ _______________ and I am aiming to save $___________ per month.
• My total expenditure is $_________ and I can reduce my expenses by _______ per month.
2. Start your 2021 financial challenge and shift to first gear. By January __, 2021 I will create a salary deduction / standing order to save/ invest $_______ in my JMMB account. I can also invest $_____ from my NHT refund, if applicable, using the deposit to account option via JMMB Money Transfer from the NHT website.
If you would like some support so that you can stick to your financial challenge and be on your way to achieving your goals in 2021, please give us a call on (876) 998-5662. Continue reading this blog, Dollars & Good Sense, so you can continue ‘shifting gears’ towards your financial goal/s.
Written by Michelle Sinclair-Doyley
Manager, Group Financial Partnership Support & Financial Education, JMMB Group