“Make a budget and stick to it, be disciplined in your habits” this is the strong advice to Barbadians from Financial Advisor, Wynthrop Catwell.

He told Barbados Weekly during a brief interview,

“In these dire economic times it is important for persons to have a plan. Eliminate non-essential purchases, do not be impulsive in purchasing items because in these times one can’t afford to do such.”

See how best to save for emergencies and try to have at least two-months emergency funds saved because sometimes things happen unexpectedly and having at least two months emergency fund will help in the event. 

Catwell said,

“It may not be easy but can be achieved through sacrifice and budgeting well. Persons feel once they can eat everything is fine, but importance must be placed on having an emergency fund that can be used for medical or any other emergencies.”

He noted for example, Yes Barbados has a good medical system but most person may not want to wait long or go to the polyclinics, they may prefer to go Sandy Crest or another private medical facility to get immediate attention, so having that emergency fund will assist persons in seeking treatment, funds to cover the medication and the follow up visit. That emergency fund will give you the opportunity to get initial management of the problem until it can be further investigated.

He reiterated,

“Saving a little is important and be discipled in habits because these are very challenging times we are going through.”