Don't break the bank for holidays
THE EDITOR, Sir:
December is the peak of the financial index spending point in Jamaica. However, unlike many countries, we experience a low turnaround point around mid-January when our financial senses return to rationality.
The highest marketing periods are during mid-August and December. The low currency valuation period for 2016 is expected to be the worst, and for several reasons. The country is currently going through IMF restrictions, and no doubt there will be more restrictions next year.
Many public-sector wages have not yet been increased and the heightened spending season for this year has already exceeded last year's spending predictions.
January has long been known as the month of debt restriction, resolution, new beginnings and low spending. The increase in financial responsibility needs to be addressed for the month of December.
Many Jamaicans need to be taught financial responsibility. The extremely wealthy hardly indulge in spending sprees during December; instead, they begin to restructure their investment portfolios and begin to bond-hunt for new government bonds.
Many middle-income and low-income groups may not be able to do this, but pension planning can take the place of investment portfolios and restructured savings plan to research higher or long-term investments such as bond portfolios which mature on point of retirement.