ECCB Highlights Importance of Balancing Saving and Spending
How do persons strike a balance between saving and spending? This delicate process involves spending money to keep the economy moving while saving for a “rainy day”.
Speaking on this week’s episode of ECCB Connects, Personal Banking Manager of Republic Bank, Saint Vincent and the Grenadines, Dawnette Constance, says resisting the urge to spend and prioritising savings can be a challenge. She emphasises that in order to create a balance between spending and saving, a budget is an essential and critical tool as it provides awareness of one’s financial situation.
Constance also notes the importance of setting clear goals to determine what you are spending on and what you are saving for. She adds that it is important to treat yourself as a non-negotiable benefactor and save at least 20 per cent of your income, while setting aside a safety net fund for emergencies and unexpected circumstances. She emphasises that finding the balance between spending and saving is essential for financial health and stability.
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