The Eastern Caribbean Central Bank (ECCB) encourages citizens and residents of the Eastern Caribbean Currency Union (ECCU) to engage in prudent financial planning to help them achieve their financial goals and wellness.
Speaking on this week’s episode of ECCB Connects, Director of Finance, Chamberlain University at Telem Global Education, Adele Stowe, shares some steps on how individuals can manage their money to achieve financial goals. She says budgeting is a key step in the process and it is important to ensure that the activities that follow are aligned toward these goals.
According to Stowe, planning should involve identifying one’s aspirations. She notes that, as it relates to revenues and expenses, a critical step in setting a budget is to translate the activities relating to one’s goals into the resources one needs to accomplish these goals.
In the context of a business, such a budget should be in alignment with the strategic plan of the entity.
In addition to budgeting, Stowe outlines the importance of contingency planning in the event the budget plan does not materialise as expected. She advises that monitoring, re-evaluation and strict spending should be practised to allow individuals to deal with emergencies or unanticipated events that may derail the budget.
To view the full discussion, log on to the ECCB’s YouTube channel and Facebook Page: ECCB Connects.