Growth & Jobs | Simple saving habits can improve personal finances

AS COSTS rise, it is expected that more Jamaicans will become more careful about how they spend, stretching every dollar and cutting back on expenses as a necessity.

Thrift, the practice of careful money management and avoiding waste, is employed by individuals and families who are looking for ways to secure a better future.

For 40-year-old Maxine Brooks (not her real name), a mother of two from St Ann, thrift has become a lifestyle.

“It started with something as simple as budgeting my groceries and using a shopping list,” she said. “Now, I keep track of all my spending, save regularly, and teach my children to value what they have.”

Stories like Brooks’ appear to be growing commonplace as financial literacy and advocacy promoting the importance of saving, budgeting, and living within one’s means, expands.

Garvin Grandison, head of finance and regulatory reporting at JN Bank and a financial literacy advocate, points out that thrift is not about deprivation, but about discipline.

“When people think of thrift, they often think of sacrifice, but it’s really about being intentional and spending less on what doesn’t matter, so you can invest in what truly does,” he explained.

He noted that small, consistent habits, like carrying lunch instead of buying fast food, turning off unused lights, or comparing prices before shopping, can add up over time and lead to significant savings.

Thrift also plays a crucial role in building generational wealth. “It’s the foundation of financial stability,” said Grandison. “Without thrift, even a large income can be squandered. With it, even modest earnings can lead to long-term prosperity.”

He said initiatives like school-based savings clubs and savings competitions are encouraging people of all ages to adopt money-smart habits. Organisations, such as JN Bank, are also rolling out programmes aimed at building a culture of saving.

For 18-year-old Jerome Williams (not his real name), who recently completed a personal finance workshop at his high school, thrift is a tool for empowerment.

“I used to spend all my money on clothes and entertainment,” he admitted. “Now, I’ve opened a savings account and set goals for what I want to achieve.”

Grandison pointed out that, against instant gratification and rising consumer debt, the value of thrift stands out as a quiet force for change. It fosters independence, builds resilience, and cultivates a mindset of growth.