Necessity before luxury – key to financial management amid COVID-19

—Promoting economic empowerment through budgeting

—Business opportunities disguised as hidden talents

DPI, Guyana, Wednesday, July 8, 2020

To maintain financial stability amid the coronavirus pandemic, it is essential for persons to put their necessities before their luxuries.

This view was highlighted during the July 7 airing of Social Cohesion in Action with moderator Wil Campbell, that focused on Economic Empowerment, particularly on financial management for families during this difficult time. 

Campbell, a psychologist and lecturer at the University of Guyana (UG), hosted special guest and businesswoman, Kathy Smith.

The enterprising businesswoman emphasised the need to create a budget to manage household finances, particularly during this critical period.

“Once there is income, no matter how small, you must create a budget to help manage your finances and reduce overspending during this pandemic. Money is a tool and it’s not about how much we earn, but it’s what we do with it,” the entrepreneur reiterated.

She also pointed out that during his challenging time persons must consider luxuries as those things that we normally would indulge in but cannot afford at this time.

Smith further advised to be conservative with food items and for those families whose incomes have been severely affected, to contact community organisations such as churches to assist with food hampers and other agencies for essential aid.

“For example, if families are facing difficulties paying their bills, purchasing basic groceries, if you are renting, if you have a mortgage, reach out to the bank. Many of the commercial banks are offering customer relief aid at this time.”

She encouraged Guyanese to use this difficult time as an opportunity to discover and re-examine hidden talents that can serve to supplement their incomes.

“Even if it’s a month, put yourself in a situation where you can provide for yourself and your family. Whether it’s baking, sewing, etc., use this as an opportunity to reinvent yourself even beyond the pandemic,” Smith disclosed.