1. 1
How To Manage
Your Finances
Presenter:
Mitchie E. N. Nurse
Financial Advisor
Sagicor Life Inc.

2. 2
Introduction: Objectives
 To stimulate interest in managing one’s
finances more efficiently
 To remove the mystique around the
issue of personal finances
 To lay the basis for realising positive
growth in one’s finances. Allowing your
money to work for you.

3. ABOUT SAGICOR
 Established in 1840 as The Barbados Mutual Life Assurance Society, Sagicor is
one of the oldest insurers in the Americas. In November 2002, after 162 years
as a mutual company. The Mutual demutualized and became Sagicor Life Inc.
 Sagicor is a well-established regional financial services company with
operations from the United States in the North to Curacao in the South. Sagicor
operates 22 offices in 20 countries n the Region and covers all of the major
languages including English, French, Spanish and Dutch.
 The Group offers a wide range of products and services including life and health
insurance, annuities and pensions, property and casualty insurance, investment
services and card processing services.
 Total assets of the Group stand at US$4.5 billion and the organization is rated A-
(Excellent) by AM Best, the major rating agency for insurers.
 Sagicor Group provides financial products and services of a high standard at
competitive prices, which add value to our customers’ lives. The Group is
expanding the services it offers to a widening customer base on the basis of
superior quality and customer service.
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4. 4
Topics of Discussion
 The Context of MOF (MOF - Management of Finances)
 The Concept of MOF
 The Conditions for MOF
 The Constraints in MOF
 The way forward in MOF

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The Context of MOF
There are basically three types of spenders
1. The spendthrift – prodigal (reckless). Lk. 15:11-32
2. The penny pincher/miser/hoarder
3. The prudent spender – money manager/good
steward – Accepts the Biblical injunctions in
Gen. 3:19 & Prov. 10:4 “In the sweat of thy face shall thou eat bread...” “He
becometh poor that dealeth with a slack hand: but the hand of the diligent maketh rich.”
 Committed to family well-being
 Money – a store of value to be manage
wisely.

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The Concept of MOF
 MOF cannot be left to chance!
 Consider the three motives for earning
money
 Buying or transaction motive
 Saving or precautionary motive
 Investing or speculative motive

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The Conditions of MOF
MOF is shaped by the following conditions
 Budget – Definition: “an estimate, often of itemized, of
expected income and expense for a given period in
the future.” A budget is a financial plan to help control
spending and manage one’s money wisely.” Larry
Burkett (CFC)Document your spending habits daily. You spend daily, so you
should track your spending daily or at least once a week. * Increase your income stream.
Reduce your expenses – bulk shopping, network with other parents – carpooling; shop in
the market for vegetables. Use credit card that give you air miles and/or Magna Points to
pay bills and pay off the balance with the cash you would normally use to pay those bills.
 Live within the budget
 Control credit in its various forms
 Be open with spouse in all aspects

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The Constraints of MOF
 In the Home
 Economic downturns – 1991-93; September
11, 2001; February, 2009 to present.
 Overheating of the economy which leads to
uncontrollable prices – runaway inflation,
leading to calls to devaluation (Guy. Jam.
T&T)
 Effects of globalisation and trade
liberalisation

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What This Means
 The prudent management of one’s finances
will ensure that:
 You’ll be on top of your finances rather than
being overwhelmed by them;
 You’ll not only makes ends meet but be a
lender rather than a borrower;
 You’ll model good financial stewardship; and
 You’ll be self-sufficient in old age.

10. 10
The Way Forward in MOF
 Get in the habit of budgeting (always have in reserved at lease 6 mths of funds
– in case of misfortune) Precautionary Motive
 Providing leadership in family finances
 Seek to save up for a rainy day- consider joining a credit union
(WHCCU), acquiring a Life Insurance policy, Pension plan,
Personal Accident, Saving/Investment plan, Burial Plan (Peace
Assured II).
 Find alternative ways to supplement your income – acquire a
skill, desktop publishing etc.
 Be innovative or entrepreneurial
 Care your things (car, property, shoes, clothing etc.)
 Trust God in this area of your life also – Phil. 3:19 and Psalm
37:25

11. BUILDING A PLAN FROM BOTTOM UP
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12. What is Insurance?
 None of us can see the future, and every day
we face risks from accidents, natural
disasters, illness or death, all of which can
result in financial loss. Insurance provides a
way of protecting yourself and your loved
ones from the impact of such loss. It works by
transferring the risk of loss to an insurance
company for a small fee and depending on
the terms of the contract, the insured or
beneficiary is compensated in event of a loss.

13. Lets us give you peace of mind
*Life Insurance Policies: Whole Life, Life Paid up at 65, 21st
Century,
Term Life – offers protection and accumulation of funds and can also be
used as security.
*Annuities/Pension Plans – Designed to provide retirement income.
Features include premium payment, lump sum deposits, compounding
interest and can either be registered or unregistered.
*Medical Plan– Package designed for self-employed persons, small
business owners and those individuals whose employers do not provide
group medical. Provides full rage of benefits including dental, vision,
hospitalisation, surgery and prescription drugs.
*Personal Accident (“Income Replacer) In case of an accident that
causes disability, this policy will ensure an income in the interim of
recovery.
*Peace Assured II – a whole life plan designed to meet burial
expenses. There is no underwriting required to this plan.
*Home and Contents Insurance
*Motor Insurance
*Critical Illness/Life Protector – an insurance plan that pays you a
lump sum upon diagnosis of a critical illness to address your immediate
recovery needs, general financial challenges of to do with what you
choose
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14. Why Insurance is a Good Idea…
 Many people have much to say about insurance –
some see it as a waste of money, others as a
necessary evil. Those who have benefited from
insurance will tell you it is a wise decision, one you
will not regret in the event that something unforeseen
happens, be it an accident or an act of God. It is the
difference between having to pay for losses from your
own pocket, and being covered by sound insurance.
In fact, insurance should be a part of your financial
planning, a way of protecting what is important to
you.

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In Conclusion
 This presentation is intended to whet
your appetite to be prudent and
forwarded looking in managing your
personal finances. I Hope it has done
that and you will not let things drift from
here on, if you were inclined to do so.
 Any Questions?