Surviving January's Money Drought with Financial Advisor Janoi Doyley written by Kareen Hall on behalf of Budget Leaf
There is no surprise that to many Jamaicans January is known as the longest month in the year. January is usually referred to as the “ three (3) months of January”, with only 3 weeks in and one week to go it really does feel like 3 months. We caught up with Financial Advisor Janoi Doyley to help us guide you through this January Money Drought and how to set the pace for the rest of 2021.
Career & background
I have been working for six years for the public sector in the accounting field when I realized I knew little about personal finance. I started reading books on finance and personal development and developed such a passion that I applied to Sagicor to become a financial advisor. I was with Sagicor for a year assisting persons to enhance their financial portfolio and to have a solid financial plan.
I am no longer in the financial world, but I am focusing on honing my craft and building my brand as an independent financial advisor. Other services I offer include motivational speeches, financial presentations for clubs and corporate organizations highlighting the importance of critical illness insurance, life insurance, retirement planning, saving and investing and much more.
How would you demystify the '3 months of January' myth?
The ‘three months of January’ is not a myth as some people find it hard to manage money in January after all the festivities of December. Those who are prudent in the area of finance usually continue with their financial plans even after receiving a boost in December through their work bonuses and gifts.
Should you find yourself on the wrong side of the fence in January, try not to incur any debts during January, make the best use of what you currently have and learn that it is unwise to overspend on any occasion. To avoid a drought in the future, you need to make a budget and stick to it, live within your means and think long term and practice delayed gratification.
What frugal habits do you and your family practice? Especially with a new born?
My family’s frugal habits include making the majority of baby clothing purchases online, we purchase baby formula and diapers from distributors, carry home-cooked meals for lunch, take public transportation sometimes to reduce spending on gas and make our home comfortable to limit spending on entertainment.
What are some questions readers should ask themselves when creating a one (1) year financial budget?
Creating a budget is for one to understand and monitor how much you can earn against how much you spend. You need to first understand where your money is being allocated and spent on any given day. A one-year budget has to be broken down on a monthly, weekly, or daily operation to have a clear understanding about where each dollar of your earnings/income goes.
When creating a one-year financial plan, ask yourself these ten questions:
What do I want to achieve with my life?
Is my life heading in the direction to achieve my life goals?
What can I do this year to get me closer to my life goals?
Do I currently own more than I owe?
What are my assets? Things that make money for me.
What are my liabilities? Things that take money from me.
How can I increase my assets?
How can I reduce my liabilities?
Am I currently saving enough to meet my goals?
How can I save more money each month?
What financial practices should readers implement for financial success in 2021 and the future?
The best financial practice is to save a portion of each dollar that is earned. Regardless of the situation that presents itself, always ensure a portion is set aside. In order to achieve life goals, having money is crucial. Set clear intentions to your life goals and learn to manage your finances in such a way to ensure success in life.
Where can you be found?
Janoi Doyley is a financial advisor and can be found on Twitter, Facebook, and LinkedIn or WhatsApp 876-442-8535