Getting Financial Advice In Unexpected Places

So far I have introduced you to two of the new persons on my financial counsel team. My other counsellor is not a “professional” however, I have watched this person for years managing money like nobody’s business. It was not much but it was always enough. Who is this person you might ask – My Mama (Mums). She is as sharp as a tack when it comes to her “hard earned money”. My final analysis would have been worse had it not been for lessons learnt from her.

She knew her pay slip like the back of her hand. Her employer couldn’t get anything over on her. It was so funny, her co-workers would ask her to look over their pay slips to ensure it was correct, especially if there were changes to taxes or allowances. Mums neva raise no fool, so when I got my first job you know who I brought my pay slip to for a once over.

I watched Mums buy next year’s school books and supplies at this year’s price. No kidding.

In our Jamaican culture being in a “Pawtna” is a way of life. A what?! It’s an informal savings plan. You have a banker (the person running the Pawtna) who sets an overall savings goal/target and how long the Pawtna would run (duration of the plan). Contributors make a deposit with the banker on a weekly/monthly basis depending on the number of “hands” they can afford. The banker has a payout schedule (less his/her banker’s fee) for all contributors. The contributor gets the goal/target amount as a lump sum payment. My mama took her payout in June when school is getting ready to go on summer break. Just before we go on break we got our “Book List” that outlines everything that you would need for the upcoming school year in September. So before school was out, my next year school supplies were already bought and put away – next year’s (school) supplies at this year’s (school supplies) price! She saved tons!

Mums also started the “School Book Exchange” Programme when I hit high school. Some of the most expensive books on the Book List were Literature books (and there were quite a few). She devised a programme with co-workers and friends to swap/exchange these books on a yearly basis. She targeted persons whose child attended the same school I did. They were not workbooks and as such were usually in very good condition. Cost – zero dollars. More savings. Is this woman smart or what?!

This one is imprinted like no other. Long before (and I mean years) construction started on our house, she started purchasing bits and pieces and tucking it “under the bed”. Where did she get the money? Say it with me … Pawtna. Now that I have my own house, I do the exact same thing – plan, save, purchase and put away. Why change a proven strategy that works.

Dr. Lynn tells us to stop looking at money as “It’s jus” – what we usually say when it is a seemingly small amount. The point she tries to drive home is, it all adds up. Here is my Mums in action. Most utility bills we pay in Jamaica attracts a JA$250.00 late fee. Most people would say, “It’s just JA$250,” but not Mums. You do the math … 4 utilities at JA$250 is JA$1000 per month (JA$12,000.00 per year). This for her, on her small income, is not a “It’s jus” figure. Her bills are never late because she has no intention of paying any interest or penalties.

Loans for Mums were a last resort. If she could save for it and pay in cash, she did. No loan was taken out unless she first had a plan of how it will be repaid. They were taken out based on Pawtna draws and allowance payments at work.

Dr. Lynn’s first 10% in the 10-10-30-50 Rule is for tithing. This is something Mums does not hesitate to do. She knows its importance and no matter what, she ensures the Lord’s portion (which is in fact really all of it), 10%,  is brought into His store house.  She also demonstrated the importance of First Fruit Offering. She has tried her hand at many a side hustles, and any first earnings is brought to the Lord. If a tree in our yard bears its first fruit she takes it before the Lord. Oh how the Lord has honoured these offerings! We (our family) are where we are because she has been a DOer of the Word and not a hearer only.

Now you see why, my mama (Mums) is part of my panel of financial counsellors?! 🙂

Let’s see how she did with the B.L.E.S.S. (Build. Legacy. Encourage. Support. Sway.) plan

Mums has given me a legacy of giving to the Lord first as well as planning ahead. And she has swayed (influenced) me in developing good habits of saving and paying in full.

40-Forwarders, whether or not we realise it, we are impacting those youngins who are watching, observing, and making mental notes. (Selah)

Feel free to share my Mama’s (simple) financial nuggets! And if you have similar ones that others could benefit from, drop them in the comments below.

Thanks mama!