Many of our Jamaican proverbs are light and witty; while they give us pause to think, they usually also give us a hearty laugh. However, there are other old-time sayings that contain dire warnings which explain the problems that we will bring upon ourselves if their messages are ignored.

One ominous Jamaican adage that is often used for cautionary advice is, “Short cut draw blood.” This succinct saying has a clever twist on the meaning of the word ‘cut’; while a short cut can be a quicker way to reach your destination, the word cut can also connote a type of physical injury.

It’s natural for people to seek the easiest route to achieve their objectives, and historically this has helped mankind to develop many important inventions. However, there are times when trying to find the easy way out of a situation can actually cause more harm than good.

Stoplights to money success

Many people may find it difficult to make ends meet with what they earn, especially in challenging economic times. We have a Jamaican saying, “Rain a fall but dutty tough,” and right now, it seems that our expenses keep escalating but our income never seems to catch up with them!

Even if you are desperate to pay your bills, it’s important for you to think clearly about your options, so that you don’t make your financial situation worse. As I explained in previous columns, if you have an income shortfall, your only solutions are to cut back on spending or earn more money.

In reality, it can be very difficult to reduce costs, especially if you are just barely covering the basic necessities of life. The other option of generating extra income demands much focus and determination, and you may think it will take too much time to bring in the money you need.

Debt detour is a wrong turn

One apparent answer to this perennial income deficit, is to borrow —

a solution by many lending agencies. They suggest that a payday loan can help you to bridge the gap between your salary and your bills, and claim that it is a quick and easy solution to your money challenges.

Increasingly, many persons are flocking to these loan institutions to obtain money to meet their bills, and for some it provides an instant relief from financial stress. However, as our proverb of the day confirms, this short cut method will only bring a deeper pain which will be harder to resolve.

The problem with borrowing to pay your bills is that it does not address the root cause of the income shortfall itself. While you receive a temporary cash inflow to take care of your obligations, your issues with inadequate earnings or habitual overspending will return in the ensuing months.

Heading down a precipice

In addition, many payday or unsecured loan facilities charge very exorbitant interest rates which can significantly increase your monthly costs. So you may quickly find that you are caught in a web of debt as you have to be constantly taking out new loans to pay off existing obligations.

There are many Jamaicans who are literally enslaved to multiple lending institutions as most of their income has to be utilised to pay debt. Their regular bills remain unpaid and they have to be perpetually searching for new injections of borrowed funds to try to deal with their commitments.

Getting into debt to pay bills is a money challenge that is particularly difficult to solve. This is because the underlying issue of insufficient income is continually worsened by the act of borrowing. It’s like being trapped in a hole and trying to dig yourself out; you will only sink deeper into the problem.

The long route will prevail

If you’re faced with mounting bills which your income cannot cover and you’re wondering if you should opt for a loan, heed the wisdom of our proverb and avoid the short cut. Use the advice from previous columns to create a budget that will allow you to see how you can possibly reduce costs.

While it may be initially discouraging to have your cable service disconnected or to find a cheaper dwelling place, in the long run these actions will help you to stay away from the quicksand of debt. Living within your limited means might be harsh, but debt slavery is exceedingly worse.

Your budget will also indicate how much more you need to earn each month in order to meet all the expenses that you will incur over a twelve-month period. In upcoming articles I will discuss methods of increasing your earnings so that you can proceed more easily in your money journey.

If you had already taken short cuts that led you into a maze of debt, be consoled that there are solutions to your money woes. Next week, we will examine how another wise Jamaican saying can provide a ray of hope for those who are deep in debt distress.

Cherryl is a money coach, business mentor, and founder of Financially S.M.A.R.T. Services. Her upcoming book, “The 3 Ms of Money” will reveal all the secrets she learned about financial success. Get more advice on money and business matters at www.financiallysmartadvice.com and www.entrepreneursinjamaica.com. Email comments to cherryl@financiallysmartonline.com.