WHEN the monthly budget refuses to balance and money seems to disappear before it even has a chance to settle in the wallets or accounts, many households find themselves facing tough decisions.

According to Rose Miller, financial education consultant with JN Foundation, it is possible to regain control if individuals are willing to make strategic adjustments, rethink spending habits, and set clear financial goals.

Speaking recently at a sports conference hosted by the Physical Education Department of The Mico University College under the theme: ‘The Athletic Edge: Integrity, Impact and Influence’, she explained that budgeting is more than a financial task, it’s a tool that helps you stay in control. Echoing a famous line from leadership expert John Maxwell, she continued, “It is the process of telling your money where to go instead of wondering where it went.”

Acknowledging that oftentimes, even with careful planning, the budgets remain tight, Miller recommended exploring ways to boost earnings and avoid or escape debt.

“Use your skills or hobbies to earn,” she urged, noting that many Jamaicans have skills and hobbies that can be used to supplement their income. For others seeking part-time work, upgrading to a better-paying job, or starting a small business on the side are some other options. “Don’t allow fear to hold you back — launch out,” she urged the audience.

The JN Foundation financial education expert stressed that effective budgeting requires clear intention and goal-setting. She encouraged individuals to think about short-, medium-, and long-term goals and assign a priority to each. She also pointed out that, “over time, some goals may need to be postponed or abandoned in pursuit of more important ones”.

A realistic and flexible budget, in writing, is essential, she said. That includes understanding the difference between needs and wants, identifying overspending, and making ongoing adjustments as circumstances change.

Miller acknowledged that budgeting requires sacrifice, discipline, reviewing cash flow, planning ahead, and making tough choices. But the benefits, she said, far outweigh the inconveniences.

But why budget?

Miller pointed out that there are several good reasons for cultivating good budgeting habits. For example, “Budgeting shows where your money goes, reveals areas of overspending, and helps you live within your means,” she explained. It also fosters harmony at home when families set financial goals together, derive a plan to achieve them and, importantly, commit to activities which will support the achievement of these goals, resulting in financial security for the future.

Equally important to help with balancing the budget is reducing expenses wherever possible, she said . This will mean eliminating unnecessary spending or sometimes even relocating to a more cost-effective neighbourhood.

Miller also encouraged households to create “non-cash income” by adopting habits that reduce utility and maintenance costs. Among the tips shared were:

• Practise bulk ironing to cut electricity use.

• Switch to fluorescent or LED bulbs

• Turn off lights when not in use.

• Limit the number of times the refrigerator is opened.

• Defrost freezers regularly to maintain efficiency.

• Use the washing machine wisely to avoid wasting water, electricity, soap and other inputs.

She reminded participants that personal care also plays a major role in financial health. “Health is wealth,” she emphasised, “so take care of yourself, exercise, rest and eat properly. In this way, enormous savings can be achieved — enormous savings [on] medication and even hospitalisation,” she noted. She added that proper maintenance of vehicles, and household equipment and appliances can also save money by preventing costly repairs and extending their lifespan.

As Jamaicans continue to navigate rising costs and economic uncertainties occasioned by Hurricane Melissa, Miller stressed that, “A budget becomes more than a financial tool; it becomes a lifeline — one that offers clarity, control and the confidence of knowing that you are doing the best you can with what you have. And while the budget may not balance today, with deliberate action and consistent good habits, financial stability is possible.”