“If you could give the younger version of yourself some good advice, what are a few things you would want to share?” I was recently asked this very question and I found myself thinking, “Lamar, what would you want your younger self to know?” Immediately, I thought of personal things that have happened to me in the past. The teenage drama I could have avoided throughout my Hillel days, or things I could have spent more time on, places I should have gone when I was much younger and clothes I wasted my money on that went out of fashion. Alas, I learned a lot from all my past experiences, but one area I would have definitely given my younger self a heads-up on was how to manage my finances from an early age so it could fuel all my wildest hopes and dreams.

Every day there’s a news report about the economic challenges that we are facing now, not only in Jamaica but in the world. At a time like this, when we are encouraged to stay indoors, practise social distancing and limit physical interaction, we find ourselves reflecting on things we had planned to do, like grab lunch and catch up with a friend or things we had put off, like opening an investment account or a ‘rainy day’ savings plan. There’s a saying I used to hate hearing when my teachers would lecture me, but it’s very relevant to every aspect of my life now: “If you fail to plan, you plan to fail”.

So here are my thoughts that I wanted to share with all the young professionals out there:

To all the phenomenal, inspired and strong young professionals everywhere.

You’re fresh out of university and gearing up to take on the world. You are on the hunt for a high-paying job or just starting up your own small business and you can see financial independence in your near future. Whether you like it or not, you will now have to enter the real world and start ‘adulting’.

‘Adulting’ can be fun, don’t get me wrong. You have the opportunity to move out on your own, buy your own things, explore different hobbies and interests. But the biggest lesson of them all is to find practical ways to make money and manage your finances to fuel your goals.

Take a moment reflect on how much you really know about managing your finances. To have money and not know how to handle it can present many challenges. So I’m going to share three easy tips I wish I knew when I was younger on how to manage money:

Educate yourself about saving and investing

The buzzword on the street is investments. Everyone needs to know how to invest their savings regardless of whether the funds were received as gifts or taken out of your salary. So, go online and do some free finance courses; learn about the power of compound interest, about fixed deposits and about long-term savings plans. By learning how to invest and save, you will feel confident as to where to place your money and lose the anxiety that comes with ignorance of how the sector works.

Budgeting…there’s an app for that!

The truth is budgeting is essential for financial stability and there are many free budgeting apps that you can use to calculate exactly how much money you can afford to spend each day. It’s amazing how quickly these apps can change your behaviour towards spending, making you think twice about if you really need all those items in your Amazon cart. Soon you will appreciate the difference between want and need.

Don’t worry if you have never tried budgeting; it’s never too late. If you have outstanding debt, like the big bad credit card bill, look into a personal loan similar to an unsecured loan NCB offers which can help to consolidate your finances. Through private debt offerings, syndicated loans and debt underwriting, you can put your mind at ease with the help of experts.

Don’t just save, invest!

There’s a saying that goes “work smarter, not harder”. Make your money work for you by considering investing. Don’t let caution or anxiety about investing handicap you. If you are unsure about what to do when it comes to investing, then start slowly. Invest a small amount in something that’s simple to understand, like a mutual fund.

Your journey into adulthood is just beginning. Be prepared, make those plans and don’t forget, YOLO.