Police given budgeting tips

Members of the Royal St. Vincent and the Grenadines Police Force were guided on how to save and budget in a seminar held on Thursday, April 14, 2011, at the Old Montrose Police Station.{{more}}

The main speaker at the seminar, Lennox Bowman, Chairman of the National Insurance Board, gave advice to the policemen and women about how best to save money, and also the importance of budgeting and investing.

Bowman explained that in order to escape debt, several steps have to be taken. One such step which was identified was budgeting. Using a Statement of Affairs, Bowman explained that assets are things that are owned by the person, while liabilities are debts. The difference between the two is the person’s net worth. He pointed out to the policemen and women to always make sure that they don’t owe more than what they have.

Bowman also encouraged the men and women to invest. He stated that there were many opportunities to invest in land, noting that it is not difficult to secure land or to own a house.

“A lot of us are of the opinion that it is difficult to own land and it is difficult to own a house, but I am saying it is not so,” Bowman said.

He added that persons often see lands around them and never enquire about the sale of lands, until they realize that it was already sold to someone else. He further said that it is surprising how many lands surrounding many of us that are being sold for $5 and $4 a square foot. He stated that all persons have to do is look.

He also advised the men and women to do a monthly budget analysis, which estimates how much money they are going to earn, and their expenses. He also stated that one way of improving your income is to strive towards being promoted on the job. “Always strive to be prepared for when that position comes, you can get it,” he stated.

Also giving brief remarks, Commissioner of Police Keith Miller encouraged the policemen and women that when budgeting, they should budget for their personal development, in terms of education. “It is important for you to place emphasis on your education,” Miller stated, adding that persons prepared academically will have an advantage.(OS)