Black Immigrant Daily News

Planning for the holidays or a vacation can be overwhelming. Hence the reason you need a holiday fund.

Here we are going to define what a holiday fund is, how to make your own and the benefits of having one.

A holiday fund is money set aside throughout the year for everything holiday-related.

Holiday-related activities include Christmas, birthdays, vacations, etc.

Building a holiday fund prevents you from struggling for cash when the holidays come around. One of the main benefits of having a holiday fund is that it allows you to have enough money to spend on anything you would like.

And if you don’t end up spending all the money, you can save it up for another occasion or spend that excess money on something else.

There are many advantages of having a holiday fund. Among them are:

1) It’s a great way to avoid debt during the holiday because we tend to overspend and take on debt we didn’t need. A holiday fund can prevent overspending because you know how much there is to spend. Therefore, you can set aside the money for those expenses.

2) Holiday fund equals less stress. Preparing for any holiday can be stressful by itself. Therefore, you don’t want to add money stress to the mix of it all. Saving for your purchases in advance helps to prevent the stress of last-minute shopping and overspending.

3) It prevents you from dipping into your emergency fund. In the event, you do have an emergency fund, you don’t want to be spending on non-emergency items using money from your emergency fund.

Some of you might be wondering, what if I’m in debt? Can I still have a holiday fund?

The answer is Yes!

You can still have a holiday fund while currently in debt. This can be achieved with the right strategy and a good budget system. You’ll be able to pay off your debt while saving for a holiday fund.

A holiday fund and a holiday budget go hand in hand.

It’s important to know how much you plan to spend to know how much to save.

You can create a holiday budget by making a list of gifts of what and who you want to buy for, and then decide how much you would like to spend.

To know how much money to save monthly for your holiday fund, you can determine the total amount of money you require for the holiday and then divide that by 12 to get your monthly savings.

Are you ready to build a holiday fund but don’t know how? Here are a few tips on how to get started:

1) Create a separate account just for holiday spending2) Create a saving goal and set up an automatic deposit3) Consider a cash-back credit card4) Start a side hustle just for your holiday fund

It’s never too late to start a holiday fund. So even if you’re reading this now, you still have time to save for the winter holiday.

Bear in mind that a holiday fund doesn’t mean saving for the Christmas season only. It’s an all-year-round saving for any holiday. By creating a holiday fund, no matter what time of the year, you can reap the benefits of your savings when any holiday comes around.

Keisha Bailey is an experienced investment strategist who teaches people how to earn passive income, create wealth, reclaim time and reach financial freedom by investing. She works with investors to create highly profitable portfolios so that they can build wealth faster. If you want to learn how to level up your money, she can be reached at keisha@profitjumpstarter.com.

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Black Immigrant Daily News

President Dr Irfaan Ali said that the Government will contribute a further $10m to support the development of karate in Guyana through the construction of the Guyana Karate College.

The Head of State made the announcement while delivering the feature address at the Guyana Karate College Charity Gala Dinner and Awards Ceremony at the New Thriving Restaurant in Providence on Tuesday night.

Of the funds, the President said that $5m will be made available this year and the other $5m in 2023. He emphasised that the Government is committed to the development of karate in Guyana.

“One can describe karate as a tradition—but a tradition that spans many generations, a tradition that goes beyond culture and boundaries, a tradition that opens up the mind-sets and thinking of people.”

He praised the “art” for developing discipline, focus, commitment and other positive attitudes in people, especially in children from a young age.

“Karate is not teaching someone to fight, it’s an art of self-defence.”

The Government, President Ali added, is focusing heavily on the development of youth, sport and culture. He reminded that his Administration has been working to resuscitate and rehabilitate grounds and sport venues, while building new sport facilities across the country. This, he said, is aimed at providing the necessary infrastructure to help all athletes in the country perform at their best.

Meanwhile, the President was made an honorary 8th Dan by the karate college.

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Black Immigrant Daily News

Emmanuel Macron a promis mercredi de “protéger les plus faibles” face à la “tempête” qui se profile, en soutenant le pouvoir d’achat et les petites entreprises frappées par la hausse des prix de l’énergie, et ouvert la voie à un allongement de la durée de cotisation sur les retraites.

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Black Immigrant Daily News

Today, the Cayman Islands Government announces a 3- month extension of the Electricity Assistance Programme (EAP) until December 2022 – designed to help residents manage during this period of unusually high fuel costs.

In continuing the initial Electricity Assistance Relief Programme which ran for July, August and September 2022, Government will contribute up to CI$0.05 per kWh for eligible residential customers.

Eligible residential customers are those with monthly energy consumption between 101 and 2000 kWh. For instance, for a household in Grand Cayman consuming 1,800 kWh per month, this will equate to CI$90 in savings off their electricity bill.

This initiative goes beyond the just announced OfReg-approved CUC “Fuel Factor Relief Programme”, which is designed to cap fuel factor costs at CI$0.20 per kWh (as a deferral of the increase until 2023), and runs over the same time period of October through December.

As had been projected, increased residential consumption over the summer months, combined with rising fuel costs, resulted in significantly increased electricity costs. The Government Electricity Assistance Programme has helped many thousands of residential customers with reducing their electricity bills over that period.

Premier Wayne Panton JP, MP stated that Government is fully committed to working proactively to prepare for further price increases, and to reduce what is known for most families as one of the biggest household expenses:

“Around the world, the soaring cost of living is being driven in part by the cost of fuel, and the resulting cost of energy. Here at home, our Government is committed to helping our people get through these challenging times by offering a direct subsidy to their electricity bills. This will help blunt the impact of the sharp increases in utility bills, providing much-needed relief for those who need it,” said Premier Panton.

“Although fuel costs are expected to plateau in the coming winter months, fuel costs remain relatively high when compared to a year ago. For example, at 24 cents per kWh, October’s fuel cost estimate is double what it was in January of this year. This means that even though consumption should be going down because it is cooler, bills may remain relatively high for most households,” he added.

In the face of increasing costs of living, the three month extension of the electricity assistance programme is yet another of more than a dozen initiatives put in place by Government to help lower and manage costs for residents during these difficult times. These include but are not limited to: the free school breakfast, snack and lunch programme; extensions of the displaced tourism worker stipend programme through June 2022; assisting with health insurance payments; cost of living adjustments across the public sectors; and honorariums to public service pensioners.

The programme initially announced in June 2022 gave households a Government subsidy applied directly to their electricity bills, effectively reducing what customers had to pay to their utility company. This programme has helped more than 22,000 households across Grand Cayman, Cayman Brac and Little Cayman.

Between July to September 2022, customers on average saved a total of CI$66.20 on their monthly utility bills.

In announcing the extension of the programme, Premier Panton emphasised Government’s people-driven commitment and dedication to the initiative, and hope to provide comfort to those currently enduring difficult times:

“As a Government, we understand how hard these times are for families, senior citizens and young adults, and we will not make excuses or say that nothing can be done,” said Premier Panton.

“That is why we have been working diligently since May last year to put in place more than a dozen initiatives to lower direct costs, and help people protect their income as we brace ourselves to get through the economic challenges that will continue to face us for the foreseeable future.

We understand that things are tough, and people are experiencing financial stress, but we are here to help and give our people hope. If we each do our part, and we work together, we can get through these tough times,” Premier Panton added.

The extended programme will continue to provide assistance to over 80% of the residential customers of CUC and Cayman Brac Power and Light over the next three months. The programme is effective for electricity consumption from October 1, 2022 through to December 31, 2022.

To learn more about how Government is containing costs for individuals and families across the Cayman Islands, visit www.gov.ky/cost-of-living

(Source: Office of the Premier)

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Black Immigrant Daily News

The biggest pink event to grace the roadways of Jamaica every year is about to close registrations.

Jamaica Reach to Recovery (JR2R) is anticipating another successful event when the horns blow to start the run/walk at 6:30 am at the picturesque Hope Botanical Gardens on October 30.

With performances to close off the event from several top acts planned, participants have until midnight on Wednesday, October 26, 2022, to complete their registrations for the exciting event.

The family fun run, as it’s dubbed this year, will not be staged as a competitive race; but will focus more on participants enjoying the event knowing that their participation will benefit the growing number of breast cancer survivors that rely on the JR2R for emotional, financial and psychological support.

Explaining the change in format for this year, Carolind Graham, Chairman of the JR2R cited that the pandemic challenged the planning team to think differently.

“After two years of COVID and a pause to the event, it was only fitting that the race was more of a family event in the hope that more Jamaicans will come out and join the cause while having fun together. We plan to paint Hope Gardens pink to build even more awareness around the cause,” she said.

The JR2R is the breast cancer support arm of the Jamaica Cancer Society, and they is responsible for raising funds to support their work with the survivors.

The five-kilometre run/walk, which takes place every October in recognition of Breast Cancer Awareness Month, is the biggest fundraising event for the organisation.

As the number of survivors climbs each year, the JR2R solicits support from corporate entities to ensure that more Jamaicans have the lifesaving tests and treatments they need to win the fight against breast cancer.

This year, returning title sponsor, the Insurance Company of the West Indies (ICWI), is more than happy to carry on the tradition of leading the charge in this initiative.

Samantha Samuda, Vice President of Marketing, Distribution and Human Resources at the ICWI, shared that the company looks forward to supporting the initiative each year.

“Since we started partnering with Jamaica Reach to Recovery in 2015, our team at ICWI look forward to planning, promoting and volunteering at the Pink Run each year,” shares Samuda.

“With 43 of every 100,000 Jamaican women being diagnosed with breast cancer each year, the chances that someone we know will be diagnosed is high so we encourage all Jamaicans to get on board, register, donate and come run/walk for the cause, as someone we know may be the life we save,” said Samuda.

Once the online registration portal [www.pinkrunjm.com] closes, persons will still be able to make donations online or by visiting the Pink Run Secretariat upstairs Toyota Jamaica on Old Hope Road in Kingston.

For more information, organisations and individuals may contact the Pink Run Secretariat at 876-978-0375 or 876-517-0312 or via email at icwipinkrunsecretariat@gmail.com.

All proceeds from the initiative will be turned over to the JR2R to support its work with breast cancer survivors.

“Let’s run or walk to save lives,” Graham stated.

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