We need to 'manage' our money better- Hon Flax-Charles
The Junior Minister said the ongoing lockdown to curb the spread of COVID-19 has revealed the extent of the issue in the Territory.
Speaking during the Seventh Sitting of the Second Session of the Fourth House of Assembly (HoA) on Friday, April 17, 2020, she said: “Mister Speaker, whether you expat or you born here, we need to pay more attention to how we manage our monies.”
“That is something that we really have to look at closely Mister Speaker. We are in lockdown, and there are lots of people that don’t know where their next meal is coming from.”
Lack of interest
Meanwhile, the Junior Minister said, despite putting on a workshop to tackle the issue recently, there was a lack of interest on the matter.
“Mister Speaker we sponsored a workshop in Virgin Gorda on how to manage your money and we only got three responses, we had to postpone it,” she lamented.
“So persons need to wake up because in these times we have to be able to manage our money properly,” she further urged.
Hundreds in need have been fed hot meals and given groceries by private citizens, the government and other charitable organisations since the 24-hour-curfew commenced.
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62 Responses to “We need to 'manage' our money better- Hon Flax-Charles”
This is bad timing on these words.
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Was your choice to be so employed not your own decision?
No rainy day plan by your own choosing?
Working for need to be reviewed minimum wage, what is is there to manage in this time? Stop...Fahie need to look at US with stimulus package to KEEP workers on the job. Jaspert said BVI have millions and so they must help the people
Sue dem.
How dare they knowinly arrange a pandemic and mucked up your well thought out infallible personal plans.
Personal judgment is paramount in making decisions based on surrounding factors.
Personally, I left repairs to my home undone and left the VI three weeks early due to the obvious.
Maybe someone can do a class online for persons who wants to learn more about stuff like that I know there is the site money matters which I check out very often, but now is the time for these crucial classes to be taught online, some parents are home with the kids, those interested can set a side a time (when announced to watch the program) anyone that can assist in making this happen I would be most appreciative!
lol go tape your mouth manage let learn so math minimu wage iis $6 two week pay is480 rent oneroom is 700 light 80 water 60 food 260 tell me how the ##5^ you can manage on less you have a next job are see drugs are gamble to pay the bills when minmumwage go to $10 then we can manage think we like you with gold spooncost of live is riseing
My friends, I am not the one to exaggerate, so I will say that at least 40% of the population makes under 30k per year. Of that, 30% makes less than 20k. Although I personally think the percentage is higher. So they making between 1200 and 1700 a month.
With this type of salary, living In the BVI what type of savings you think these persons can accumulate. Cost of living here in the BVI is so crazy that these people are barely meeting there bills. In comparison to other countries here, Rent high, groceries high, Sub standard phone and internet high, gas high, Basic necessities are priced high! It has become the norm here so we have accepted that. But to now hear legislators saying we not saving properly is a slap in the face when have have been constantly asking legislators to look into cost of living or the income of persons.
For the persons that can save and they don’t, shame on them, but the persons In the bracket I just mentioned have no choice but to need assistance at this time.
After the first 6 days they needed help firstly because that’s there savings right there gone and secondly, with allot of them not having bank cards coupled with curfew they can’t get inside a bank to collect there last check or what money you think they have to shop for goods.
There are some greedy person taking advantage of this situation requesting things they don’t really need but for those that are genuinely in need, which are in the thousands; Now is not the time to rub this in there face about them not saving. It’s not there fault and it’s distasteful. Just show empathy and consideration at this point. Maybe they are not poor but they can barely make there bills if they are at all.
evidenced by the denial attacks and resentmets regarding your statement.
Your Gov should also shoulder the blame for this unfortunate attitude, considering the easy access to funds from the Gov purse via their District rep . Most instances with no proof or investigation, and overlooking the real needs of neighboring others, some get house trucks, boats,car, etc . I see it all the time. While this garners votes,it also creates , bizaare entitlement attitude,dependencyand irresponsibility in finance which guarantees a forever poor class of folks claiming and demanding instant gratification of their wants with no clue whatsoever of self reliance ,priorities and a tomorrow.
You have poor timing and your article is both insensitive and insulting to the majority of the workers in the BVI who actually keep the economy going so you can walking around with delusions of granduer and enjoy what you've acquired while being inconsiderate of others.
Secret: Everything in the BVI are not must haves.
Live within your means.
Prioritize,. Differentiate between wants and needs.
Lastly.. There are jobs in the VI waiting to be had. Part time and otherwise. Grab a second or a 3rd if your wants must be satisfied.
The reality is that the cost of living in the VI is sky high and rising exponentially. And residents at the lower end of the economic ladder face significant challenges trying to make ends meet, feeding, housing, clothing, entertaining ......etc their families. At or around minimum wages, many families, especially families with children, faced real challenges building significant savings for a rainy day. True, culturally our ancestors told us if you make a dollar, you cannot spend a $1.20 but try to save something consistently for a rainy day. Many of our foreparents had the now uncommon ability to save even on their small earnings. They used their small savings build assets. However, the current generation(s) has difficulty saving. Easy credit, ie, credit cards......etc makes it easy for us to live beyond our means. Further, trying to keep up with Jones, Blues.......etc, cause many of us to also live beyond our means, hanging our hat higher than we can reach it, putting our head through where our body cannot pass.....etc.
stay safe! And as Antiguans say, “tap ahyu yaad.”
It was Hon. Neville Smith (at large member) who said that the VI has no poor people and the better context to use it is in the one that is most relevant: The BVI. After all cost of living for the BVI not the world is what is more relevant. Last GDP per capita for the BVI was done in 2014 and it had us $ 32k annually per person. Our minimum wage is $ 6/hour and if you base that on a 40 hour work week(to be generous) you are looking at $ 11,520 a year. Even if you make $ 10/hour that is $ 19,200 a year. Yes my friend if you make under GDP per capita of 32 k/ annually you are technically poor in the BVI. However there are different levels of poverty and I believe that a person making $25k-$30k may have a better chance of surviving than one making $12-$20k. Depends some what on their decision making, money management but moreso on cost of living.
People come here mainly for the Us dollar as the conversion rates in their countries allows them to spread the money more. US1$ - DOP-$54.50/ US$1 - $139.10JMD/ US$1 - 209.12 GYD just a few examples. Now you say 'tap ahyu yaad' who go do the donkey work that BVIslanders don't want to do? Just think about it.
In regards to the 7% tax I am totally against it as the timing is wrong and it taxes the most vulnerable those under the poverty line. So let us say you make a salary of $24k a year or 2k a month and you have to pay these expenses:
Payroll tax- $1120 or $93.00/month(8% off 14,000)
SS- $960.00 or $80/month
NHI- $900.00 OR $75/Month
Work permit fees- $720.00 or $60.00 month
Visa fees -$175.00 or $14.50 month
Rent- $600.00 (If he can share he can save money)
Auto service and gas-$150.00
Groceries- $300.00
Utilities- $ 120
Tele- $120
Restaurant and entertainment-$100.00
$1712.50 or 85.6% of their monies stay in the BVI.
So you have $ 287.50 to send home? So that will cost him 3% for $8.60 and another $ 2 security charge but now they want him to pay and additional 7% tax or $20.13 when he has already spent 85% of his money here? We not even going to talk about those who make less than 2k/monthly.
The sad part is that there are other ways you can raise this amount like a variable tax percentage based on salary so that the 6 figure earners pay a higher percent, collecting receivables, cutting costs- Yes examine the bloated civil service, build Admin complexes here and in VG, cut all non-essential travel, cut unnecessary consultancies. However we go after the most vulnerable the majority of whom cannot vote.
Another thing we have an environmental levy of $10.00 or all visitor arrivals that goes directly to the environmental fund. Does anyone know if any money has been used towards the upkeep of the environment from that fund?
$6.00 minimum wage is shameful; no employer pays it or close to it I hope. The minimum wage in the USVI I think is $10.50 per hour. People supposedly come to the VI because of the US dollar. What if for every US dollar earned, $2.68 EC is earned would not the purchasing power parity be the same?
Yes the GDP per capita is a bit misleading as it is skewed by the 6 figure salary earners. Yes people do pay $6/ hr and raising it from $ 4 to $6 made no sense. The minimum wage should be around $10/hr but that will never happen.
Well you are right with that $2.68 EC dollars not making much difference but the move could be made because of the availability of jobs and higher wages.
You have an apartment that costs $800 per month you have 2 kids to clothe , feed ,transport , educate ,and at the same time maintain with no price control at all
Then you have electricity to pay ,you have water to pay ,you have internet to pay the highest in the world but the poorest service in the world you need to communicate with your kids while your out doing a second job the highest phone service in the world and the worst in the world now you tell me Christmas was just here ,Valentine’s just left ,you Enforced a 7 day shut down then a three day shut down then a 14 day shut down then you had to stay in no work no income your getting paid then you enforced 7% on all monies been sent out to our families but you want us to budget better ,Richard Bronson is a billionaire,how is it you didn’t ask to budget better he has and we have not ,before you try to uplift people you look down on them a trick from trump play book that will come back to haunt this party as I said before I campaigned for this party I am not a NDP supporter but you guys are very disappointing
How can we manage our money when majority of us can’t eat if we don’t get the next paycheck. Imagine making minimum wage and you are a single parent wondering if You should pay the bills or buy food because there is not enough to go around have you and your children ever gone to bed hungry even thought you are working.A lot of people were living on the edge of the cliff, this pandemic exposed the extent of poverty in the BVI.More over there no opportunity here if you don’t born in family with wealth dog eat your supper.In the Cayman Island even a baby sitter can afford a comfortable life as much as someone who work in a job with qualifications.
Look at Branson networth in the billions but dont want to use his money to keep virgin atlantic a float, he is looking help same way so who are we?
and true everybody can manager their monies better, but when someone is drowning you don't ask why they
don't learn to swim. Wrong wrong timing Hon Shereen. I hope you are willing to give some or all of your salary
so you could understand people pain. THE WHOLE WORLD IS EXPERIENCING THIS. THIS ONLY COUNTRY WHERE GOVERNMENT MEMBERS saying people need to manage their monies better WITH A PANDEMIC GOING ON . Not even Trump the worst leader in world mention something so insensitive .
Your better than that. You are struggling with this JR Ministry
PS RICHARD BRANSON NEEDS MONEY GUESS HE DIDN'T TAKE YOUR MONEY MANAGEMENT CLASS!!
Pay 10% of mortgage to start to build and qualify for a mortgage
Repair apartments with 5% deductible after hurricane because insurance don't cover everything
Pay increase mortgage after hurricane so you add your own survival money to rents to pay bank
Pay Plummers, painters, carpenters every minute because tenants don't care to take care of your things
Pay to cut grass and pick up tenant children garbage around
Pay utilities that swindling tenants leave
Pay doctors because tenants feel landlords make profits and think they should live free when in fact after investing hundreds of thousands in cash and time and stress most landlords don't see a cent until 30 years after building
These are the real struggles of bvislanders in the Bvi does any one care how can you save when strangers put you in the negative????