Wendel Abel

The world is experiencing some challenging times and, for sure, we are experiencing some tough times here in Jamaica. There are rising fuel costs, utility rates are soaring, food prices are going through the roof, and the list goes on.

However, we will survive as a people. We have been here several times in our history and we have always managed to ride the tides and keep our heads above the water.

Failed investment schemes

As I examine the hard times, I can't help but comment on the many people who have been affected by failed investment schemes. Many people are still in a state of shock; they can't believe or accept what has happened to their savings.

While the majority of savers have accepted that their money is lost, I notice that there are many savers who are still in a state of denial. They refuse to accept the truth and are still hoping against hope that their money is still safe.

It is a bitter experience but people will move on and rebuild their lives.

Beyond gloom and doom

Let us move beyond the doom and gloom and keep hope alive. During tough and rough times, my grandmother would often remark, "Where there is life, there is hope". Let us keep hope alive.

Here are some tips and I am sure that many of you are already thinking about some of them:

Carpool

With the price of petrol soaring, we can save on the petrol bill by pooling. Jamaicans are individualistic and we do not like to share, but the times are demanding that we change. Carpooling can be headache as it affects your independence and flexibility but you don't have to do it every day. You will be surprised how much you can save.

Cut the food bill

Check your spending for the past six months and exactly what you've been spending on. Most people will admit that food is a major item.

Plan your menu down to the last item. Share ideas and shop around. A friend of mine told me that she likes fish but she started to eat 'grunt fish' which she finds very tasty and less expensive. During the Easter weekend, this fish was being sold for $150 per kilo gram in the markets. However, she was able to purchase it at $25 per kilo gram in wholesale shops. The lesson is, pool with friends and shop wholesale.

Garage sales are great

I know many Jamaicans do not like to buy second-hand goods. Garage sales, however, are a great way to shop. You can buy furniture, appliances, tools, plants, and so on, in good condition at garage sales.

There is an old adage, 'one man's trash is another man's treasure'. You will be surprised at the items you will find at a garage sale. Garage sales are advertised in the papers every weekend. Check them out.

Manage your debt

Persons in the debt trap are finding it more difficult to cope. Make a greater effort to pay off your debts. If you have high interest loans, such as credit cards, you may need to borrow low-interest money to pay them off.

Charge nothing

Pay cash only. Put away those credit cards. In fact, you may need to cut up some of them. Credit cards are useful in times of emergency but can be dangerous in times of economic crises.

MAke those hard decisions now

If it saves cents, it makes sense. Many of you know what you need to do in order to survive. Make those hard decisions now. You may need to move from that house or apartment to a cheaper one. You may need to sell that high-end car. These are times for tough decisions.

Don't throw awaygood money

If you find that you are spending too much money on an old car or on a project and that you are not likely to recover those funds, cut your losses and run. Follow the rule, don't throw good money after bad money.

I am sharing some of my survival ideas with you, but why not share some of your ideas with me? We will post them in the weekly column. Remember, bad times don't last forever.

Dr Wendel Abel is a consultant psychiatrist and head, section of psychiatry, department of community health and psychiatry, University of the West Indies; email: yourhealth@gleanerjm.com.