Caption: Nina Peters (right), Business Relationship and Sales Manager, JN Bank, in discussion with Gevanio Tucker (left) and Arriel Reynolds of the School of Business Administration – Accounting, University of Technology, Jamaica, during an Accounting Seminar held at the University recently.
Finance students at the University of Technology, Jamaica, have been urged to adopt a more disciplined and data-driven approach to managing their finances. Strong personal financial management, they were told, enhances their ability to guide organisations effectively and uphold professional standards.
Nina Peters, Business Relationship and Sales Manager, JN Bank, addressed the students during an accounting seminar at the university recently. She emphasised that financial success is determined not by how much money a person earns, but by how effectively it is managed.
“Most people do not fail financially because of lack of sufficient income. It’s not the amount that you’re actually getting. They fail because of lack of planning,” she said.
She stressed that budgeting is a critical skill for both personal and professional financial management, noting that many individuals struggle because they do not monitor their finances.
“They are not planning, they are not budgeting, they are not tracking their spending month over month, and as a result, they don’t know where their money is going.”
Mrs Peters encouraged students to adopt budgeting practices to better understand their financial position and spending habits, explaining that regularly tracking income and expenses allows them to identify patterns, control unnecessary spending, and make more informed financial decisions about how to allocate their income.
“Be consistent in preparing your budget on a monthly basis so you can follow it closely and spend your money wisely,” she emphasised.
Highlighting the unpredictability of life, Mrs Peters stressed the importance of building an emergency fund to cushion against unforeseen situations.
“The unexpected expenses are inevitable. Being prepared is important to build your emergency fund. Start small. The first job you get, make sure you start your budget and put a line there for emergency fund.”
The banking professional advised students to prioritise saving and be consistent thereby making it easier to build financial reserves over time.
“Set up an automatic transfer so the money comes out before you receive your pay. If you don’t see it, you won’t miss it,” she said adding that without such a safety net, individuals are often forced to rely on borrowing, which can create ongoing financial stress.
She also urged students to practise disciplined spending and to clearly distinguish between needs and wants, noting that individuals who increase spending without strengthening their finances often face long-term financial pressure.
Managing Debt Strategically
Addressing the issue of borrowing, Mrs Peters explained that debt can be a useful financial tool when aligned with activities that strengthen one’s financial position, such as education, investment, or income-generating opportunities.
“Debt becomes harmful when it is used to fund lifestyle,” she warned, adding that it can quickly lead to financial instability.
Mrs Peters further pointed out that accounting data plays a critical role in effective financial planning, both for individuals and organisations.
“It is important that we follow the evidence, the data that is there; the figures do not lie,” she said, adding that accurate financial data enables better decision-making and helps to avoid costly errors. She noted that individuals who fail to analyse their financial data often make decisions based on assumptions rather than evidence, increasing their risk of financial challenges.
Students were reminded that their future roles as accounting professionals will require a high level of financial responsibility and integrity.
“If you cannot manage your own finances, it will be difficult to promote and enforce responsible financial practices, whether personally or professionally,” she maintained.
