Insurance Executive Roger Paul Inniss Highlights the Importance of Budgeting and Wise Spending for Financial Success

Insurance executive and financial advisor Roger Paul Inniss believes in the importance and the necessity of budgeting and wise spending.

The executive vice president and general manager of Sagicor Life Inc. (Barbados operations), is a graduate of Edinburgh Business School, Heriot-Watt University, Scotland, where he gained his MBA. Roger is also a Fellow (FCIP), with specialisation in risk management; a Fellow, Life Management Institute (FLMI); Canadian Risk Manager (CRM), Institute of Risk Management Canada; and a Chartered Insurance Professional (CIP) Insurance Institute of Canada, Canada.

The successful and results driven insurance executive, with extensive knowledge and experience in leading high-performance teams in the insurance and banking sectors across multiple Caribbean jurisdictions, has proven successes in implementing and executing business strategies for large regional financial institutions.

He has held leading roles at various financial institutions, including director, insurance at CIBC FirstCaribbean International Bank; chief operating officer of Island Heritage Insurance Company, and general manager for Barbados and Eastern Caribbean Islands with Pan American Life Insurance Group.

Sharing his tips with readers, the past president of the General Insurance Association of Barbados (GIAB), emphasised the importance of effectively managing one’s money, and getting physically and mentally healthy for 2024, “because health is wealth and there is a direct link with decisions you will make in managing your money”.

Sagicor Life Inc. Executive Vice- President and General Manager Paul Inniss (Internet image)

“A comprehensive review of your immediate circumstances to determine your current financial situation is critical to successfully managing your money. It allows you to better appreciate the gaps between where you are and when compared to your objectives, where you need to be.”

Roger also said that one must set realistic goals which, should be guided by one’s budget, while prioritising needs from wants. The latter, he admitted, “will require much discipline”.

“One must also prioritise required expenses, and try to allocate any excess to savings.

“Imagine a scenario in which you lose your income for a period. Your savings will provide some financial stability,” he pointed out.

He further advised that readers must, “Take stock of where you spend your hard-earned money. Actively monitor what you buy and the frequency of what you buy. Critically assess if it is a required versus desired purchase, and seek where possible to minimise unnecessary and impulsive spending.”