18 Financial Resolutions You Can Make This 2018

Have a clear financial goal for the year by outlining your long-term and short-term financial goals, whether you want to buy life or health insurance in the Philippines or build your retirement fund.

Whether it’s credit card debt or money you owe a friend or family member, paying them off before the year ends is something you should prioritize.

A financial plan involves creating strategies to help you make wise financial decisions that will get you closer to achieving your financial goals.

Distinguishing wants from needs will help you spend less and find contentment with what you have.

This will help you spend less and reduce impulse buying. When you create a budget that’s too strict for comfort, you end up just putting it away and spending as much as you want.

Spend no more than 50% of your income on your necessities and use no more than 30% on your leisure activities and wants. Put the rest (at least 20%) on your savings and investments.

Create a list of all your expenses including utilities, housing, transportation, food, and other necessities, and make a separate list of the leisure activities you spend for each month. This will help you determine how much you’re really spending on a daily, monthly, and yearly basis.

Sometimes, we end up spending our extra cash on unnecessary expenses such as new clothes, shoes, or gadgets. Evaluate your spending habits to determine how to cut your monthly expenses and save more for your investments.

Set automatic monthly payments. It can save you the trouble of physically going to payment centers and avoid being penalized with a late fee.

This will let you save money in the long run. If you can't pay in full yet, be sure to pay the minimum to keep a good credit score.

Set aside a separate fund that will cover you during times of emergencies and unforeseen crises. This will prevent you from dipping into your retirement fund and liquidating your assets.

The ideal amount in your emergency fund should cover at least 6X your monthly expenses. Whenever you have extra, take the opportunity to build one more month of additional expenses.

When you’re physically, mentally, and emotionally healthy, you can better focus on your life goals, instead of being burdened by illnesses. So, start practicing a fit and healthy lifestyle this 2018.

Don’t let yourself experience financial ruin should unforeseen tragedies or disasters such as accidents, serious illnesses, job loss, or natural disasters happen. Consider life or health insurance in the Philippines while you’re young and healthy. Here are the different types of insurance to protect you and your family.

Do your research and look for smart investment opportunities that fit your specific short-term and long-term financial goals. ULIP, money market fund, mutual fund, and variable life insurance plans such as Build Life Plus are smart investment opportunities that can be tailored to your risk personality.

Ask yourself if it's necessary to have several credit or checking accounts, as these accounts can incur annual fees that you may not even realize you’re paying for.

Find a way to turn your passion into profit. You can try to monetize a creative hobby and sell your products online. The extra money you can earn will help you reach your financial goals faster.

Assessing your goals and having the right mindset is important to achieving financial freedom this coming year. Plan your financial resolutions as soon as today with the experts. Talk to a Bancassurance Sales Executive at any of the 800 BPI branches nationwide to get help in reaching your financial goals.

With all that said, happy new year, everyone!