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  • 9 Bad Money Habits You Need to Outgrow in 2022

    30 July 2022


    7 Small Sacrifices You Can Make Today to Achieve Financial Freedom in the Future

    We all have bad habits we’re guilty of. A daily cup of iced coffee or a new pair of shoes may appear innocuous. However, one should always be reminded of the financial implications of these habits.

    As we welcome a new year, now may be the best time to reinvent yourself by shedding these bad money habits to start 2022 right.

    8 Bad Money Habits You Need to Outgrow in 2022

    1.    Not having a written budget

    Those who struggle with money management can benefit from diligently tracking their cash flow with a written budget. A written budget helps you determine how much money is coming in and going from your coffers.

    If you’re not an expert in creating a budget, now is the time to start. Total your monthly earnings and then subtract your monthly expenses, which should include both fixed and variable expenses.

    You’ll then start to see where you can make changes to suit your priorities and manage your money better.

    2.    Impulsive buying

    Are you the type to buy something whether it's on sale or not, even if it wasn't planned? This type of impulse buying can lead to several risky spending habits such as justifying poor purchase decisions, losing track of your budget, and, worse, incurring debt.

    While an occasional impulse purchase does not usually have a long-term impact on your finances, making it a habit can seriously derail your goals. Create a strategy to help you deal with the annoying urge to spend. 

    3.    Spending more than you earn

    Excessive or exorbitant spending that exceeds your monthly income sets you up for a financial deficit. Your goal should be to spend less than what you earn, allowing yourself to have a surplus for emergencies and ample savings.

    4.   Not monitoring your credit score

    Payment history has a significant impact on your financial future. Your ability to pay your credit card bills on time consistently will be of huge benefit to your credit score.

    If you’re able, do not wait for the due date before you pay your credit card bill to minimize the mistake of forgetting to pay it on time. Doing so will prevent your credit score from being affected, which can make taking out loans easier should you need to.

    Otherwise, work out a payment plan with your creditor before things go awry.

    5.    Not setting aside money for emergencies

    Emergencies can happen at any time. Whether it’s a car repair or a medical crisis, you should have a financial safety net ready to help you cover unexpected bills. Not doing so can put you in a situation that may be difficult to recover from.

    A good practice is to save anywhere from 3 to 6 months’ worth of your income that you can use in your time of need. You’d want to keep your emergency savings separate from your other accounts, so you can't access them for day-to-day spending.

    6.    Using credit cards for points

    Using your credit card is not inherently bad, but if you are mainly using it for the points you’ll earn, then you’re not spending your money wisely. There’s the risk of getting into credit card debt as your bills pile up. Buy only when you truly need something and not because of the perks credit card points will give you..

    7.    Getting carried away with lifestyle inflation

    An increase in your income is certainly a good occasion to celebrate. You may now be able to afford more of the things you’ve been pining for but were just out of your budget. Think of it as lifestyle inflation.

    In lifestyle inflation, every influx of cash is spent in a flash. Getting a raise or a better-paying job cannot significantly help your finances if you immediately increase your spending to match your new level of income.

    While small lifestyle upgrades can be a good motivation to keep going with your financial growth, you should not get carried away with lifestyle inflation so that you won’t get trapped in risky financial situations.

    7.    Not planning for the future

    We all dream of living in relative comfort in our twilight years, which is why savings and retirement funds are of utmost importance. These things help you financially prepare for major life milestones such as your children’s graduation or even your golden anniversary as a couple.

    Understandably, you might find it difficult to look ahead when you’re barely getting by with your current finances. But it's critical that you do. Consider where you want to be in a year, then the next three, five, and so on.

    The Bottom Line

    Catching bad financial habits early on can help you avoid problems later on. With the next year providing you with a fresh start in life, it’s the perfect time to get your finances and investments in order through BPI AIA’s Build Life Plus savings plan. Build Life Plus can aid you towards your goal of financial wisdom.

    Schedule a virtual appointment with a Bancassurance Sales Executive today to find out how you can manage your finances.

    Did you know?

    You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

    RECOMMENDED PRODUCTS

    Life Ready Plus

    Protection

    Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

    The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

    Philam Life Vitality

    Critical Care Max

    Health

    Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

     

    In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

    It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

     

    It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy. 

     

     

    Philam Life Vitality
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