Fin-spiration: A Financial Inspiration Checklist for Young Professionals

In the movies, a tragedy can lead to an adventurous journey of self-fulfillment. However, real life works a little differently. An emergency, especially a health-related one, can derail the best-laid plans. Before you can channel Julia Roberts in Eat, Pray, Love, you need to check off these bucket list goals to ensure that your future is financially secure.

1. Pay off any debt as soon as possible. Joining the workforce can open a whole new world. A steady flow of income can mean increased spending capacity. You can get a car. You can go on vacations. You can even buy a house. Depending on your priorities, these can be great investments for the future and your well-being.
   
   But the scales can easily tip the other way. Remember that debt can be a slippery slope. One missed payment can lead to a future of struggling to pay the bills. Whenever you incur debt, your payments go towards the interest first. That means you pay for the extra fees before you even start touching on the original amount. This is why it is so important that debt is paid off as soon as possible.
   
   
2. Build an emergency fund. There are many advantages to being a young professional. One of the major ones is that you have the flexibility to build your career and the future you want to have. Part of that future should include an actionable plan in case the future hits a rough patch. An emergency can come in the form of an unexpected job loss or even a calamity such as flooding or an earthquake. Anything that disrupts your comfortable daily living is an emergency – and can be prepared for.
   
   One way to do this is to have enough savings to cover your living expenses until you get back on your feet. Experts suggest having enough savings to live off of for three to six months. Ideally, your savings should be in cash and can be quickly accessed. In the same way that you put on your seatbelt when you get in a car, you should have a means of protection for an unfortunate event.
   
   
3. Avail of life insurance. Like death and taxes, life insurance is not always a fun topic to think about, but it is just as necessary. Life insurance is about making sure that the financial consequences of an unexpected death, such as the inability to earn income or pay off debts is addressed. It is vital to get life insurance, especially if you have family members who are depending on you financially. It is a concrete way to extend your care for your loved ones long after you are gone.
   
   Some policies deal solely with life insurance. But there are also some that bundle benefits in a single package. For instance, BPI AIA's Critical Care 100 is a life and health insurance plan that covers up to 100 critical illnesses until age 100. It also comes with a guaranteed life insurance benefit to protect you from other uncertainties. Should illness strike or something happens to you, you know that your loved ones are protected financially.
   
   
4. Set aside a fund that specifically covers your health. When you are young and working, it is easy to feel invincible. Illness might be the farthest thing from your mind. It may seem ironic that the best time to invest in healthcare is when you are still young and healthy, but it is the truth and also the most practical move.
   
   You want to invest in the peace of mind that you have options if you are hit with an unexpected illness. The worst time to be thinking of how to pay for medical costs is while you are in the middle of a medical situation. It can make a stressful situation even more overwhelming.

With Critical Care 100, you are covered for 57 critical illnesses, 34 minor critical illnesses, and nine gender-specific cancers. Your life and critical illness coverage is also until the age of 100, which is significantly beyond the average life expectancy of people. Critical Care 100 is powered by AIA Vitality, a science-backed wellness program that rewards you for making healthy lifestyle choices.

With the extensive coverage that Critical Care 100 provides, you can breathe easier knowing that you have what you need to face an illness. You can then focus your energies today on fulfilling your career and personal plans and living a healthier, longer, better life!

To find out more about Critical Care 100, go to any BPI branch to speak to a Bancassurance sales executive, or visit the BPI AIA website.