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

    13 December 2022


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

    Financial freedom is the ultimate goal for many, but few know how to achieve it. Truthfully, you will only achieve it through hard work and careful decision-making regarding money matters. You cannot expect to work so little and be rewarded so much. As the popular saying goes, “you reap what you sow.”

    The trick is to make mindful decisions and sacrifices to achieve the goal, no matter how difficult it may seem.

    What is Financial Freedom?

    Financial freedom can mean different things for everyone, depending on their goal. It could mean the ability to buy without looking at the price tag, the ability to travel anywhere, or being debt-free.

    Regardless of what it means, financial freedom is important now more than ever, with the COVID-19 health crisis greatly influencing our views about it. Since the start of the pandemic, many Filipinos realized the need to refocus many aspects of their lives—health, lifestyle, and most importantly, income.

    In particular, millennials and Gen Z’s started becoming more conscious about their spending habits, sticking close to their budget to cover only the essentials and learning how to have an investment plan.

    Here, it’s vital to know the different ways of achieving financial freedom and be prepared to deal with potential setbacks. Yes, not all of your financial decisions will bear fruit right away. But don’t be disheartened. The trick is to omit the luxuries, take small steps, and make meaningful sacrifices to achieve financial freedom.

    7 Small Sacrifices You Can Make to Achieve Financial Freedom

    1.   Avoid impulse buys

    Some of your purchases may not be necessities. Perhaps you bought an item because you thought it looks cute or you found its color nice. Online shopping addiction can be detrimental, especially if you want to be financially healthy.

    2.   Order less food delivery

    Food delivery isn't wrong per se. However, it often comes with delivery fees that, when stacked, can total a significant amount of money. You could have saved that amount if you made your food or picked it up in-store.

    Suppose there’s a P30 delivery fee per transaction, and you order food around three times a week. That's equivalent to P90 per week, amounting to P360 per month and a staggering P4,320 per year. And, of course, that excludes the actual cost of the food items you order.

    3.   Let go of unused subscriptions

    Are you signed up for a monthly photo editing subscription? How about a monthly magazine subscription or a weekly newspaper subscription? If you don't see yourself using them in the long run, it might be best to unsubscribe to save money.

    4.   Drop all-day air conditioning

    The Philippines is very humid, so using air conditioners is widespread. However, consider if it's necessary to have it on all day, every day. Maybe you can opt for stand fans instead, especially during the colder months. Switching the cooling system you use could save you valuable pesos in monthly electric bills.

    5.   Get rid of excessive phone plans

    Nowadays, 85% of Filipino professionals are working from home, thanks to high-speed fiber internet plans that are becoming more affordable.

    On the other hand, phone plans may cost more for a limited data allocation and generally slower speeds. If you spend all day at home with Wi-Fi, consider skipping on the phone plan and putting the money into your savings instead.

    6.   Opt for normal shipping

    Online shopping has been around for a while; however, the pandemic encouraged, if not forced, people to buy more things online out of fear of contracting the virus. Because of this trend, people have started opting for faster, even same-day shipping. Unfortunately, speedier shipping means extra fees. Ask yourself if you really need to receive your items ASAP or if you could wait a few more days with regular shipping.

    7.   Resist buying expensive coffee

    How can a cup of coffee be a "luxury?" Think about it. If you go out for a coffee run thrice a week and spend about P200 per cup, that's roughly P600 per week and P2,400 per month. That's about the same amount it takes to pay a monthly investment premium. So, ask yourself if you could make coffee at home instead.

    Saving big starts with small steps

    You can make these small sacrifices regardless of your stage of life. These sacrifices can amount to significant savings to go into your next long-term investment!

    Starting early and small is the best way to ensure consistency in your sacrifices and savings. Then, once you've saved enough, you might want to set yourself up for an investment plan that will grow your money. Slowly but surely, you can achieve the financial freedom you've always dreamed of.

    Even amid the pandemic, BPI AIA can help you reach your goal of financial freedom. So reach out to our Bancassurance Sales Executives and get started on your life goals today!

    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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