Financial Resolutions Every Filipino Should Make

Introduction

A new year often sparks a desire for change and improvement. One area ripe for reflection and transformation is personal finance. Filipinos, known for their resilience and resourcefulness, can take significant steps toward financial security and prosperity by adopting practical resolutions. Here are five financial resolutions every Filipino should consider, with a special focus on securing one’s future through a Golden Future Life Plan.

Create and Stick to a Budget

Managing money begins with a clear understanding of income and expenses. A budget acts as a roadmap, helping individuals allocate their resources effectively. Filipinos can start by listing all sources of income and categorizing expenses into essentials, savings, and discretionary spending. Tools like mobile apps or simple spreadsheets make this task more manageable.
Sticking to a budget ensures that every peso is spent wisely, preventing overspending and encouraging savings. Remember, a well-maintained budget is not restrictive but empowering, offering control over financial decisions.

Build an Emergency Fund

Life is unpredictable, and financial emergencies can arise at any time. Having an emergency fund provides a safety net for unexpected situations, such as medical expenses, job loss, or home repairs.
Experts recommend saving at least three to six months’ worth of living expenses. Start small if necessary—setting aside a fixed portion of your income regularly can accumulate significant savings over time. Placing these funds in a high-yield savings account or time deposit ensures accessibility and growth.

Eliminate or Manage Debt

Debt, especially high-interest loans like credit card balances, can hinder financial progress. A resolution to tackle debt involves creating a repayment plan and prioritizing loans with the highest interest rates.
Filipinos should also avoid unnecessary borrowing by distinguishing between needs and wants. For existing debts, consolidating them under a single lower-interest loan can make repayments more manageable. Remember, a debt-free life offers greater flexibility and peace of mind.

Invest for the Future

Investing is a powerful way to grow wealth and achieve financial goals. Filipinos can explore various investment options, such as stocks, mutual funds, or real estate. For beginners, starting with simple instruments like Pag-IBIG MP2 savings or time deposits is a good way to learn about investments while earning stable returns.
Learning about the stock market, attending seminars, or consulting financial advisors can also help Filipinos make informed investment choices. Consistent investments, no matter how small, will compound over time, leading to significant financial growth.

Plan for Retirement

Retirement planning often takes a backseat, especially for young workers. However, the earlier Filipinos start preparing for retirement, the easier it becomes to secure a comfortable future.
Setting up a retirement fund, like a Personal Equity and Retirement Account (PERA), is a good start. Combining this with employer benefits, such as SSS or GSIS contributions, ensures a more robust safety net. Having a clear vision of post-retirement life can motivate individuals to save diligently.

Secure a Golden Future Life Plan

While financial planning covers savings and investments, it’s essential to include memorial planning to ensure your loved ones are not burdened in times of loss. Golden Future Life Plans provide comprehensive memorial services, offering peace of mind to individuals and families. We partner with over 140 mortuaries across the Philippines, ensuring accessible, high-quality services wherever you are. Our offerings include traditional and cremation plans, with options for home viewings, premium caskets, and elegant chapels. By locking in prices today, Filipinos can protect their families from the rising costs of memorial services in the future.

Check our traditional and cremation life plan packages for a worry-free memorial. If interested, contact us today. 

When you are already decided on which plan to avail, Online Purchase is available.