It is now 2017 and we are all thankful for all the blessing we received from 2016. I’m sure that you will now see a lot of articles about tips to be better for this year. Some tips will be used again and these can help us to achieve our goals this year. As a Financial Literacy Advocate, of course my advise will be about Personal Finance Tips. Here are some tips that we can use for this year.
- Create a habit of prioritizing saving first before spending. Every time you receive your salary or income, make sure you save at least 10%-20% of your income. Use the formula Income Minus Savings=Expenses. Be consistent.
- Get out of debt as soon as possible if you have loans. Pay the loans first that have high interest so that you will not lease your lifestyle by paying the interest.
- Live within your means. It’s okay to buy things that you want as long as it is within your budget. Balance is important.
- Create a buffer fund. You have to have a savings in a bank amounting at least 3 months of your salary so that you can have money to get if ever there will be emergency expenses rather than you will resort to debts.
- Insure yourself properly. Secure yourself with Health Card, Critical Illness Benefits, Proper Insurance Coverage so that if risks of life happen, you are properly covered. Thus, your savings will be still intact and your family will not go into debts if something not good happens.
- Start to invest! Our economy is really growing and you can be part of our country’s growth by investing.Learn how to invest either in Stock Market or Real Estate by making your money work for you.
- Set an amount to give coming from your income. As the bible says in 2 Corinthians 9:7 7Each one should give what he has decided in his heart to give, not our of regret or compulsion. For God loves a cheerful giver. By doing this faithfully, I am pretty sure that God will bless us more.
I pray that all of us will have a fruitful year and we can achieve all our financial goals by learning Personal Finance. It is not enough that we all know of these 7 tips but it is a good idea to practice all of these tips. Let’s spread Financial Literacy to fellow Filipinos.
Let’s do this!
Thanks for reading my blog.
Archie M. Yuki