Know where you stand financially. Much like the getting diagnosed with a physical illness, it is impossible to know what is wrong until you have a clear picture of what is happening. The first step to achieving financial wellness for the upcoming year is to get a detailed idea of how you financially managed yourself in 2018.
As the year comes to an end, make a detailed list of expenses. Even small items, like a drink from a favorite coffee shop, can add up. Keep track of where the money goes. Not only will you see where you over-extend your budget, you can also have a concrete basis for your financial plan.
Plan for the big expenses. Big-ticket items like travel or purchasing a car or a house are the ones that can make a huge dent in your budget. Fortunately, these things rarely happen without warning. Even unexpected expenses such as medical emergencies can be mitigated by having enough savings.
Some people opt to have automated savings, with a certain percentage of their income going straight to an account even before a single centavo is spent. Other prefer to use investment plans to secure their future.
Products like Philam Vitality use a comprehensive approach to better protect your financial wellness. Protecting one's health can be addressed through the Philam Vitality Health Review and a rewards program from partner establishments. The life insurance and protection features built into the product are designed to safeguard your health and wellness, not just for the present but also for the future.
Prioritize paying debt. In an ideal world, all income goes straight into the bank account. But the reality is that some of that money is already allocated somewhere else even before the money gets in your hands.
Debt can be crippling. It has an immediate effect on your monthly budget. Thanks to interest rates, it can also snowball into a larger headache. This is the reason why debt payments should be prioritized if the goal is to the achieve financial wellness in the future.
Even small amounts, such as credit card purchases, can put a strain on finances. Opt to pay in cash whenever possible to avoid additional charges.
Financial wellness is not just about financial literacy. The latter covers knowledge on how to handle money; the former is all about using that knowledge to achieve a greater sense of well-being and health.
Get ready for tomorrow; find out how both these concepts can work simultaneously by visiting your favorite BPI branch and asking about the Vitality roster of products.