Homeinstallment credit15 Financing Resolutions for the New Year

15 Financing Resolutions for the New Year

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The year was ravaged by calamities both natural and man-made. Yes, ravaged. Production all over the world came to an almost complete halt, typhoons everywhere, volcanic eruptions. It’s almost as if it’s never going to end, but at least the year is ending so it IS over… right?

Well we all wouldn’t want to be pessimistic but to just assume all is going to go just fine once we firework the hell out of the bad vibes of this year and proceed with the new one. Putting up a new calendar on the wall and starting with a fresh new page does not necessarily mean things are also about to turn over a new leaf. So what to do? A little pragmatism will certainly help and coming up with a new financing resolution for 2021 (and sticking with it, of course) can do just the trick.

We foresee that 15 will be the next year’s magic number so here are 15  financing resolutions you can promise to yourself and your family to make sure the new year will have a new financially secured you:

1. Ensure that You’re Insured

The only disaster that we were BARELY able to predict are typhoons. This is not only for this year but most likely for our entire lifetimes. Disasters are just that hard to predict. But this year, you won’t be catched unaware, at least, financially. For yourself, for your family, for your property, a few thousand expenses now means your life savings go unscathe should anything unpredictable happen.Hundreds if not thousands of people most certainly  wished they applied for insurance coverages when they could have. Don’t make the same mistake.

2. Account All Cash-Outs

Do what good businesses do for your personal finances. Track everything. Whether you like it or not there will always be expenses that you have not planned in advance: Grab drivers taking the toll expressway while you were asleep, getting some medication for your holiday tummy while at work, foods and beverages for unexpected visitors, every single thing insignificant cash-outs that you do here and there. By accounting everything, you will have a better idea as to just how much money you really should always keep accessible every month.

3. Account All Cash-Ins

Just because unplanned expenses are inevitable does not mean planning your finances is moot. You know as well as anyone else that most expenses are fixed. Bills, your daily transportation cost to work, your food for the regular days. You’re not gonna go all Rambo this time. From January first, you will be planning and structuring. And by doing so, you will get to properly  prioritize which needs should be spent on primarily and which can wait for the later days.

4. Save to Save The Future You

“I will save tomorrow’s problems for tomorrow’s me”. Sounds familiar? Well guess what; the “today you”is now facing the problems that could have easily been solved by the past you – with less effort and less cost both in time and money. Save a FIXED portion of your money even if you have to forego a luxury or two. The discipline can only better yourself.

5. Multiple Accounts for Multiple Spending Needs

Of course, just saying that “you should save” is an empty statement and quite frankly, easier said than done. Now to expound on that subject here’s what you need to do: Open up multiple bank accounts. Yes, we understand the groan you let out just now. We feel you but you have to know that since the pandemic, banks have taken lots of steps in making opening accounts much more convenient than ever. What with them seeing that the country is finally taking a huge transition to cashless mode of payment. Compare and contrast which banks have hassle free processes with sensible maintaining balances.

Why would you need to have multiple accounts, you ask? It’s so that the financial planning that you will be doing will not remain as just another empty promise for yourself. Multiple accounts will better restrict your spending on certain things. You wouldn’t have to mentally keep track of the cap for each of your budgeted needs because the depletion of the accounts balances will remind you themselves. The budget for your planned vacation will remain 10k if you want it to be 10k, unless of course you go the extra mile and transfer funds to your “vacation account”. It would be easier for your savings account to remain untouched, especially so if the bank that you chose for it is one that isn’t the most convenient when you are trying to cash out, though that’s not really recommendable. Lol

6. Demand for What you Deserve

If you know you have done a great job, make sure your superiors/business partners know it. According to recent studies, one of the factors for gender pay gap is the fact that there are more men on average who are more assertive and are thus much more willing and capable of demanding higher pay. Whether you’re a male or female, make sure you are no longer a part of the “Okay na to”, statistics. You did great. Mediocre pay is not what you deserve.

7. Keep in Mind That Being Thrifty is Not Being Cheap

Forget about the brand. Forget about popularity. The free market is one of the best things to have ever happened to humanity. Use it to your advantage. There are lots of products out there who are more than willing to sell you products and services that are of equal (if not better) quality for cheaper prices just so they can compete with the bigger dogs. If it gets the job done and you bought it cheap, then it’s not “cheap”.

8. Stock up on Essentials When the Supplies are Plenty

The panic buying during the onset of the pandemic was crazy to say the least. Shelves get emptied out just a few hours after getting restocked. It was a good thing that there wasn’t much problem with trucking and cargo services, though, because otherwise May and June would look exactly as how movies and series depict apocalyptic scenarios.
So lesson learned. Stock up on the essentials, at least and especially, the non-perishables. Not only will this ensure you’ve got lots of time before you have to rely on government rations but you will also be able to save lots of cash for buying stuff when the demands are low.

9. Live as if You’re Earning Half Your Actual Income

Okay, maybe not half. Netflix, better internet coverage, and some premium fast food every now and then are just so tempting. Make sure though that at least your standard of living is significantly lower than what your income allows.

10. Check your government contributions

Are your contributions getting properly remitted? When was the last time you checked? You may be friends with your HR but it won’t hurt to monitor them yourself.

There are five ways to do this. You can give their hotlines a call, send them an email, send their facebook page a message, visit their nearest branch personally, or just visit their websites (if they aren’t down, that is).

Here are contact info of some of the agencies you may have contributions with::

Pag-IBIG
724-4244
contactus@pagibigfund.com
www.facebook.com/PagIBIGFundOfficialPage/
www.pagibigfund.gov.ph/

SSS
(02) 8920 6446
member_relations@sss.gov.ph
www.facebook.com/SSSPh
www.sss.gov.ph/

Philhealth
(02) 441-7442
actioncenter@philhealth.gov.ph
www.facebook.com/PhilHealthofficial
www.philhealth.gov.ph/

11. Passive Income

As Warren Buffets put it, ““If you don’t find a way to make money while you sleep, you will work until you die.”. This is one of the few things multi-level marketing representatives get right. You really do need a passive income on top of your employment and/or main business. One that is pandemic-proof. What are your options this new year, anyway?

One is the stock market. Unreliable but this year the stock market got even better than it was pre-pandemic, all the while almost everything else tanks.

Another is selling online. This is what saved lots of businesses. Be it food, clothing, accessories, doesn’t matter. As physical interactions became very limited, it opened more avenues for no-contact transactions.

If you own a car, you can make it pay for itself. You can rent it out, have it applied under TNVS companies or share your ride with some friends while on the way to work in exchange for some friendly fare.

12. Love Pre-Loved

Continuation to the last entry, if you have no car that can help provide you with an alternative source of income, it’s probably time to buy yourself a new one, or at least one that’s new to YOU. It doesn’t have to be brand new. The pandemic forced people to sell their new stuff for cheap in exchange for a quick funding. So if you have some extra cash lying around or if you’re willing to take up a loan, you couldn’t have chosen a better time than this year.

13. Loan Smart

What most people fail to realize is the fact that loaning is fundamentally the same as saving – only the process is reversed. Instead of saving for a few months and then purchasing what you need later on, you will be getting what you need now and then pay for it bit by bit for the same time frame. Yes, loans have interests and you will be paying more in the end but only if you do not take into consideration that you will be getting the benefits earlier. If what you will loan for is a car, that means you won’t have to commute or spend a few hundreds for taxis or Grab starting this week. Just how much would you be able to save starting this month with a car that you can easily access?

14. Restructuring over Defaulting

Most banks are more than willing to offer for your loan to be restructured than have you default on your loan. Don’t trade your credit score just so you can save yourself from not paying the rest of your loan. Most banks and financing companies share the same database of clients and their credit history so chances are, should you need quick funding once more in the future, you will be stuck with loan sharks or “5-6” providers.

15. Don’t forget  to Treat Yourself

Do not forget that you will be doing all of these so you can have more money to enjoy yourself. You will be making sure that when you work, you make the most out of your time so you can spend more time with family and friends.

Sometimes, you would feel like you’re wasting money especially when you spend it to treat yourself but think of it as an investment. An investment for a happier, healthier you that can take on tomorrow’s problems.



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