Putting your money in the bank will always be safe but with the decreasing interest rate, your money in the bank will only mean it is safe against robbers. Earning wise, it’s nil and almost non-existent.
We have been attending Financial Literacy seminars and learnings will only be a wasted knowledge at the end of the day if you don’t act on it. Many of us are fast on signing up to these type of programs but don’t actually put what we have learned into good use.
SunLife, Aya Laraya series
Aya Laraya who heads his own financial coaching company named Pesos and Sense made us realize that we are knowledgeable on these must-do stuff but we leave it on the back burner.
By being aware and proactive in dealing with your finances and investment, you can make your money work for you instead of the other way around.
We are too familiar with New Year’s resolutions, and aside from dieting, another popular resolution is to save money and invest. But like many of us, we fall for traps along the way: Big expenses for an upcoming occasion, a long overdue vacation, holidays and many other excuses can form a trap to forego or postpone an investment.
I always tell my kids to dream big, but along the way, create pockets of smaller dreams which can be achieved short term.
Getting into that long term goal can be long and it can test your patience. Talk to your family (kids included) and engage them in forming your smaller dreams along the way, by doing so, everyone can pitch in and this will give you the drive to go further. This is where short term goals appear helpful.
Track your expenses
Knowing how much you spend and where you spend your money can give you a bird’s eye view of your finances. It can show you how you can do away with a certain unneeded expense. It can also help you keep track of where you are spending your money on a daily basis, thus making way to a more manageable expense tracking over time.
An app called Wally is much recommended, this is very user-friendly and can be downloaded via Google Play Store.
Ask yourself on what your biggest expense is? Once you realize which, were you surprised? Finally, ask yourself what you can modify?
To help you achieve this, make it very visual by coming up with a chart and list down your monthly recurring expense and see if you can adjust any of it.
To know more about Money for Life, you may refer to my previous blog: Money For Life
For more on Sunlife Financial and Money For Life, visit them 2/F Sun Life Centre, 5th Avenue corner Rizal Drive, Bonifacio Global City, Taguig City or visit their website: www.sunlife.com.ph for more details.