Modest financial guide including budget hacks, investment tips for New Year

MANILA, Philippines — We always greet each other with “Happy New Year” and Have a Prosperous New Year” at this time of the year. A prosperous year would not happen if we do not work for it, and there is no better time to start planning and setting new financial goals for it than now.

Take time to view your financial status and start setting new goals that you seriously commit to working hard for and achieving this year. We are ushering in an uncharted new year, so it is imperative to navigate the ever-evolving financial landscape with foresight and savvy.

The previous turbulent years of the pandemic have taught us the importance of being financially prepared for uncertainties. No one knows when the next global emergency or personal financial difficulty will occur. So prepare for the worst and let financial resilience help you plan for the best.   

From investment tips to budgeting hacks, here is a modest financial guide with suggestions from RCBC:

Start with the basics. Put together a budget that is without any reference to any base figures or previous records. Do not create your budget on previous spending. Instead, make one according to present needs.

This is a good way to assess for overspending and allow you to remove items you can do without. To have a financially healthy year, you need to have a comprehensive and detailed household budget. If you already have one, revisit and revise based on necessity. If you do not have a budget, it’s a good time to make one. 

It’s good to spend on yourself from time to time — after all, why work so hard if you cannot enjoy the fruits of your labor? But this year, perhaps you can practice the habit of thinking before spending. If you are going to spend on anything outside of your planned budget, assess if it is indeed a necessity or just a want. Then create a plan on how you can finance it.

Use all the financial tools available at your disposal to make wise spending decisions. 

As the previous years have proven, life can be a bit unpredictable and uncertain — hence, the need for the right insurance coverage. Review current policies, especially your life and home insurance, and study if these fit your needs as well as your