Financial Resolutions for the New Year

It is also a time for resolutions. When the new year rolls around, it marks revival and new beginnings. It offers a blank slate for people to better themselves. For many, this will be the year to get a better body, find a new job, and travel more often. But what are you planning to...

New Year’s Eve is not only meant for fireworks, family gatherings, and popping champagnes.

It is also a time for resolutions. When the new year rolls around, it marks revival and new beginnings. It offers a blank slate for people to better themselves. For many, this will be the year to get a better body, find a new job, and travel more often. But what are you planning to do with your finances? Take this chance to make solid financial resolutions that will help you get closer to the life that you want.  

Evaluate your financial situation

Do you have a low amount of debt relative to your income? Do you have enough savings to cover emergency expenses? Sure, it can sometimes be tedious to know exactly where your financial situation stands. However, not knowing where you currently are will hinder you in planning activities for your future.

Open multiple savings bank accounts

Avoid the mistake of frequently tapping into your emergency fund and savings account for your expenditures. Remember, it’s easier to see how much you’re progressing towards reaching your financial goals if you have separate dedicated accounts for saving and spending.

Avoid the temptation of buying things on sale

Retailers lure you by offering those items with up to 50% discounts or those with buy-one-get-one promos. Getting caught up in that sale rush makes you feel like you’re saving money. It also creates a sense of competition and fear. It makes you think that stocks are limited, leading you to the “it’s now-or-never” mentality. But the simple truth is this — the sale sign does not dictate what you need right now. If you’re buying something you don’t need and didn’t want before you saw its price tag, then put the item down and walk away.

Plan your shopping days in advance

Ensure that you have prepared a list of what you want to buy and how much you would like to spend on each item days prior to your trip to the mall or opening your favorite online shopping app. This will help you stick to your budget, avoid overspending, and avert from impulse buys.

Invest in good quality brands

If you are going to need to buy something, perhaps a new pair of running shoes, it is better to shop from a good brand to ensure that you would get the best quality for your runs. Spending a few extra money for items that would stand against the test of time would help you avoid the desire to buy and accumulate more, and therefore, help you carry forward into reaching your financial goals at a quicker pace.

Get Insured

The year 2020 has been full of challenges and uncertainties, and although it may feel as though 2020 will never end, the new year will be here even before you know it. One way to start the year on the right foot and lessen your worries for the upcoming year is to get insured. Having a financial safety net in case of accidents and emergencies will protect you and your family from unexpected expenses.

Confused about how to start? Get the right insurance protection for you and your family with MICI’s affordable insurance products. For as low as ₱45, you can already safeguard yourself and your loved ones from financial stress due to accidental death, permanent disability, as well as from burial and medical expenses. You might also opt to protect your journey on the road with MICI’s TPL Policy for only ₱280 for motorcycle owners and ₱590 for private car owners. Secure yourself today: https://bit.ly/LifewithMICI.

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