Atin Ito First Filipino Community Newspaper in Ontario
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:
Create a budget from scratch.
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.
Think before spending.
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.
Align your insurance policies.
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 current financial capacities. Adjust based on these two factors.
On the other hand, if you do not have any insurance policies, it should be a good idea to get one this year. See if you may have free insurance, such as the RCBC Hexagon Club, which you may enroll in and enjoy free life insurance coverage of up to P5 million under Sun Life Grepa Financial Inc. as long as you meet the eligibility requirements.
Eligibility means the account holder is enrolled in as an RCBC Hexagon Club Privilege/Priority member, is between 18 to 65 years old, and has a total balance of at least P100,000 in their Peso Checking/Savings account, among others. RCBC Credit Card holders aged 18 to 64 may also enroll in the Easy Health Insurance Plan, which is a simple health insurance plan that covers medical expenses such as hospital room and board fees.
Get a savings account.
At this point, it’s a given to have a savings account, which is a necessity these days. But did you know that there are savings accounts that have different functions and benefits?
Choose one for your specific financial needs. RCBC OneAccount, for example, is an all-in-one account you can personalize according to your needs. Not only does it come with a standard debit card but you can also opt to get a checkbook — so you wouldn’t have to open a separate account. OneAccount also has add-on features, such as life insurance and personal accident insurance, which you can add or remove as needed. — Dolly Dy-Zulueta
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Credit belongs to: www.philstar.com
