As the new year gets closer, it’s a good time to look back on your money habits—what worked well and what didn’t. Starting good financial habits now can help you build a more stable and secure future.
What are some good money habits to try? Here are a few you can start with:
1. Set Up Automatic Savings and Payments
Many people have a hard time saving regularly and keeping up with bills. One simple way to fix this is by setting up automatic transfers to your savings account and automatic bill payments each month. This makes sure that your savings and bills are paid first, before you spend on anything else. It also lowers the chance of spending that money on things you don’t really need and helps you keep a good credit score.
2. Put Your Money into Assets That Grow Over Time
Saving alone may not be enough to grow your money. A smart way to build wealth is by investing in things that increase in value over time. You can look into stocks, mutual funds, or life insurance plans that match your goals and how much risk you are comfortable with. These kinds of investments can help you grow your money and prepare for the future.
3. Control Impulse Spending
Shopping has become easier than ever, especially with mobile apps. But this also makes it easy to buy things without thinking. A good habit is to pause before making a purchase. You can add an item to your cart but wait a few days before buying it. This gives you time to think if you really need it. You can also make a shopping list before you go out and stick to that list to stay within your budget.
4. Get Insurance for Protection
Saving and investing are important, but being prepared for emergencies is just as important. Insurance can protect you and your family from unexpected events. Getting insured is part of a complete financial plan. Talk to a trusted financial advisor to learn how insurance, like life insurance, can help protect your money and give you peace of mind.
5. Pay Off Your Debts Bit by Bit
Debt can grow quickly if not handled well. Interest charges can add up and stop you from saving or investing. Make a plan to slowly pay off your debts, starting with credit cards or loans with high interest. Try not to borrow more money and stay focused on paying off what you owe. Even small payments help in the long run, so keep at it.
6. Check Your Financial Goals Often
It’s important to look at your financial goals regularly and see how you’re doing. Make time every few months to review your goals and adjust them if needed. This helps you stay on track and reminds you of what you’re working towards.
7. Learn More About How Money Works
Knowing how to manage money is key to making good decisions. If you don’t understand basic financial ideas, it can be hard to handle your money wisely. Take time to learn about things like life insurance, retirement planning, saving, and investing. You can read books, follow blogs, listen to podcasts, or talk to a financial advisor to get started.
Start 2025 with Stronger Financial Habits
Building good money habits is a great step toward reaching your financial goals. Every small step adds up over time. InLife is here to help you along the way. Get in touch with us to learn more about our insurance products in the Philippines and how we can help make 2025 your most secure financial year yet.
