3 Ways To Future-Proof Your Money
Growing your money helps you achieve your life’s goals. However, with the number of online sales and budol haul temptations that have been popping up, you may find it hard to keep track of your wants versus needs and, in the long term, may end up compromising the life (and future) that you want.
This is why a good financial education is necessary, especially for young people like you who are just starting out their careers and are getting a steady stream of income monthly. You surely don’t want to just live paycheck to paycheck, right? And we also don’t want that for you!
This article will give you ideas on growing your money so that you’re able to better plan for your future–both the short-term and long-term–and let it work for you. Read on!
Build your savings
When you start handling or earning your own money, your vision of how you plan to spend it could get out of hand because you might end up spending it all in one shopping spree. And we understand how exciting that is, but part of growing your money is learning how to track and budget your spending and start building up your savings.
The ultimate goal of saving money is to empower you to live the life you want. If you dream of starting a business, you will have the necessary capital or you’ll have enough assets to secure a loan. If you want to switch careers, invest, or tick every destination off your bucket list, you will be able to do so without a fuss.
By saving up for your long-term financial goals, you empower yourself to be more in control of your decisions involving money. And that’s an excellent trade-off to temporary dopamine highs brought by shopping sprees and 7.7 sales.
Ultimately, knowing why you should save will tell you how you should save. Saving money requires knowledge and discipline, and it shouldn’t be hard as long as you seek proper guidance from experts who can help you in achieving your goal. Read more tips here on how to keep track of your financial goals.
Grow your income
Start a side hustle or a freelance business! If you can set aside a few hours of your day for any extra work that you can do in return for earning more than just your usual allowance or salary, you’ll have more opportunities to save and, in the future, to invest. Growing your money also involves having an income that allows you to live comfortably and save up for the future at the same time. When the time comes that you have enough money saved up for emergency funds and your personal goals, you’re set to invest!
Investment is basically just making your money work for you, instead of the other way around. This is a smart way to manage your money if you have extra saved up on top of your emergency fund or savings. This article explains a few investment opportunities for young people in the Philippines that you can try, while this one on jumpstarting your investment journey might be helpful!
Get financial protection
Life happens all the time, and part of life is having unexpected circumstances such as a sudden sickness or hospitalization in the family. With this, you can protect the money you’ve worked so hard for by getting an insurance policy. Aside from an emergency health fund, if you have it, an insurance policy can protect you from sudden hospitalization, illness or death, and even secures your future against worry or debt!
Sounds too overwhelming? Well, you have to ease into it as early as you can while you kickstart your #adulting journey! To make it easier for you, talking to a Licensed Financial Advisor is the best first step. Having a professional go over your finances makes things simpler for you—they can also provide recommendations based on your different goals! For more information about talking to a Licensed Financial Advisor, click here.
That’s it! We hope you got some ideas on how to grow your money as you take more control of your life! Sometimes, a little nudge is all we need towards independence. Exciting times ahead, bestie! You got this!
You can also get a chance to win P2,000 Giftaway eGCs courtesy of Sun Life PH until November 15, 2022! Simply complete the FinLit is Life Quest, and enter the promo here: https://sunlife.co/finlitquest
#SunLifePartnerInHealth #SunLifePartnerForLife
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