How to get your finances back on track

SAVE NOW, SHOP LATER. If you start saving up for your Yuletide expenses as early as today, you are less likely to blow your Christmas bonus in one go come December. 
Did you shop a lot of gifts for your loved ones and for yourself during the holiday season? Most likely. Overspending is a common scenario when you have ample funds in 13th month and bonus season, and getting back to budget is a challenge once the new year rolls in. 

Bouncing back from a financial setback is not as hard as it seems. By taking these steps to recovery, adapting a better way to save and spend next time will be effortless.

Recap your expenses to know where you start

The best way to start assessing how much you need to get back into your cash flow is taking note of how much you’ve overspent the last two months. Being aware of the gap makes it real in your head and you will most likely be motivated to spend less in the coming weeks. 

This also allows you to break down how much you need to set aside each payday so you don’t get intimidated by the gap you have in your finances.

Tighten your belt and focus on investing

Though returning to your regular spending habits seems like something you can do after the holiday rush, it’s wisest to discipline your buying arm. Don’t jump at the first discounts you see at malls or another “best buy” just yet. Instead, start setting aside for the future and keep your money safe with a unit-linked life insurance plan. 

BPI-Philam’s got an array of insurance plans from their Wellness Series that meet your specific needs and fit easily in your monthly cash flow. Visit for more details.

Unit-linked products like Life Ready Plus give you the necessary protection you need through insurance while allotting a portion of your premium on building your wealth. Keeping another set of funds you won’t be able to disrupt with impulse buys grows your money better and makes sure you have it when you need it.

Use this time until the next holiday to improve your budgeting skills

Some people will advise you to start saving up for your Yuletide expenses as early as now so you don’t end up blowing your Christmas bonus all in one go. Others will tell you to build a holiday fund by selling items you don’t need or use, gradually growing it throughout the year. 

Whatever you decide on, choose a budgeting strategy that’s doable for you. By personalizing your saving style, you’ll be more flexible when it comes to setting aside money and be more creative with the money you have for expenses. 


Topics: shop , gifts , holiday season , Tighten your belt
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