Take this opportunity to refresh and regain control of your finances. Lapit na 13th month!
Akalain mo ‘yun, nangalahati na ang 2024! Marami na sa atin ang nakaabang sa 13th month pay so tama lang na mag-get back on track na tayo. And of course, to spend wisely and save more.
As we dive into the second half of the year, these tips will help you make the most of your H2:
Review your spending.
Look at where your money went in the first half of the year. Identify areas where you might have spent more than planned. Baka naman nag-overspend ka sa travel, sa pag-update ng wardrobe, atbp. Maybe for the rest of the year, it’s time to reallocate your spending energy to saving or investing more.
Adjust your budget.
Update your budget based on your current income and expenses. Siguraduhin mong realistic at flexible ang bagong budget pero not to the point na gugutumin mo sarili mo. Tandaan mo, this time of the year is filled with long weekends and holidays, so plan wisely!
Set new goals, short- and long-term.
Decide what you want to achieve by year-end, like saving for a holiday or clearing your credit card payments. ‘Wag mo rin kakalimutan mag-focus sa bigger financial goals mo, tulad ng getting a mortgage or building retirement savings.
Boost your savings.
Again, kumusta na ang emergency fund mo? Ensure that you’re on track — by this time, dapat meron ka na at least 2-3 months' worth of expenses saved up. But if not, that’s fine! The best time to start saving is now. On the other hand, you can also set up automatic transfers to your savings account para tuluy-tuloy lang ang pag-iipon mo.
Manage your debt.
Focus on clearing credit cards and other high-interest debts first. Kung ‘di talaga kaya, you can do the avalanche method: paying off the smallest bills and working towards the biggest ones, depending on how much your budget allows. Meron din naman mga debt consolidation options if managing multiple payments is difficult.
Protect your future.
Kaya na ba ng budget mo ngayon maging insured? Hopefully, oo! Ensure you have adequate health, life, and property insurance. Kung meron ka ng mga ongoing policies, it’s time to review and update your plans. Keep your will and other estate planning documents current.
The second half of the year is a great chance to take charge of your money habits. Life is always moving and so should you. Just follow these simple tips, and you’ll be on the way to making your H2 even more rewarding 🫶
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