If you could hit a reset button on your life, would you do it?
With unexpected expenses on the horizon, can you say that you are an expert in personal finance? The recent pandemic undoubtedly demonstrated the importance of financial literacy in securing the futures of both you and your family, regardless of how much money you may have.
It’s encouraging to know that individuals like Izza Glino is there to bridge the financial literacy gap in the Philippines one content at a time. Let’s find out how Filipinos can Reset and Get Ahead after an initial failure.
1. Understand your current financial situation
The first step to devising a plan to solve your money problems is take an inventory of your finances. Analyze your assets, debt, expenses, and income. Examine and grasp each of these aspects to better understand the significance that each one has in developing financial literacy.
2. Review your spending habits
After assessing what you have, it’s also a must to assess what YOU are.
Find out who and how you are when it comes to spending your money lately. Find out WHO you are, a saver or spender? And also explore HOW you spend your money, do you spend more on your needs or your wants?
3. Make small changes
Find small ways you can reduce your daily expenditure in order to save more. What tiny habits can you do for your finances? Take a look at a few examples below that will gradually make you even 1% better!:
● Read 5 pages a day
● Stretch for 5 minutes a day
● Write 1 thing you’re grateful for
● Make your bed
4. Budget
Setting and following a monthly budget can help you regain sense of control. You can also seek for budget templates online, or make your own even just on your handy notebook will do.
5. Set new or better saving goals
Breakdown your goals into quarterly milestones or monthly tasks
Set S.M.A.R.T. Goals:
● Specific
● Measurable
● Achievable
● Relevant
● Time-bound
6. Put your plan into action
Planning alone won’t help you overcome that setback; you also need to take action!Implement steps that can minimize the chances of another financial setback
7. Correct and adjust
Perfection is impossible. Don’t worry too much if you can’t do it perfectly right away.
Get started with your saving goals, correct and adjust along the way.
Do you want to learn more about financial literacy?
Discover more of these with Izza Glino The SavingsPinay podcast.
