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Get your finances back on track after the holidays


One challenge most Filipinos face following the extravagant holidays is getting back to their budget after overspending. The new year is here so it's time to make do with our promises of turning over a new leaf when it comes to our finances.


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:

1. Recap your expenses to know where you start

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The best way to start assessing how much you need to get back into your cashflow 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 pay day so you don't get intimidated by the gap you have in your finances.


2. Tighten your belt (for now) and focus on investing

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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 in malls or another best buy just yet. Instead, now could be a great time to start setting aside for the future and keeping your money safe with a unit-linked life insurance plan. BPI-Philam's got a good array of insurance plans from their Wellness Series that meet your specific needs and fit easily in your monthly cashflow. 

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.

Even better, all products under the Wellness Series empower you to live a more active and healthier life through Philam Vitality. The free program with your policy encourages activity by rewarding you with great discounts on gym membership, medical and lifestyle services, and fantastic freebies! Talk about more for less!   


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

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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. 

And like the better adage says: practice makes permanent, so keep at it until it becomes an unbreakable good habit.

Lastly, it never hurts to ask. So when you find yourself scratching your head on possible "How-Tos" but don't really know what to do, BPI-Philam's got your back. You can visit their website for some great financial tips or drop them a question on Facebook. They've also got financial experts in any BPI and BPI Family Savings Bank branch in the country ready to help you get more out of your money.

So get to it! Visit www.bpi-philam.com for more details or get connected at www.facebook.com/BPIPhilamOfficial today.

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