Whether you recently moved to sunny Australia or you are trying to save cash for your visit to the Philippines, you have a mission to fulfill this 2017. The New Year is an optimum time to overhaul your finances to meet the goals that you had envisioned.
Consider these sensible financial goals to help you carve your path to success:
Protect Yourself Against Unexpected Events
Let us face it! Gone are the days where you can live a humble and decent life without relying on modern technology. Nowadays, we cannot live without the comforts of the contemporary lifestyle. The fast-paced lives that we live in entails our exposure to risks such as highly processed food and harmful vehicular pollution. This is why you have to be prepared.
Protect yourself from the unexpected events of serious illnesses, disabilities, deaths, natural disasters, lawsuits, and unemployment by getting insured. Many Filipinos are hesitant to idea of purchasing an insurance as they leave circumstances up to faith. However, it is better to be safe when you are living alone in a foreign country. Consider purchasing health or life insurance.
One of the advantages of residing in Aussie is having Medicare. As you may know, Australia has one of the world’s top healthcare services. Medicare is a publicly-funded service whereby Australian citizens and eligible non-citizens are given coverage for their medical expenditures. It is a must for any qualified Pinoy to register for it.
Related Article: Medicare Advantages (For Aussies and Non-Aussie Visitors Alike)
Alternatively, you may purchase a health or life insurance from a trusted provider. Select a provider that best matches your needs and preferences.
Create a Realistic Budget
It is time to bid farewell to the financial woes of the past by creating a new and improved household budget. Building a household budget can help you to construct a financial road map that you shall follow thru, even during hard times.
Start by track your spending habits by using an online budgeting tool (e.g., Mint) or an Excel spreadsheet. It is important to determine your fixed and variable expenses. Then, determine how much your average income is worth. Having a budget based on your actual inflows and outflows will help you gain control over your finances. Do not forget to consider the additional expenses that the holiday season chimed in.
The significant change that you must make focuses on the allocation of your budget. You must ensure that you “pay yourself first” before assigning funds to cover your expenses. Paying yourself entails saving a portion of your income to save for future use. Who knows what the future holds? You might need a travel boost when you visit your family in the Philippines.
Prioritize Your Debts
All debts exist in a distinct manner. They differ in functions, interest rates, due dates, and so on. This is why you need to prioritize a certain category in order to maximize your benefits.
List all your liabilities in a single file. This will help you to pinpoint which debt has the highest rates. You must pay this off first in order to focus on your other financial goals.January is the perfect time to reshape your financial goals and to access your current situation. Figure out whether your last year’s spending decisions where in the context of your future goals. If not, make necessary amendments. The future of your wealth rests on your shoulders.