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Metrobank encourages Filipinos to start their financial resolutions as early as the third quarter to begin the following year strong
New year, new you. It’s a familiar mantra that people usually say at the start of the year. But instead of waiting for January after you have received and spent all your Christmas bonus and additional funds during the holiday season, Metrobank encourages you to start planning your financial future now – ideally in August or the third quarter.
Why plan so early? It’s simple: early planning leads to better results. New Year’s resolutions often fizzle out by February, with a staggering 88 to 92% failure rate.
By starting your budgeting and financial planning now, you can put it into action and you can avoid the post-holiday spending hangover and kick off the new year with a solid financial footing.
And Metrobank wants to help you manage your holiday bonus wisely with this cheat code: GIFT.
G: Get ahead with your holiday goals
By starting early or in August, you get more time to properly plan how to spend your Christmas bonus that you’ll likely receive within the fourth quarter. Want to spend it on gifts for your loved ones and yourself? Planning early will give you time to compare prices of items to get the best deals.
This is also a good time to set or revisit short-term goals like going on a holiday trip or coming up with long-term goals such as setting aside emergency funds, saving for retirement or preparing for milestone purchases like a car, a house or spending for education.
I: Invest your bonus wisely
You know you will have more cash after receiving your holiday bonus. Instead of spending it all, set aside a portion for investments in financial instruments like UITF, mutual funds, bonds, stocks or even to start a small business to let your money grow. Thinking about your investment options as early as August will give you a good head start.
F: Follow a budget plan
Companies usually give employees their Christmas bonus during the season of giving, which is also the time to treat yourself and your loved ones. But this does not mean you have to splurge or spend it all at once. To keep your spending in check, it is important to set a budget and a plan. Using a budget expense worksheet will help you keep tabs on your purchases.
T: Take advantage of opportunities to save
While it may be tempting to overspend during the holiday season, as long as you stick to your plans and priorities, it will be okay. If you’re planning to make big ticket purchases like a new car or moving to a bigger home, think about these goals and maximize opportunities to save. Be mindful of offers and look for meaningful bargains.
Metrobank hopes this GIFT will help you succeed and reach your financial goals in the year ahead.
For more insights and tools to guide your financial journey, visit Metrobank’s Earnest learning website today at https://earnest.metrobank.com.ph. – Rappler.com
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