Karlo Lim who is also known as Hamburgero in Cebu shared his rudiments on how one can better handle his/her finances. From his personal experiences to his professional life, Lim imparted valuable insights to the audience. His talk emphasized six of the most common money mistakes committed by the young population.
I am so guilty of this. I've been working for 5 years including my part-time jobs while I was still in college. Unfortunately, I never had any significant savings on any of my bank accounts. As a result, I had a difficult time during a particular rainy day. I know I should work on this one and it's not too late yet. If we are on the same boat, let's change the course of our ship and navigate towards saving for our future.
Overspending might push us to loan or apply for a debt so it's something that we should avoid. It's important to learn how to budget and set aside a good amount for special occasions where you can allow yourself to pamper yourself.
3. Credit/Loan Abuse
It's not wrong to have credit cards or loans but it's important to be wary. Don't allow yourself to abuse your credit card limit. Should you loan some cash, make sure that you are spending it wisely on things that really matter.
Don't wait for the bill collector to approach you, schedule your bill payment so you no longer have to worry when it's that time of the month to pay your services.
If you find it difficult to pay and manage your debts, you may ask for help. There's nothing wrong with that and there are so many banks these days that offer debt management services.
3. Live within your means
This is something that all of us regardless of age and social status must abide. Though this might be a bit challenging for some, this actually really helps a lot. If there is something that you are aching to spend your money with, that's fine. Just remember to leave some and that you are not biting more than what you can chew.
4. Recognize delayed gratification
Can't wait to buy your dream car? Check your financial status first. Spending on something that needs a lot of cash must be well-planned. Try setting a long term goal in purchasing something.
5. Identify your wants and needs
There is a fine but clear line between going for what you want vs what you need. I know, this is one of the difficult things to handle especially if you are crazy about something that you really want for a long time. But, take time to chill and think about what you really need first. For instance, before spending some amount for some luxurious items, make sure that you are able to purchase the basic necessities that you need. If you have a spare amount, that's the best time for you to splurge.
6. Use apps that can help you manage your expenses
We are now in the era where everything is almost at hand in an instant. Use the help of technological advances in managing your finances. There a number of safe and free money managing apps that are ready to be downloaded. Go check them out and choose which is best for you!
7. Save for "rainy days" (Accidents, illness, deaths)
There will be things or instances that no matter how much we try to control and plan, such are unavoidable. I learned this the hard way and now, I can only hope to prepare myself financially.
You may not know it or this might be too subtle to take note of, but who you are hanging with affects how much you spend your cash. Surround yourself with people who can inspire you to be the best including being a financial literate person.
9. Pursue a job that you love
Stuck between money and purpose? That's me. I love what I am doing but sometimes I wonder if choosing something else would free me from any financial burden. The thing is I don't know. I want to know which to pursue but I also know that I have to open my mind to some truths that I may not have the best of both worlds. As such instances, I just go for what sets my soul on fire.
10. Stand back when you fall
This is the most important thing that I've learned with SunLife. As life is intricate, we may face challenges that are much difficult than what we expect. But the thing is we are also always stronger than what we think. So, if you committed some of the money mistakes above, worry not. It's never too late to rise and take charge of your life towards a #brighterfuture
If your up for it, go check your nearest SunLife office and learn how to have some funds while having fun!
Love lots,
Tin
Let’s Have Some FUNds is presented by Sun Life Financial as part of its celebration of Financial Independence Month this June. After Cebu, the event will also be mounted in Davao and Iloilo. Follow Sun Life (@SunLifePH) on Facebook, Twitter, and Instagram to know more.
