This is why it’s important to have a proper financial
game plan. AXA, one of the country’s leading insurance companies, shares some
tips:
List them down. Before creating a financial plan, know
what your goals are. From the most practical and urgent to the seemingly
unattainable, it’s important to list them all down so you can visualize them
and study them later.
Prioritize. Reflect on what you really want to have. Is
it a house or car, further studies, or travelling? Do you plan to save up for
retirement or investment? It’s important to know your short-term and long-term
goals. This will help you get a head start and prepare your game plan to
achieve your aspirations in life.
Establish a budget. A simple formula to follow is your
income minus expenses equals savings. Subtract a portion of your salary for
monthly payments (utility bills, car, house, etc.) and a portion for your
lifestyle (shopping, travel, a night out, etc.) and what’s left should be set
aside for your savings on a monthly basis.
Build a fund. Investing should be part of your financial
agenda, but be discriminating about what tools to use. When your savings have
amounted to an amount you can invest, AXA’s Asset Master can help in building a
solid foundation for your financial legacy. Designed as a single-pay,
investment-linked insurance plan, Asset Master allows you to build a
diversified investment portfolio of local and global investments. For more
information, visit www.axa.com.ph.
Keep track of your progress. Make sure to monitor your
progress so that you can stay on track.
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