New year, new me. This is what most people have in mind every January when they make a promise to reinvent themselves by making changes and setting New Year’s resolutions like traveling to a new destination, spending more time with loved ones, losing weight and saving more money.
While goal setting is typically done at the start of the year, Metrobank encourages you to take this desire for change a notch higher this year by creating a new tradition of starting your planning now — ideally in August or the third quarter.
Why August or the third quarter? Metrobank believes this is the best time to start planning and setting financial resolutions that are not just realistic, but also doable.
New Year’s resolutions are usually made in January, but these are likely to be missed, with the failure rate at 88 percent to 92 percent as people during this time are still recovering from the holiday spending binge.
By planning your budget and purchases now, Metrobank wants to help you manage your holiday bonus spending wisely so you can start the new year strong with solid financial footing.
To help you plan, Metrobank suggests you take note of 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.
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