As we usher in the uncharted new year, it is imperative to navigate the ever-evolving financial landscape with a bit of foresight and lots of savvy. The previous turbulent years have proven the importance of being financially prepared for uncertainties. No one knows when the next global emergency or personal financial difficulty will occur. It is never a bad idea to prepare for the worst. After all, financial resilience will also allow you to plan for the best.
From investment tips to budgeting hacks, here is a modest financial guide for another prosperous year.
Create a zero-based budget
Start with the basics. Put together a budget that is without any reference to any base figures or previous records. Do not create your budget on previous spending. Instead, make one according to present needs. This is a good way to assess for overspending or if there are items you can do without. To have a financially healthy year, you need to have a comprehensive and detailed household budget. If you already have one, revisit and revise based on necessity. If you do not have a budget, it’s a good item to make one.
If you’re having a hard time creating a detailed budget, try using online tools and apps. For instance, your RCBC Pulz online banking app allows you to see every transaction you make. This gives you enough data on your frequent spends (or constant purchases you may not necessarily need). You can start your financial plan for 2024 from there!
Think before spending
It’s good to spend on yourself from time to time—after all, what’s life without color? But this year, perhaps you can practice the habit of thinking before spending. If you are going to spend on anything outside of your planned budget, assess if it is indeed a necessity or just a want. Then create a plan on how you can finance it.
You should also use all the financial tools available at your disposal to make wise spending decisions. Going on a vacation? You can use your RCBC Credit Card’s 0% and Unli Installment features so you can have a bit of rest and relaxation without breaking the bank! To avail, simply log into your RCBC digital banking app account, tap your card, choose the transaction you would like to “convert to installment,” and select your preferred installment terms. Visit https://rcbccredit.com/features-and-benefits/budget-management/unli-zero for more information.
Align your insurance policies
As the previous years have proven, life can be a bit unpredictable and uncertain—hence, the need for the right insurance coverage. Review current policies—especially your life and home insurance—and study if these fit your needs as well as your current financial capacities. Adjust based on these two factors.
On the other hand, if you currently do not have any insurance policies, perhaps it is best to consider getting one this year. You may also consider enrolling in RCBC Hexagon Club so you can enjoy free life insurance coverage of up to P5 million under Sun Life Grepa Financial Inc. as long as you meet the eligibility requirements (for instance, the account holder should be enrolled as an RCBC Hexagon Club Privilege/Priority member, is between 18 to 65 years old, and with a total balance of at least P100,000 in their Peso Checking/Savings account/s among others). Meanwhile, RCBC Credit Card cardholders ages 18 to 64 years old can enroll in the Easy Health Insurance Plan—a simple health insurance plan that covers medical expenses such as hospital room and board fees.
Get a savings account that can help you achieve financial freedo
At this point, it’s a given to have a savings account—it’s pretty much a necessity these days. But did you know that there are savings accounts that have different functions and benefits? You can choose one for your specific financial needs.
For instance, RCBC OneAccount is an all-in-one account you can personalize according to your needs. Not only does it come with a standard debit card but you can also opt to get a checkbook—so you wouldn’t have to open a separate account. OneAccount also has add-on features, such as life insurance and personal accident insurance, which you can add or remove as needed.
Meanwhile, you can become a member of the RCBC Hexagon Club if you open any RCBC checking or savings account, and maintain the required deposit of at least P100,000. Being a Hexagon Club member has several perks—priority service, free life insurance coverage, and a dedicated business relationship manager who can give you advice on how to further grow and invest your money. Hexagon Club members also enjoy premium interest rates, waived fees, and other exclusive benefits. Visit www.rcbc.com/hexagon-club to know more.
Let these tools and tips give you more ways to have a prosperous 2024!
