Cover Photo: Courtesy of Cocolife

Stay on top of your finances with these easy and realistic tips

There’s more to being financially secure than sticking to a tight budget. When combined with the daily hustle and bustle, it can be easy to feel like you don’t have the time or luxury to be highly conscious of your spending.

Tatler talks to three executives from Cocolife, the country’s biggest Filipino-owned stock life insurance company, to know their advice and tips for young, busy individuals hoping to save time and money, all while living their best lives:

See also: What's It Like to be a CEO at 32? Cocolife's Martin Loon on Service and Making it to the Top

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Photo 1 of 4 Atty. Martin Loon, Cocolife President and CEO (Photo: Courtesy of Cocolife)
Photo 2 of 4 Rowena J. Asnan, Cocolife VP – Marketing and Research and fitness enthusiast (Photo: Courtesy of Cocolife)
Photo 3 of 4 Elmore Edward Ornelas, Cocolife VP - Chief Communications Officer, Deputy Head of Corporate Strategy, Host/Model
Photo 4 of 4 Edward Robin Gonzales, Cocolife VP – Head of Product Management and a father of three (Photo: Courtesy of Cocolife)

1. Set fixed budgets and categories

While tracking expenses is a usually recommended money-saving hack, it certainly isn’t for everyone. “Tracking each minute expense can become a tedious activity. It may be better to set a fixed budget per category: for utilities, transportation, food, leisure, emergency fund, medical, savings, investment, et cetera. One can only spend what has been budgeted, anything that is not spent can go to savings,” shares Rowena J. Asnan, Cocolife’s vice president for Marketing and Research.

To make it a realistic and sustainable habit, getting a budgeting app or even going back to more traditional methods can help. Asnan adds, “You can also use the tried and tested envelope system because physically seeing money leave the envelope inspires a new level of responsibility.”

 

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Above Photo: Angie Reyes / Pexels

2. Declutter frequently

Decluttering is indeed an important practice that can help you save both space and money. “Establish a regular time to declutter, preferably every week or two,” says Edward Robin Gonzales, vice president and Head of Product Management at Cocolife. “Get rid, throw away, recycle, or sell anything that no longer serves us. The less stuff we own, the less we have to store. Knowing what we still have refrains us from buying things that we do not actually need.”

See also: How to Ease Into Minimalism: 5 Tips for Decluttering Your Life

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Above Photo: Becca McHaffie / Unsplash

3. Set goals and rewards

Cocolife vice president and Chief Communication Officer, Elmore Edward Ornelas, says, “Setting financial goals as early as possible will lengthen your investment horizon, allowing you to have a larger return on investment. For example, if your goal is to retire by 55, and you started investing at 30, the total return on investment that you’ll attain by 55 will be less than if you started investing at 25.”

Besides your long-term goals, it also helps to make a list of your short-term plans, whether you’re saving up for your next vacation or your first family home. Don’t forget to reward yourself after every financial milestone because even a little encouragement goes a long way.

See also: Digital Banks, Stocks, and Insurance Policies: Invest Your Year-End Bonus and Secure Your Future

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Above Photo: Courtesy of Cocolife

4. Explore multiple streams of income

“Never rely on only one source of income and don’t live paycheck to paycheck. Having active and passive income sources can provide more financial cushion,” says Asnan. Gonzales adds, “Start with what tickles your interest the most. You may want to improve your skillset or learn a new one, venture into a business, run side hustles, and eventually turn it into a passive income while still being committed to your nine-to-five day jobs.”

Ornelas also mentions, “Because of digitalization, platforms are abundant with low costs that allow us to invest parts of our income. Investing, whether it be in stocks, bonds, or real estate, is a must-have for every millennial’s financial portfolio. This will require a lot of studying and due diligence, but fortunately, it can be learned.”

See also: Where To Invest? Stocks Analyst Luis Limlingan Shares Advice

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Above Photo: Mikhail Nilov / Pexels

5. Expand your financial literacy

Determining which investments are worth it can be tough, especially with limited knowledge or experience in the trade. Asnan shares, “These days there are various seminars and training conducted by legitimate organizations. It’s also a good idea to seek advice and guidance from professionals and from mentors whose success you want to emulate. These can help you avoid the pitfalls of too-good-to-be-true schemes.”

See also: How to Start Safely Investing in Cryptocurrency

Meanwhile, Ornelas recommends paper-trading for beginner investors, a type of simulated trading where investors practice buying and selling securities without putting real money in. He shares, “Personally, I used the digital platforms before to paper trade when I was still learning how to properly invest in the stock market.”

He adds, “I would also recommend that starting investors look into insurance plans with investment options. At Cocolife, we have a team of highly experienced professionals that decide which stocks to put your money in. So if you don't have the time to dive deep into the individual stocks and do both fundamental and technical analyses, I would strongly suggest looking at an insurance plan with an investment option.”

6. Invest in insurance

“It is never too early to get insured,” Asnan shares. Like Ornelas, she highly recommends choosing a variable life insurance plan, which provides a combination of insurance protection and investment opportunities. “The beauty of a variable life insurance plan is that it provides comprehensive insurance coverage to ensure your loved ones will not face financial distress while letting you enjoy high investment earning potential through expertly-managed funds.”

Gonzales adds, “When it comes to the advisable time to get insured, the younger you are when you buy life insurance, the better. Get an insurance plan that will cover your health while saving money at the same time.”

See also: Tatler Talks Recap: Is It Smart To Invest During The Pandemic?

7. Meal prep on weekends to save time and money

Besides helping you avoid eating out and wasting idle time deciding what and where to eat throughout the week, meal prepping and planning gives you the ability to control what you eat if you’re keen on staying healthy. After all, better health can lower your risk for certain medical concerns, thus helping you reduce medical expenses and keeping your emergency funds intact.

Asnan also shares, “With meal prepping you can control food portions that aid in weight loss. It also has the added benefit of consuming healthier food choices that promotes general physical well-being.”

See also: Fitness Tips: Erwan Heussaff On How To Balance Eating Well With A Healthy Lifestyle

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Above Photo: Ella Olsson / Pexels

8. Get in more movement when and where you can

Asnan says that the pandemic has made more people realise that it isn’t necessary to go to the gym to exercise. “You can incorporate working out into your everyday activities with items that can be found at home, like a full water bottle, the edge of your chair, the stairs, and your office bag.”

“Get the exercises that have the best bang for your buck,” adds Ornelas. “Contrary to popular belief, one doesn’t have to do an hour or two of exercise every day to be in tip-top shape.  Given the right program, 30–45-minute strength training workouts spread out two to three times a week could already do wonders for your body.”

See also: 5 Sure Ways to Keep Yourself Motivated to Work Out

Grow your money and achieve financial security with the Cocolife LifeVest, which combines insurance protection with a potential earning investment fund. To inquire and learn more, visit their website and follow them on Facebook and Instagram.

 

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