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
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.”