Being financially stable and insured ay isa sa mga goals of many people. I mean who would not like to be in control sa kanilang financial situation without being afraid that they’ll run short—whether na expected or unexpected. Para hindi tayo naliligaw ng landas, we should make financial plans. This is a plan of making roadmaps to get nearer to your goals. To help in starting your financial plan, here are some pointers you need to remember:
What is Your Current Standing?
Knowing your current financial standing is the first step in making your financial plan. Sa bawat plano, need mo muna to evaluate your starting point for your level para hindi mag work against you yung plan and not make any progress. First, alamin mo muna ang iyong net worth. You can calculate your net worth by subtracting your liabilities, or your expenses or bayarin at utang, from your assets, or what you own. After malaman ang iyong net worth, you can now start in designing your financial plan, which leads us to:
Set S.M.A.R.T. Financial Goals.
You will never make a plan kung wala kang purpose or goal. Pero be guided na ang iyong goal ay dapat may characteristic of SMART; they should be Specific, Measurable, Attainable, Relevant, and Time-bound. Taking these in mind can help you to build concrete, plausible, and beneficial goals for your plan.
Create or Update Your Budget.
Kung ikaw ay nagbu-budget na ng iyong mga expenses before ka gumawa ng financial plan, then great! You are already aware how to cut your after-tax income for different expenses. Isa sa mga famous ways to budget ay the 50/30/20 rule na pwede mong gawing guide to help you in making the right distribution for your expenses. Ang need mo nalang gawin ngayon is to match it with your financial plan design. Makakatulong ito to save money because you can now track your expenses and be mindful in spending your balance.
Start Paying Down Your Debt.
Debts can hold your plan back because you have to take a portion of your salary to pay it back. So right off the bat, start relieving yourself with your utang by using either of these two methods sa pagbabayad sa utang: Debt Snowball Method, or mag-umpisa sa pagbabayad ng small debts muna then moving up gradually, and/or Debt Avalanche Method, or making minimum payment to all of your current debts at gamitin ang sobra para bayaran ang highest interest rate loans. Syempre, dapat may disiplina tayo in paying our debts back regularly.
Ensuring that your assets are protected in case of emergency is also part of financial planning. Need mo maging handa for the worst. That being said, mayroong different types of insurance na pwede makatulong to protect your money. Life insurance (to help your beneficiaries be financially provided after your passing), Homeowner’s insurance (to help in making sure your house is protected from disasters and crime), and Health insurance (to help in medical expenses).
After making these necessary designs para sa iyong financial plan, you are good to go na! Basta laging tandan na always check and review your plans and make the appropriate change of plan kung kailangan. That’s it, happy planning!