Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

Plan now for the year ahead: The perks of being an early financial planner, according to Metrobank

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.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

    You May Also Like

    Stock Markets

    RUELLE CANINO (left) and GM Janelle Mae Frayna (right) — PHILSTAR FILE PHOTO BUDAPEST, Hungary — GM Janelle Mae Frayna and wonder girl Ruelle...

    Finance

    Running a business in the UK comes with a myriad of responsibilities, and understanding your tax obligations is one of the most critical aspects....

    Stock Markets

    By Justine Irish D. Tabile, Reporter INFORMATION TECHNOLOGY and business process management (IT-BPM) companies in the Philippines face a shortage in artificial intelligence (AI)-equipped...

    Finance

    Labour’s plan to overhaul the non-dom tax regime could cost the UK government up to £1 billion as wealthy individuals flee the country, a...

    Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Captain Of Success. All Rights Reserved.