MANILA, Philippines – As rising interest rates and global financial issues loom in 2014, financial advisor Salve Duplito said there are top three financial moves that Filipinos should consider making in the new year.
Rebalance your investments
Duplito said shifting funds to other investments and cash saving instruments depending on your needs is a good idea to start the year.
“If you have short-term needs like tuition, shift your money into cash or near cash instruments like money market funds or time deposits,” she said on ANC’s “On The Money.”
“Make sure you have cash reserved for buying assets when the opportunity looks right,” she added.
Pay off consumer loans
Duplito said paying off consumer loans should be prioritized because now “is the worst time to be in debt.”
“For long-term loans, lock in at the lowest rate possible as interest rates may be on the uptrend,” she said.
Duplito also noted that one of 2013’s black smudge is credit card debt. As of June 2013, Filipinos spent P150 billion using their credit cards.
Make sure you are not under-insured
Lastly, Duplito said you should protect yourself with insurance before investing your money.
But she also stressed to think twice before subscribing to an investment-linked insurance at the danger of under-insuring yourself.
“Rethink your strategy, protection should come first before investing,” she said.