If you are part of the graduating batch of 2020, prospects may seem dim with the current health situation grappling the world and changing many of the traditional systems. Even young adults are faced with many difficulties in the new world.
With a lack of job opportunities, lessened income, and increased expenses, the future seems quite bleak. With big dreams and limited means, where would you even begin?
Hope is not lost as you can still make the most out of the money you have with the right advice and some smart financial decisions.
Here are some tips to protect and grow the money you have right now.
Establish a realistic budget with allowance for an emergency fund
Many have different suggestions when it comes to budget allocation. There is Elizabeth Warren's 50-30-20 spending and saving rule, the 80/20 budget rule, or even more complex budget breakdowns. The ideal budget allocation will depend on your needs, wants, income, and financial goals. Be sure to establish a realistic budget that you will actually follow and make allowances for emergencies. If you can, it is important to set aside a solid emergency fund. That way, you will not have to spend your savings on unforeseen expenditures.
Do not put all your eggs in one basket
In these uncertain times, it may be wise to scatter your resources so that when the worst happens and one of your baskets gapes a hole or you encounter some difficulty, you still have other baskets. This can be applied by not putting all your savings in one location or investing all your money in one big venture.
Develop your skills
If you are blessed to keep your job during these trying times, that is great news! However, if you are one of the less fortunate who was laid off, do not lose hope. Be active in your job hunting and, in the meantime, develop your current skill set. Do not stop there, try and gain new marketable skills that will make you an even more desirable employee. If you are up for it, enroll in free academic courses available online. Never stop learning and improving yourself - it will pay in the long run.
Seek a financial advisor
While searching for information online is always helpful, you need proper financial advice. The best course of action is to consult a professional. Everyone's situation is different and you may need a tailored plan to match your financial standing, and a financial advisor can help you with that. With proper guidance, it will be easier for you to reach your financial goals and know how and where to invest your hard-earned money.
Much like many Filipino youths and young adults, Sun Life Ambassador Iñigo Pascual knows what it is like to be independent in an uncertain world.
In Sun Life Philippines's previous Facebook live series called Sun Talks, Pascual talked about his struggles transitioning from a sheltered childhood to living independently and paying his own bills. He gave credit to his parents who guided him in his financial journey but admits that adulting is still tough no matter what one's circumstances might be.
In the same way that Pascual's parents taught him how to handle his money and plan for the future, Sun Life's financial advisors are ready to help anytime, as Inigo’s financial advisor did. Sun Lifeoffers simple and easy-to-understand financial solutions in the form of tailored insurance and investments that can fit anyone's goals and budget. There are relevant solutions available that will help even the younger market inch their way to reach lifetime financial security.
Sun Life has put together a special adulting pack to help new graduates and young adults protect and grow the money they currently have even during this time.
At only P2,000 per month, Pascual's Adulting Starter Pack includes life insurance coverage, money back, and increased projected investment fund value after five years.
The Adulting Starter Pack is a bundle of Sun Startup, a life insurance product that provides coverage for 10 years and a Sun Life Prosperity Money Market Fund, a mutual fund investment that has the potential to earn after five years.
To customize the Adulting Starter Pack to fit your goals and budget, talk to a Sun Life advisor today.
For many, adulting is a challenging transition fraught with dubious decisions but fun and memorable days. Anyone can start making smart money decisions with the help of financial service companies like Sun Life Philippines.
Do not let the current situation stop you from chasing after your dreams and achieving lifetime financial security. Never lose hope and be smart with your money for brighter days ahead.
For more information and updates about Sun Life Philippines, visit its official website, Facebook, Twitter, and Instagram pages.
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