If the first half of the year felt like a financial rollercoaster because of inflation, rising fuel and electricity costs, impromptu expenses, and life’s little surprises, you can still make it right. This period is actually the ideal reset point since you now have a clearer picture of your finances yet still have breathing room to prepare for the holiday rush, year-end expenses, and the peak of the typhoon season.
Instead of wasting energy dwelling on the past, reframe your focus during this “Pre-‘Ber Months Reset.” Use the time to reassess your financial health, recalibrate plans, and get your bearings before the busy holiday season kicks in.
However, a true financial reset isn’t just about cutting down daily expenses by skipping coffee runs and impromptu shopping trips. While these lifestyle changes could stretch your budget, the only way you can truly rewrite the script is by prioritizing high-impact financial decisions that secure the big-ticket items you worked so hard for.
After all, what’s the use of saving a chunk of your salary if a typhoon, flood, or road accident can wipe out those saving in less than a day?
To successfully pivot, you should manage your cashflow while actively safeguarding your assets.
Anthony Guanzon, Chief Marketing Officer of Malayan Insurance of Malayan Insurance, one of the country’s most trusted non-life insurance experts, weighed in, noting that many people focus on saving more yet forget to protect what they worked so hard for.
This nearsightedness leaves many Filipinos vulnerable during the priciest season of the year, which is already marked by holiday spending, scaled business operations, and the high-risk rainy season.
“A midyear reset is the right time to review your insurance coverage and make sure it still fits your lifestyle. Non-life insurance helps protect your home, car, business, and travel plans from unexpected costs. And it’s definitely not too late, the best time to get covered is before you actually need it,” said Guanzon
Guanzon added that early preparation, which includes reviewing finances and insurance coverage, helps reduce the financial impact when something unexpected happens. It also enables individuals and families to bounce back more quicky.
Now, the question is, how should you go about your “Pre-‘Ber Months Reset?”
The first step is to honestly re-evaluate your bank balance, cash flow, and assets. Take a closer look at your spending habits and compare them to your current needs and budget. Afterwards, tweak your plans to a more realistic target.
To help you reach your new goals, do a lifestyle creep check. Lifestyle creep or lifestyle inflation is the habit of spending more as your income goes up. While there’s nothing wrong with enjoying nice things or rewarding yourself, don’t overdo it. Pay yourself first instead of wasting your money on things you don’t need.
You should also ensure that you have a reliable financial safety net for your investments. Whether it’s a two-year old house, your first car, a month-long European trip, or a new business venture, make sure that the fruits of your labor are shielded from risks. Malayan Insurance products such as the Travel Master, Auto Master, Home Protect, Moto One, Vital Cover, and eSecure are specially designed to cushion the blow of unexpected moments so clients can recover and land on their feet in no time.
Lastly, save, save, save. Treat your savings like a bill that must be paid. Portion out your savings for an emergency fund, long-term savings, and a nest egg. If you can, explore investment opportunities to grow your money.
Going on a “Pre-‘Ber Months Reset” not only helps you achieve financial wellness, it also affords you peace of mind so you can truly enjoy the latter part of the year. Visit www.malayan.com to learn how you can safeguard the rewards of your hard work.
