It’s not all about the physical fitness we should care about. We pledge to lose weight, eat less, exercise more, gain muscle, and what else? We eat the right food, we take the almost perfect road to being physically fit but while we are on it, why are some still hitting the bank real hard? Perhaps we are more concern of getting physically fit and less on becoming financially fit.
Financial fitness is just as important if we want to secure our well-being, quality of life, and of course, our future. Think it’s hard to get financially fit?
Take note of these 5 easy steps to get started on this road.
#1 Measure yourself
Just as you need to measure your vital statistics before any fitness regimen, it’s equally important to know where you stand on the financial scale. Take stock of your earnings, spending, debt, and investment and create a series of goals.
#2 Save more
Weight gain happens when calories taken in are more than calories burned; conversely, savings decrease when money spent overtakes money set aside. Give up a daily or weekly item – it can be as simple as a daily coffee at a designer coffee house or a lunch out at work and replace them with homemade snacks. The savings can then be used for future goals, whether it’s for a trip or for your future.
#3 Start investing
Gym memberships, workout outfits, even time off to get fit have their financial fitness equivalents. Start looking into investment products that can give more bang for your buck compared with a bank.
#4 Diversify your portfolio
The best results are seen when you change up your routine, and even when you reward yourself every now and then. The same goes for investing, and even with supplementing your income. For example, you can turn hobbies into income-generating activities.
#5 Look at the long term
Fad diets and pills will not benefit you in the long run. Likewise with being financially fit. Save at least 20% of your salary and reserve at least 3 months’ worth to cover for emergencies. Invest in long-term instruments such as stocks as well to ensure a nest egg for your retirement. An example of a long-term investment is UTrade’s SIP or Stock Investment Program. It allows clients to regularly invest a fixed amount on chosen Philippine stocks for a year or for a longer period. Since it does not rely on current pricing, the investment becomes profitable in the long term the returns are based on the cumulative average cost.
UTrade is an online stock brokerage that allows you to invest in a variety of products depending on your budget and your goals.
For your investments, your UTrade advisor can assist you in other financial products to invest in, making sure your long-term goals are met.
Just follow these financial fitness tips and you will be well on your way to a healthy financial future.
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