by Donna Segunial
Prepare for 2025 by aligning your financial strategies with health and wealth goals. Our expert solutions help you build long-term prosperity, ensuring a balanced and secure future for both your finances and well-being.
As we move into 2025, are we confident enough to honestly answer this question, “Am I ready to face another new year? Will I achieve this time what I have been aiming for or will I end up with the same results, again?
It has been four years since the covid pandemic came into everyone’s lives which resulted to a global catastrophe. Our lives literally turned upside down and daily we all had to face FEAR. It was like living in a nightmare and when you wake up in the morning, you realize you are still in a BAD DREAM which you wish would end.
One of the prayers I sincerely asked God was to make me disciplined in handling my finances. Thankfully I was able to budget wisely and made sure all bills were paid on time. Even with the offer of the BAHO by the BSP, I chose to continue paying my loans so all the cheques I issued were well funded. As time went by, I successfully paid the remaining loans I had so there were no more cheques to be funded. The next step I did was to settle the other remaining financial obligations with the other financing institutions which I am religiously paying to date. At this time, I only have about less than twenty-four months remaining to settle my financial obligations.
This coming 2025, I want to be much wiser and be more equipped on “How to Protect my Finances and my Health.”
Here are key strategies that I intentionally will undertake to help me reach this goal.
1. Budgeting: The Foundation of Financial Resilience
Proper budgeting is the first step toward financial resilience. It will allow me to track my cashflow, prioritize essential expenses, and manage savings even in uncertain times.
- Track and Reevaluate Expenses: I actually do this on a regular basis. I list all my credit card expenses and check my available and outstanding balance. I have an excel file which I update as necessary to identify areas where I can save more and list of all my regular expenses. This regular task has enabled me to make wiser financial decisions and prevented me to overspend. Since the pandemic crisis, I religiously cut down on dining out and luxury spending. I tracked all my online shopping and only purchased necessities for my family. These big and small adjustments helped me a lot.
- Emergency Fund: This is something I still aim to achieve. Each time I am able to set aside an amount, I happen to spend it but for a good purpose e.g. major bills to settle. I read an article that we should all aim to save at least $1000 as an emergency fund. This is crucial in case of any unexpected events. This is a work in progress and I SHALL NOT GIVE UP.
- Debt Management: I believe I have well managed myself in this area as I have religiously been settling consistently my financial obligations. Each payday I prioritize settling my monthly dues and I keep focused on paying them in full very soon. It has been a peaceful journey for me as I look forward to being debt-free! Financial FREEDOM is my ultimate goal.
2. Insurance Planning: Safeguarding Your Health and Wealth
Would you believe I finally secured myself with two insurance policies during the pandemic crisis? I regret not continuing and securing more insurance policies with investment during my twenties. Had I been more educated and properly advised by my financial advisor, I could have invested and secured not just myself but my whole family. Well as they say, it is better to be late than never to have availed any insurance policy at all.
- Life and Disability Insurance: As the primary breadwinner of my family, having life insurance coverage is critical for me. I was so afraid something may happen to me anytime during the pandemic crisis that I availed two insurance policies. Disability insurance was also included so I am protected against the risk of losing my income due to illness or injury.
- Property and Liability Insurance: Both my vehicles are insured with a comprehensive plan. In case of any unexpected accident and natural disaster that may occur, which will lead to unexpected costs, I am well insured.
3. Health and Wellbeing: Staying Strong Amid Uncertainty
I value my health and I seriously make time each day to stay well. WHY? My overall health has a direct impact on my ability to earn, save, and invest. Maintaining physical and mental health helps me stay productive and better manage stress during uncertain times.
- Focus on Preventive Health: Each year I make sure I have regular checkups with all my physicians. I do my best to eat a balanced diet, make time to exercise and practice stress management techniques such as meditation or yoga which can improve overall health and prevent costly medical issues.
- Work-Life Balance: In a high-stress economic environment where we are all in, it is essential to maintain a balance between work and personal life. I make sure I do not overwork which can lead to burnout. I make time for SELF CARE for my spiritual, physical and mental health. Prioritizing REST, family time, and hobbies are all important to me.
- Mental Health: This is something that was seriously taken up during the pandemic crisis. MIND NATION provided support to all employees of my employer for all its’ subsidiaries which I found very helpful. This organization continues to provide support to all that require resolving issues on mental health. I highly recommend checking out https://mindnation.com
4. Stay Informed and Stay Agile
Finally, staying informed about global economic conditions and local financial opportunities is crucial for me. Being agile and adjusting my financial strategies as circumstances change which is inevitable will give me an edge during turbulent times.
- Monitor Global Trends: Economic forecasts, government policies, inflation rates, and geopolitical developments will surely influence my financial decisions. Much as I am not a fan of watching or reading the daily news, I shall stay informed through trusted news sources and financial reports.
- Financial Advisors and Experts: I am not an expert totally in managing my finances that is why I believe that seeking advice from financial professionals will be beneficial. They can provide personalized insights as to how I can best allocate my resources, how to invest, and plan for my retirement. Forward planning is a major goal for me now and I have a timeline set (which I am flexible to adjust.)
Conclusion
Navigating the economic challenges of 2025 requires a well-rounded approach to budgeting, investing, insurance, and health. By protecting both my finances and health, I can confidently build resilience against any uncertainties that may come my way. The best part is that I have a TEAM that is WITH me all the way to provide SUPPORT to make me successful in my financial journey.