1. SET A REALISTIC GOAL In setting your money-saving goal, start with what’s doable and realistic as well. “I will save 20% of my income (for a minimum wage earner, that is around P2,400 a month) and have P18,800 next year.” 2. DETERMINE YOUR ACTION STEPS If you want to start saving 20% of your income, you will have to live on the remaining 80%. If you’re used to spending everything before, you may have to make necessary adjustments like: Bring packed lunch instead of eating out Buy only what is necessary in the grocery 3. KNOW YOUR “REASON WHY”
Think of it this way – your goal or vision is your destination, your action step is your vehicle, while your “reason why” is the fuel that will keep you going until you reach your goal. If your goal is to be physically fit, why are you doing it? I once heard of a story of an obese dad who started going on a diet the moment he saw his new born daughter. His reason was he wanted to live long enough to walk her daughter down the aisle. Every time he is tempted to quit dieting, he made himself remember why he wanted to be fit that motivated him to keep on going. 4.START TODAY Start saving money today. Once you receive your salary, make a budget and set aside your saving right away. You can deposit it immediately to your savings account or to your investment instrument 5.MAKE IT A HABIT Applying these 5 strategies is great, but what’s greater is starting over again even after you fail. Remember, there are no failures, only lessons learned. You may not be where you want to be, but at least you’re not where you used to be. LIFE INSURANCE 1.Get an insurance policy from a large company 2.Know all the requirements of claiming Go to the company website or ask the insurance agent who sold you the insurance package. You should know ALL the requirements and process of claiming. List them down and try to accomplish what you can. You can start by getting the basic requirements like birth certificate, marriage certificate, and others to make it easier for your beneficiaries. This is especially true, lalo na kung bata pa yung beneficiary. Sino ang mag-aasikaso nun pag patay ka na? Ikaw parin? Dapat, handa na ang lahat ng requirements mo. Dapat death certificate nalang ang idadagdag dito. Morbid? Yes, pero bakit ka nga ba uli bumili ng life insurance? 3.Collect everything in one envelope Once you’ve gathered the basic requirements, put everything in one envelope. Make sure that you label it properly and have a checklist of requirements that your beneficiary still has to get. Also, label the envelope properly. Put the name of the insurance company, contact number, website, insured amount, and the name and number of the person who sold you the policy. It is better if your family knows the agent who sold you the product personally. This way, they will know who to go to after you’re gone. It’s best to do these things while you still have time, because who knows, right? 4.Let the beneficiaries know that you have an insurance package You should inform your spouse, children, or whoever your beneficiary is that there is an insurance package and how much they will get. Some people never mention this information to their beneficiary, na may makukuha sila kapag may di inaasahang pangyayari. Kasi, baka nga may mangyari! Kung duda ka sa kanila, bakit mo pa sila ginawang beneficiary? Seriously, who will tell them about your policy kung patay ka na? It’s sad that family members find out about the insurance years after, and worst, it’s beyond the claiming deadline at wala na silang makukuha pa. Sayang naman ang pinaghirapan mo para sa kanila 5).Make sure that you pay the monthly premium regularly Don’t let the late charges accumulate and skip on paying the monthly fees because if something happens to you and the payment is not updated, it is possible that the policy will be void and your beneficiaries won’t get anything just because you forgot to pay a few hundred pesos. 6.Ask for the certificate of full payment Once you’re finished paying the insurance premium, don’t forget to ask for a certificate of full payment from the insurance company so that there will be a proof when your beneficiary has to claim. If the insurance is not yet fully paid, be sure to keep all the receipts in case it will be needed in the future. Did you know that even a centavo of unsettled payment may cause for your beneficiary to not get anything? 7.Maintain contact with the insurance company After you complete your payments, keep contact with the insurance company. If your current agent retires or leaves the company, make sure you know who will replace him or her. Keep yourself updated with the requirements, procedures, and forms because they keep on changing it. We hope by now you see how important it is to take the time to monitor your investments like your life insurance. After all, the very purpose of this investment is for your family to be secure even after you are gone. This is more than just money, but a legacy that you will leave to them. *copied from a link forwarded to me by Miss B
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