Unlock your financial goals with these money resolutions!
Beginning with the end in mind is one of The 7 Habits of Highly Effective People in Stephen Covey’s bestseller. According to the author, to begin with the end in mind means to start with a clear understanding of your destination. It means knowing where you’re going so that you will better understand where you are now, and make sure that the steps you take are headed towards the right direction.
Setting our goals today increases our chances to succeed tomorrow. The same is true with our finances. The good news is you don’t have to do it alone. Banks like BPI are combining high tech with the high-touch approach when it comes to serving clients. Digital banking allows banks to unlock higher-value interactions with customers, as everyday transactions can be done via the digital channel.
“While we provide the tools that allow our clients to do self-service with high tech, it is important that we have high-quality face-to-face interactions with them as well. When clients visit the branch, we ought to make it worth their while,” said BPI President and CEO Cezar P. Consing.
So, here’s how you can manage your financial goals through high tech and high touch.
5 New Year Money Resolutions that your bank can help you achieve
Money Resolution #1: Save More
Discover new ways to save more money by using mobile and online banking. Set up digital payments and link your account to online services that you regularly use. Fintechs such as GCash, Lazada, and Pay Maya even have rebates or promos, making your money work hard for you.
Make time to visit your bank to setup your online and mobile banking for your account. It will save you enormous amounts of time and money. Since I set up my mobile banking last year, it has allowed me to:
- Save trips to the bank or ATM
- Receive and send money without the hassle and fees
- Schedule and pay bills, and avoid late penalty fees
- Digitally pay for goods and services and always pay the “exact amount”
- Always have knowledge of my bank balance (ignorance of your account standing is not an excuse to spend)
- Track where my money goes
Visit your bank and fill up an application for online and mobile banking. My bank is BPI and I only had to visit them once to enroll in digital banking.
Money Resolution #2. Get out of Debt
If you are in a debt situation, you can have more peace of mind by talking to your bank about it. Let them know your situation so they can offer solutions that can be right for you. Some of these solutions can include:
- Payment term negotiation
- Debt consolidation
- Comparison of products with lower interest rates
- Budget management
I cannot stress it enough: it is stressful to be in debt. Sometimes, doing something about it is the least attractive thing to do. However, dealing with your debt now will empower you to pay it off more easily and start a new year on the right foot.
Money Resolution #3: Get More Insurance Coverage
Insurance products are very accessible now but if you plan to talk to your bank about it, you can get trusted advice about the right financial products for you. If you are already have life or health insurance, consider insuring your family members as well or your assets.
Examples are:
- Accident
- Life
- Health
- Non-Life (car, motor, house, etc.)
Most banks are partners with insurance companies. Some offer their own insurance products too. You wouldn’t know if you don’t ask. You can discuss this in your next visit to the bank.
Insurance products can protect your savings and investments. Imagine how you would deal with an accident or emergency? You will be forced to dig into the pockets of your savings or investments. More than financial protection, insurance offers a great way to enjoy life with more peace of mind.
Money Resolution #4: Invest More
The internet is overflowing with financial and investing advice. One thing to be wary of are fake financial experts. If you want sound financial advice that will really help you achieve your goals, a good place to go to is your bank.
For example, at BPI, there are relationship managers or investment advisers who will make sure to understand your needs and provide you trusted financial advice to help you grow, manage, and protect your wealth. Some investment vehicles that you can ask about are:
- UITF or mutual funds
- Stocks or equities
- Retail treasury bonds or corporate bonds
If you want to invest more, you can also consider automating your investments via the BPI mobile app or BPI Online, and set it up with your bank.
Money Resolution #5: Buying a House or Car
Having your own place to call home and finally living for yourself are surely attractive goals for next year. It’s one of my personal goals this year. However, with the rising cost of properties – it sometimes feels like “suntok sa buwan” or nearly impossible for a regular person to afford their own home.
I’ve done some research and found that housing loans offer a way towards people’s dream houses. The same goes for car loans for people who want to have their dream cars next year. Your bank can help you explore loan options, conduct financial assessments, help you find the most affordable financing packages, and more.
These are just some of the money resolutions that can help shape a better life for us next year. I hope you’re excited as I am to take on new challenges. I am excited to start 2020! Like American politician, neurosurgeon, and author Ben Carson said, we can all live our dreams through hard work, perseverance, and faith in God.
Happy New Year!
