debt management – Jellybeans in the City

Playing for Life with Sun Life: Adopting Sound Personal Finance Strategies for a Lifetime

Imagine navigating life’s financial decisions like a strategic game. That’s the essence of “playing for life”—making smart choices to ensure long-term financial stability and growth. For some of you guys in Gen Z, balancing income, investments, and other financial priorities can feel overwhelming. But what if you could take control of your financial journey in a fun and engaging way?

Let your Tita Jellybeans shed some light on this and share some of my own experiences.

Strategies to Play for Life

Manage Your Resources

Think of managing your money like playing a resource-management game. In my case, creating a budget was my first step towards financial control, setting spending limits and regularly adjusting them as my financial situation changed. This approach helped me avoid unnecessary expenses and prioritize savings.

Build a Survival Kit

An emergency fund is like your in-game survival kit. My first financial goal was to save three months’ worth of living expenses. Automating transfers to a separate savings account ensured I stayed on track. This fund became a lifeline during unexpected events, such as medical emergencies, providing me peace of mind and a sense of financial stability.

Defeat the Debt Boss

Take it from me: conquering debt can feel like defeating a powerful game boss. I found it best to prioritize paying off high-interest debts first, which significantly reduced my financial burden over time.

Avoiding new debts and focusing on paying off existing ones is crucial in my journey toward financial freedom, so you can bet I sometimes hide my credit cards during peak shopping season.

Invest in Power-Ups

Investing is like collecting power-ups that boost your abilities in a game. You might hear this all the time but it is best to start early. It will enable you to benefit from compound interest, significantly growing your investments over time. Diversifying your portfolio will also reduce risks and maximize returns.

Prepare for the Endgame

Planning for retirement is akin to preparing for the inevitable endgame. I’ve seen firsthand how something you may be counting on from your work or family may just disappear into the void. Anticipating your future needs and making regular contributions to retirement accounts are some of key steps I would recommend as you prepare for your future.

Sun Life is Your Partner for Life

Still find yourself at a loss at game of personal finance?

Fortunately, Sun Life aims to equips individuals like you with the tools and knowledge needed for lifetime financial security and healthier lives. Its latest initiatives emphasize financial literacy through gamification, making learning about finance engaging and accessible to more Filipinos, especially those in younger generations.

Play for Life Online Game

Sun Life’s new game, Play for Life: A Game of Choices, mirrors real-life financial decisions. Launched in June 2024, this single-player online game allows players to achieve life goals by making strategic financial and life choices. From selecting a career to navigating life’s ups and downs, the game offers a realistic financial journey that ends with players accumulating enough play money to reach their goals. Want to play it with your squad? Take heart: a multi-player version of the game is set to launch soon.

Know more about it here.

Play for Life Boardgame

At a recent media conference held at Conrad Manila, I had the chance to try a more immersive, table-top boardgame version of Play for Life: A Game of Choices. Together with fellow attendees, I chose characters (such as a teacher or a BPO agent) and rolled the dice which led to life decisions (such as having a baby or investing in education) or circumstances (such as medical emergencies) that have either short-term or lasting impact on my finances which, in turn, affect how I get to achieve a financial goal. The experience was enlightening, demonstrating how financial decisions impact our lives. Through the gameplay, I gleaned insights from my decisions as well as from fellow players.

During this event, Sun Life unveiled its latest digital video commercial featuring celebrity ambassadors Piolo Pascual, Sarah Geronimo-Guidicelli, and Matteo Guidicelli playing the board game. They also shared their experiences and learnings from the game and from their real-life experiences, making the event both informative and enjoyable.

The good news is that you can experience this table-top version of the boardgame. All you need to do is visit your nearest Sun Life branch. A Sun Life Financial Adviser can serve as your game master and guide you through your game play.

Life-Size Game Tour

For those seeking an even more interactive experience, a life-size version of Play for Life will be touring select areas around the country. You can navigate giant game boards and make real-life choices at these locations and dates:

SM Sta Rosa from July 27 to 28, 2024
SM Lanang in Davao from August 24 to 25, 2024
SM Iloilo from September 14 to 15, 2024

Table-top boardgame versions will also be available during these activations, so you can play it with your family and friends.

Travel and Giftaway Vouchers Up for Grabs

Have an existing Sun Life policy? You can get a chance to win a Php100,000 travel voucher to Japan or Giftaway vouchers worth up to Php10,000! All you need to do is play the Play for Life game by participating in any of the mall activations or playing online, then submitting the form at the end of the game. Winners will be drawn up among eligible Sun Life clients via an electronic randomizer. Promo runs until October 31, 2024.

Know more about this promo for clients here.

Non-Sun Life clients also have the chance to win a trip for two to Vietnam or Giftaway vouchers worth up to Php10,000. Just play the online version of Play for Life and fill out the “Double the Pot” form. Winners will be selected via a raffle draw among eligible entries, and announced on September 18, 2024.

Know more about this promo for the public here.

“Rank Your Money Moves” on TikTok

Sun Life has also launched an interactive TikTok filter called “Rank Your Money Moves.” This gamified filter lets you rank your priorities such as love life, food, and travel, providing a fun financial personality type based on their choices. Trying out the filter was a fun way to reflect on your financial priorities and gain new insights.

Try it out here.

It’s time to turn your game plan into actual moves towards financial freedom. Consult a Sun Life advisor to create a personalized financial strategy or visit Sun Life’s website for more information. By taking proactive steps today, you can secure a brighter and more stable financial future.

So my dear young ‘uns, embrace the game of life with confidence and strategy, and let Sun Life be your partner in achieving financial success.

Check out my previous posts about financial freedom:

Check out my posts about Sun Life:

#HealthIsWealth: How your physical well-being impacts your finances

How freeing yourself from money worries lets you #LiveLifeBrighter

Rebooting your finances: How to restart your financial journey

Do you sometimes get the feeling that you’re in a financial rut? When you feel overwhelmed with bills and debts, or short on funds? Or when you worry about what you will leave behind for your kids?

It may be time for a financial reset.

In a recent leg of Sun Talks, Sun Life’s series of talks on financial wisdom, Cluster Head Valerie Lagarde-Amora and Financial Advisor Andrea de Guzman provided attendees with pertinent knowledge and stories on how to do just that.

During the session, I learned that taking control of your finances and embarking on a journey towards financial success can be quite a transformative step. Whether you’re starting from scratch or seeking to realign your financial goals, restarting your financial journey is possible at any stage of life.

Getting Ready

As the initial phase of the financial journey, this is the time to assess your current financial situation and lay a solid foundation for future success.

Take stock of your income, expenses, debt, and assets. This self-assessment will provide clarity on where you stand financially.
Set realistic financial goals. Whether it’s paying off debt, saving for a down payment, or creating an emergency fund, clear goals will serve as a roadmap for your journey.
Create a budget and track your spending. A budget helps you allocate your resources effectively and identify areas where you can cut back and save.
Build healthy habits. Now is also the time to establish patterns of behavior that will keep you fit and healthy for life such as a sustainable exercise routine and a balanced diet.

Moving Up

When you’re at this stage of progress and growth, you should strive to increase your income, build wealth, and improve your financial standing.

Enhance your earning potential. This is the time to go after opportunities for career advancement or consider pursuing additional education .
Develop a savings plan and establish an emergency fund. Having a financial safety net allows you to navigate unexpected expenses without derailing your progress.
Reduce debt and manage credit effectively. Prioritize paying off high-interest debts and explore options for consolidating or refinancing to ease your financial burden.
Explore investment options to grow your wealth. Consider diversifying your investment portfolio based on your risk tolerance and financial goals.

Planning Ahead

At this stage, you should focus on long-term financial security and retirement planning.

Evaluate your retirement goals. Think ahead on how you want spend your retirement years and consider savings options to sustain your lifestyle.
Assess insurance needs for protecting your assets and loved ones. Adequate life, health, and disability insurance coverage provides peace of mind and safeguards against unforeseen circumstances.
Engage in estate planning. Creating wills, establishing trusts, and designating beneficiaries ensure that your assets are distributed according to your wishes.

Review and adjust your investment portfolio to align with your long-term goals. Regularly assess your risk tolerance and make informed decisions based on market conditions and changes in your financial situation.

Leaving a Legacy

By focusing on preserving the value of your wealth that you have accumulated over the years and safeguarding your loved ones from costly estate taxes and fees, you can leave a lasting legacy that truly benefits future generations.

Create a comprehensive estate plan that maximizes the value of your assets. Working with estate planning professionals, such as lawyers or financial advisors, can help you navigate complex tax laws and ensure your assets are distributed efficiently.
Consider life insurance as a way to provide financial security for your beneficiaries. Life insurance policies can cover estate taxes, funeral expenses, and provide a financial cushion for your loved ones in your absence.
Regularly review and update your estate plan to reflect changes in your financial situation, family dynamics, or tax laws. By staying proactive, you can ensure that your legacy plan remains aligned with your goals and current circumstances.

The key is to restarting your financial journey is to take action and start today. Regardless of the stage you find yourself in, doing so will pave the way for a brighter financial future. Empower yourself with knowledge, stay committed to your goals, and adapt as circumstances change. Also, remember that seeking professional advice can provide invaluable support along the way.

The Sun Talks on “Restarting Your Financial Journey” has illustrated that undergoing a financial reset may not be easy, but the rewards are worth it. Embrace the opportunity to regain control, achieve financial success, and build a solid foundation for the future. Your financial journey starts now—make the decision to take that first step towards a brighter financial future.

Want to get started on journey towards a better financial future. Check out Sun Life’s life insurance products by consulting a Sun Life advisor or visiting its website.

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2022, Sun Life had total assets under management of CAD 1.33 trillion. For more information, please visit http://www.sunlife.com.

Will debt consolidation ease your money worries?

Like it or not, the state of your finances can and will affect your physical and mental well-being.

If you are experiencing chronic financial anxiety – the near-constant state of worry, stress or emotional disturbance over the state of your financial affairs – you might also be prone to disorders and behaviors that can negatively affect your body and mind.

Sufferers of financial anxiety are also likely exhibiting sleep disorders, weight fluctuations and disruptions from normal eating habits, unexplained aches and pains, as well as physical health concerns such as headaches, heart and blood pressure problems, and stomach issues.

Financial anxiety can also affect mental health. Feeling burdened by money worries could lead to the waning of self-confidence or sense of competence, as well as exacerbating the feeling of isolation.

With such worrying effects arising from financial anxiety, it is clearly a condition that needs to be avoided or immediately addressed if one is a afflicted by it.

A recent CNBC article cites the aside from job loss, the continually rising cost of living and the lack of knowledge regarding personal finance, financial anxiety is also commonly caused by money missteps.

One such misstep is getting into quite a lot of debt. Whether this situation came about due to abusing your credit card, falling back on your payments to previous financial obligations, or other actions or lack thereof to put yourself in a better financial state, knowing that you owe a big sum of money can feel quite stressful.

If you find yourself in this situation, experts advise not to beat yourself up about it. The best recourse is to clear your mind and make a sound plan of action.

A step that you can take is to consider debt consolidation. As discussed in this 2021 Forbes.com article, combining multiple debts into one with a single monthly payment and usually with a lower interest rate through a personal loan or a balance transfer credit card helps to streamline your finances and speed up paying off your obligations, thereby getting you closer to being debt-free.

With that said, you would still need to think carefully on whether debt consolidation is the best option for you. The same article posits that debt consolidation may come with added costs – such as origination fees, balance transfer fees, closing costs and annual fees – and does not resolve underlying financial issues such as lousy spending habits which may lead you to getting into more debt.

Debt consolidation may be your best bet if your total debt amount is high enough to justify the additional fees and efforts involved in getting a new loan, if you are set on working to improve your finances through positive changes in your money habits and if your current cash flow is sufficient cover the new monthly payments. Having a credit score high enough to qualify for a lower interest rate will also go a long way towards making debt consolidation work for you.

At the heart of this issue is the need to have a thorough understanding of yourself and your financial habits, your current financial standing and your future financial prospects to be able to gauge whether debt consolidation is the right course of action for you.

It also helps to read more about debt consolidation so you can take the first important steps towards your financial freedom and, hopefully, to a better physical and mental state.

Photo credits:

Header photo by presfoto on Freepik
In-article photos by Liza Summer, Pixabay and Daniel Reche on Pexels