The start of a new year is like a fresh canvas—a chance to paint a vibrant picture of your future filled with purpose, love, and well-being. While resolutions often center around career milestones or financial ambitions, embracing a holistic approach can lead to a truly balanced and fulfilling year.
So, how can you make 2025 your brightest yet? Here are five inspiring tips to guide you:
1. Prioritize Your Family’s Wellness
A strong, happy family begins with a foundation of health and connection. This year, make family time sacred. Share more meals, schedule device-free evenings, or discover the joys of outdoor adventures together. By nurturing these bonds, you’ll create memories that outshine any material achievement.
2. Align Your Financial and Health Goals
Imagine saving not just for a rainy day but for meaningful moments—a family vacation, a wellness retreat, or even healthy cooking classes. By intertwining financial goals with wellness priorities, you’re investing in experiences that enrich your life. It’s not just about balancing budgets; it’s about balancing what truly matters.
3. Balance Hustle with Rest
The pressure to constantly achieve can be overwhelming, but true growth often comes during moments of pause. Protect your well-being by setting boundaries, whether that means carving out time for self-care or reserving weekends for family fun instead of errands. A well-rested you is the key to supporting your loved ones effectively.
4. Build a Legacy of Meaning
Your impact extends beyond the here and now. This year, focus on creating a legacy that matters. Financial security can pave the way for your children’s dreams and ensure a stable future. Teaching them the value of financial responsibility and supporting their aspirations builds a foundation of purpose and possibility.
5. Celebrate Every Step Forward
It’s easy to get lost in the pursuit of big goals, but the small wins deserve recognition too. Whether it’s learning a new skill, ticking off a long-overdue task, or savoring a joyful moment with loved ones, these little victories make life rich and rewarding.
To turn these aspirations into reality, consider equipping yourself with the right tools. Financial protection solutions from Sun Life Grepa Financial, Inc. can help secure your future and support your goals, whether they center around life or health-focused needs. A Sun Life Grepa financial advisor can guide you in finding solutions tailored to your lifestyle and budget. Visit www.sunlifegrepa.com to start your journey toward a brighter tomorrow.
As we welcome 2025, let’s make it about more than just resolutions. Let’s focus on creating lives brimming with purpose, joy, and well-being. Here’s to your brightest year yet!
Sun Life Philippines, the country’s leading life insurance company, is spreading holiday cheer through a series of festive events and initiatives aimed at making the season brighter for Filipinos. From a dazzling Christmas display to a nationwide talent search and a grand New Year’s Eve celebration, Sun Life is helping families and communities create lasting holiday memories.
Christmas Magic at Ayala Malls Vermosa
Sun Life is the proud sponsor of Holiday at Play, a festive installation at Ayala Malls Vermosa in Cavite. The holiday attraction features vibrant displays and activities designed for visitors of all ages. One of the main highlights is a nightly lights-and-sounds show held from 6:00 PM to 9:00 PM, which runs until January 12, 2025.
Nationwide Talent Search: Wish to Sing
In collaboration with Wish 107.5, Sun Life is giving local performers a platform to showcase their talent through the Wish to Sing contest. Participants can upload a 90-second video of themselves singing on TikTok using the hashtag #SunLifeWishToSing for a chance to win PHP 5,000 worth of e-vouchers and perform on the iconic Wish Bus.
The Wish Bus is making stops across the country:
• Cebu – December 4
• Cagayan de Oro – December 10
• Metro Manila – December 18
Details of the promo can be found at sunlife.co/WishToSingPromo.
Countdown to 2025 at Ayala Avenue
On December 31, 2024, Sun Life will join the New Year’s Eve festivities at Ayala Avenue, Makati. The event will feature a fireworks display and live performances by top Filipino artists. Guests can also visit Sun Life’s booth for a chance to win freebies and prizes.
“As we approach 2025, we’re committed to helping Filipinos achieve their life goals,” said Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer at Sun Life Philippines. “Through these events, we hope to make the holidays more meaningful and inspire everyone to shine brighter together in the coming year.”
Let’s face it—adulting is tough. You’ve got dreams to chase, goals to crush, and a future to plan, but there’s one thing that can make everything feel a bit overwhelming: money. You’ve probably heard a lot about financial literacy, maybe even tried to figure out how to budget or save, but where do you even start? The good news is that you’re not alone in this journey. Meet the Bright Barkada—a group of five Gen Z content creators who are here to show you that getting your finances in order can be empowering, fun, and yes, totally doable.
Sun Life Philippines recently introduced the Bright Barkada to inspire people like you to take control of your finances and make smarter money decisions. The group, made up of Dan Yotoko, Elize Mariano, John “JD” Deseo, Cess Tan, and Migo Austria, is on a mission to show how financial literacy helps you live a brighter life. They’re real-life friends who are chasing their dreams while supporting each other—and now they’re inviting you to join them in learning how to turn those dreams into reality, with a little help from some solid financial planning.
So, how can you follow in their footsteps? Here are five important tips you can pick up from the Bright Barkada:
1. Financial Literacy is Key to Adulting
Whether you like it or not, adulting comes with responsibilities—managing your money is one of the biggest. It might seem scary at first, but learning how to handle your finances early on will give you more control over your future. That’s exactly what the Bright Barkada is here to prove. They’re just like you—figuring things out as they go, but with a focus on making better financial decisions.
If you’re feeling overwhelmed, start small. Think of financial literacy as a toolkit that will help you achieve what you’ve always dreamed of, whether it’s starting a business, traveling the world, or just having a stable future. Every little step you take now will count in the long run.
2. Learn From Real-Life Experiences
Dan Yotoko, known as the “Active Runner,” has built his platform by sharing #RealTalkSaglit moments on TikTok, where he opens up about the life lessons he’s learned from his own experiences. And one of the biggest lessons? Managing money is part of building the life you want.
Dan’s story is a great reminder that it’s okay to make mistakes—what’s important is that you learn from them. Maybe you’ve overspent before or struggled with budgeting, but that doesn’t mean you can’t bounce back and improve. Every financial experience, good or bad, teaches you something valuable.
3. Passion Meets Smart Financial Planning
You don’t have to give up what you love to be financially smart. Look at Elize Mariano, the group’s “Beauty Guru,” and Cess Tan, the “Fashionista.” They’re passionate about beauty and fashion, but they know that in order to sustain their passions, they need to be financially savvy. Whether you’re into skincare, makeup, fashion, or any other hobby, you can find ways to balance it with your financial goals.
The trick is to budget for the things you love while still planning for your future. By prioritizing your spending and setting aside money for what matters most, you can enjoy your passions without putting your financial health at risk.
4. Support Systems Make a Difference
One of the best things about the Bright Barkada is how they support each other in their financial journeys. When you surround yourself with people who are also focused on financial literacy, you stay motivated to stick to your own goals.
Migo Austria, “The Smart One,” knows this well. He recently graduated with Latin honors and plans to pursue law—ambitious goals that require both focus and careful planning. With friends like the Bright Barkada cheering him on, Migo is proving that big dreams are achievable with the right mindset and a solid financial plan.
You don’t have to figure out everything on your own. Lean on your friends, family, or even online communities to share tips, advice, and support.
5. It’s Never Too Early to Start
One thing the Bright Barkada wants you to know is that it’s never too early to start learning about financial planning. Whether you’re still in school or just starting your career, the time to start thinking about your finances is now. The earlier you begin, the more prepared you’ll be to handle whatever life throws your way.
Sun Life Philippines has teamed up with the Bright Barkada to show you how financial literacy can help you live life to the fullest. They’ve even launched a video podcast called “Adulting with the Bright Barkada” where they dive deep into their experiences with money and adulting. It’s packed with practical tips, relatable stories, and real talk on how they manage their finances while chasing their dreams.
You can watch the first episode on Sun Life’s official Facebook page and YouTube channel through this link: www.sunlife.co/BrightBarkadaPodcast.
Financial Freedom Is in Your Hands
As Sun Life Philippines Chief Client Experience and Marketing Officer Carla Gonzalez-Chong puts it, “We’re glad to have the Bright Barkada as allies in our financial literacy advocacy. We hope that through the content they will create, today’s generation will be inspired to build bright money habits, learn more about financial solutions, and secure their future.”
So, what are you waiting for? Take the first step toward financial freedom today. Follow @SunLifePH on Facebook, YouTube, and TikTok to stay updated on the latest financial tips and tricks from the Bright Barkada. And if you’re ready to dive deeper, check out Sun Life’s products and services at www.sunlife.co/GettingStarted.
Remember, your future is bright—and with a little financial planning, you can make it even brighter.
In today’s rapidly changing economic landscape, one term seems to be on everyone’s lips: inflation. You’ve probably heard it during your family conversations or in newscasts, and you might have noticed its effects on your everyday life. The most important thing to remember is not to fret; you’re not alone in facing this challenge.
Having grappled with this and other personal finance issues in more than twenty years of #adulting, allow your Tita Jellybeans to share some valuable advice on how you can not only cope with high inflation but also thrive despite it.
Understanding Inflation and Its Effects
First things first, let’s demystify inflation. Inflation is like the invisible force that gradually erodes the purchasing power of your hard-earned money. As prices for goods and services rise, your peso doesn’t stretch as far as it used to. This can be especially tough for young adults who are trying to establish themselves financially.
So, how does this affect you? Well, it impacts everything from your rent and groceries to your savings and future financial plans. But, again, fret not; there are strategies to help you weather this storm.
Budgeting and Financial Planning
One of the most effective ways to tackle inflation is through budgeting. Creating a well-thought-out budget allows you to take control of your finances, even in an inflationary environment. But remember, a budget isn’t about depriving yourself; it’s about making informed choices.
Use tools like a budget planning calculator to help you get started. This will help you allocate your income to necessities, savings, and discretionary spending wisely.
Strategies for Cutting Costs
Cutting down expenses doesn’t mean sacrificing your quality of life. It means finding creative ways to be more efficient with your money. Prioritize your spending, look for discounts, and consider alternatives to costly habits. For example, try preparing meals at home instead of dining out. You can even use a brown bag calculator to see how much you can save by brown-bagging your lunch.
Generating Additional Income
In tough economic times, finding ways to increase your income is crucial. Freelancing, part-time gigs, or starting an online side business can be lucrative endeavors. The gig economy offers various opportunities for young people to supplement their income.
For instance, while I work full-time as a marketing manager in a telecommunications company, I also do freelance writing jobs and marketing consultancy on the side. These side gigs help to supplement my income while keeping my skills sharp for my main job.
Explore options for your own side hustle, invest your time and effort, and watch your financial situation improve.
Investing Wisely
Inflation isn’t all bad news; it can also be an incentive to start investing. Even if you’re not a financial expert, there are investment options suitable for young adults. Consider exploring low-risk investments like index funds or bonds. An investment return calculator will help you figure out which financial instruments are worth investing in. The key is to start early, as the power of compounding can significantly boost your savings over time.
Education and Skill Development
In an ever-changing job market, continuously improving your skills is essential. Consider online courses, workshops, or certifications that enhance your knowledge and employability. Don’t hesitate to invest in your education; it’s an investment in your future earning potential.
Adapting Lifestyle Choices
Your lifestyle choices play a significant role in managing inflation’s impact. Evaluate your spending habits, and be prepared to make adjustments. It’s not about sacrificing everything you enjoy but finding a balance that aligns with your financial goals.
Seeking Professional Financial Advice
Lastly, consider seeking guidance from a financial advisor or expert. They can provide personalized advice based on your unique circumstances and goals. Look for a trustworthy advisor who can help you navigate the complexities of personal finance.
Thriving in the Face of Inflation
Inflation may seem like an intimidating foe, but armed with the right strategies, you can not only cope but also thrive despite it. Remember, budgeting, cost-cutting, earning extra income, investing wisely, and continuous learning are your allies in this battle. Adapt your lifestyle, and don’t hesitate to seek professional advice when needed. By taking these steps, you can pave the way for a financially secure future, no matter the economic challenges that come your way.
Stay resilient, stay resourceful, and remember that your financial journey is a marathon, not a sprint. With the right tools and mindset, you’ve got this!
Picture a life where stress and worries take a backseat, where your daily concerns don’t revolve around making ends meet or fretting over unexpected expenses. That is what a brighter life means to me. It’s a life unburdened by financial strains, a life where you have the freedom to chase your dreams, nurture your relationships, and explore your passions without the constant shadow of money problems looming overhead.
Financial Stress and Its Impact
Let’s rewind to the past – a time when my journey (together with my husband’s) was just beginning. Fresh out of college, I found myself not only navigating the world of adulthood but also shouldering the responsibilities of parenthood. The weight of financial obligations grew as my husband and I pursued career paths that differed from our college majors. Climbing the corporate ladder was exhilarating, but it came with its share of challenges, particularly as we juggled building a family alongside our demanding careers.
The differences in how my husband and I managed money only added to the stress. Our contrasting financial styles led to disagreements and misunderstandings, increasing already existing tensions. It became clear that money was not just a tool for transactions; it was intertwined with our emotions, choices, and even our happiness.
Back then, I was constantly fretting over utility and credit card bills, wallowing in bitterness because I felt like I was being left behind by my peers who are out partying at clubs, dining at fine restaurants, or job-hopping to more glamorous or higher paying work, while I was stuck at home, learning how to be a wife and parent, or stuck at work, earning a paycheck to settle the burgeoning bills.
I won’t be surprised if there were times when Hubby didn’t like me then, given how often I nagged and complained. To tell you the truth: looking back, I wouldn’t like me either.
The Journey to Financial Independence
Fast forward to today, and our story has taken quite a different turn. Over time, we’ve come to realize that financial independence isn’t just about having a substantial bank balance; it’s about understanding how money works and aligning our goals and values. (Of course, it helped that as our brood grew to two children, our motivations for getting our act together doubled.)
Also, as we matured and our careers stabilized, we gained a better grasp of managing our finances as individuals and as a couple.
This is when we started to see a shift.
We began to communicate more openly about our financial aspirations, fears, and plans. Gradually, we moved from vastly opposing views on spending and saving our money to meeting in the middle. With this newfound alignment, there was this tangible sense of relief and freedom. It was like shedding an invisible weight that had held us down for far too long.
Cultivating a Brighter Life through Financial Freedom
With financial worries fading into the background, we saw some changes in our relationship as well. We began to appreciate each other’s perspectives, strengths, and even quirks. This newfound understanding brought a renewed sense of togetherness, as we faced life’s challenges hand in hand.
But it wasn’t just about us as a couple. As individuals, we started investing more in ourselves – exploring passions, hobbies, and interests that had taken a backseat during the turbulent financial times. By pursuing career paths that aligned with our competencies and interests, we were also able to develop as professionals and experience pride in our work. We also learned to manage ourselves better, making wiser purchase decisions and putting more value on things that will benefit our family in the long-term, rather than just giving us a momentary taste of luxury. Ultimately, these personal shifts not only made us happier but also added new dimensions to our relationship.
I can definitely say that at this point, we are living significantly brighter lives.
First things first: The Financial Planning Pyramid
We all have our unique personal and financial journeys but there are some bits of wisdom that guide us, no matter our unique circumstances.
One of these is the Financial Planning Pyramid.
From SunTalks Digital Media Edition “Achieving Your Own Brighter Life”
This tool serves as a road map, determining our current priorities as they pave the way towards our long-term financial objectives.
For instance, as Hubby and I worked our way towards financial liquidity – being able to cover our family’s daily needs, managing our debt and being secure of our ability to weather calamities ranging from bad weather to work disruptions – we are able to devote time and energy towards pursuits that greatly contribute to our family’s health and happiness, as well as those that protect and build wealth that improve our way of life, as well as transfer as our legacy to our kiddos.
This is just one of the many insights that I, together with fellow bloggers, learned during the recent Sun Talks Digital Media Edition “Achieving Your Own Brighter Life.”
During the SunTalks Digital Media Edition “Achieving Your Own Brighter Life” (I’m in one of the Zoom frames :-))
During the session, Sunlife Agency Strategy & Digital Transformation Head Jenny del Mundo and Sun Life Advisor Josh Jayzzer de Leon shared their personal experiences and smart tips on how everyone could achieve financial freedom to be able to achieve their own brighter lives.
Fundamental to all of these learnings, of course, is the need to manage money wisely to be able to grow it and live a life free from financial worries.
As I reflect on where Hubby and I were when we started and where we are now, the transformation is awe-inspiring. Our journey from financial stress to having a lot more financial freedom has taught us that money isn’t just currency; it’s the power to shape our lives, relationships, and happiness. The weight of worries has been replaced with the lightness of possibilities, and every day feels like a step towards a brighter future.
So, Dear Reader, should you ever find yourself bogged down by financial woes, remember that you hold the pen to your financial story. As you navigate the maze of financial choices, keep in mind that freedom from money worries is not just a destination; it’s a way of life, one that allows you to shine brighter than you ever thought possible.
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.
Retirement is an important phase of life that requires careful financial planning to ensure a comfortable and stress-free future. As retirement approaches, it’s essential to have a solid plan in place to secure your financial stability. Wondering what steps to take in planning for a comfortable retirement here in the Philippines? Check out this guide:
How do I plan my retirement in the Philippines?
Planning for retirement in the Philippines involves several crucial steps to help you achieve your financial goals. Let’s delve into these steps:
Set your retirement goals. Begin by envisioning your ideal retirement lifestyle. Consider factors such as where you would like to live, your desired activities, and any potential healthcare expenses. Setting clear goals will help you determine the financial resources you need to achieve them.
Assess your current financial situation. Evaluate your existing financial assets, including savings, investments, and retirement accounts. Determine how much you have saved for retirement and analyze your income and expenses. This assessment will provide a baseline for your retirement planning.
Calculate your retirement needs. Estimate your retirement expenses, taking into account daily living expenses, healthcare costs, travel, and leisure activities. Consider the inflation rate and potential healthcare inflation to ensure your savings can withstand future expenses.
Explore retirement vehicles and options. Research retirement plans offered by reputable financial institutions in the Philippines. One such option is Sun Life’s range of retirement plans, including Sun MaxiLink Prime, Sun FlexiLink, and Sun MaxiLink One. These plans provide investment opportunities along with insurance coverage, allowing you to grow your retirement funds while safeguarding your future.
How do I start a retirement plan?
Starting a retirement plan is a proactive step towards securing your financial future. Here’s how you can get started:
Determine your risk tolerance. Understand your risk tolerance level, as it will influence your investment decisions. Conservative investors may prefer low-risk options, while more aggressive investors might be willing to take on higher risks for potentially greater returns.
Consult with a financial advisor. Seek guidance from a trusted financial advisor who specializes in retirement planning. They can assess your financial situation, understand your goals, and recommend suitable retirement plans that align with your needs and risk profile.
Establish a budget. Creating a budget is crucial for effective retirement planning. Track your income and expenses, and identify areas where you can cut back and save more. Allocate a portion of your income specifically towards your retirement savings.
Start contributing to retirement accounts. Take advantage of retirement accounts available in the Philippines, such as the Personal Equity and Retirement Account (PERA) or employer-sponsored plans like the Social Security System (SSS) or Government Service Insurance System (GSIS). Contribute regularly to maximize your savings potential.
How much money do you need to retire in the Philippines?
The amount of money needed for retirement varies depending on factors such as your desired lifestyle, healthcare needs, and expected inflation rates. While there is no one-size-fits-all answer, it’s crucial to estimate your retirement needs realistically. Here are some considerations:
Calculate your desired retirement income. Estimate the annual income you would need during retirement to sustain your desired lifestyle. Consider your expenses, including housing, food, healthcare, transportation, and leisure activities. Keep in mind that your expenses may change throughout retirement.
Factor in inflation. Account for the impact of inflation on your retirement savings. Inflation erodes the purchasing power of money over time, so it’s essential to adjust your retirement income needs accordingly.
Evaluate potential income sources. Assess potential income sources during retirement, such as pension plans, Social Security benefits, rental income, or investment returns. Determine how these sources can contribute to your retirement income.
Seek professional guidance. Consult with a financial advisor to help you estimate the amount of money you’ll need for retirement. They can assess your goals, analyze your current financial situation, and provide personalized projections based on various scenarios.
Planning for retirement is a crucial aspect of securing your financial future. By following the steps outlined in this guide, including setting clear retirement goals, exploring retirement plans, and estimating your retirement needs, you can take proactive steps toward a comfortable retirement in the Philippines.
Remember, seeking professional advice from a financial advisor can provide valuable insights tailored to your specific circumstances. Start planning early to maximize your savings and enjoy a fulfilling retirement life.
Note: The hyperlinks and descriptions for Sun Life retirement plans have been included in the appropriate sections of the article to provide readers with direct access to more information.
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.
Sun Life Cluster Head Valerie Lagarde-Amora
Sun Life Financial Advisor Andrea de Guzman
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.
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.
Let’s face it: chances are, many of us aren’t money-smart.
Some of us can go through our entire lives without knowing how to make budgets work, save our earning, handle debt or even make our money grow into wealth.
Sadly, most of the education we received growing up involved practically anything except money matters. Whether this is due to the lack of appreciation of our educational institutions on financial literacy or the tendency of the academe to look down on matters of coin, this situation leaves us at a loss when it comes to financial problems.
What is money smarts?
Money smarts, otherwise known as financial literacy, refers to the knowledge and skills required to manage one’s personal finances effectively. It involves understanding how to earn, save, invest, and spend money in a way that maximizes one’s financial well-being and minimizes financial stress.
If you feel yourself lacking in any of these skills, you may need to brush up on your money smarts.
Budgeting. Can you create a budget and stick to it? Do you understand the flow of your income and expenses and therefore know how to allocate your money accordingly?
Saving. Can you put aside some money for short-term and long-term goals? Should a medical emergency that brings astronomical hospital bills, a major purchase such as a downpayment for a house, or sudden unemployment arise, will you have saved funds for it?
Investing. Can you make your money grow aside from just working several jobs, thereby getting passive income? Would you know how to invest your money and manage your risks to support your goals?
Debt Management. Would you be able to manage your debt responsibly, such as paying off high-interest debt first and avoiding unnecessary debt?
Financial Planning. Can you plan your finances for a long-term basis taking into consideration your goals, income, and expenses? Can you plot out the steps you have to take and adjustments you need to make with how you earn, spend and save your money to be able to achieve your goals?
Why is it important to have money smarts?
Money smarts is important because it allows us to take control of our finances, bringing about these benefits:
Financial Stability: It helps us ensure that we are living within our means and saving for our future.
Reduced Stress. It provides us with the know-how to manage our finances effectively, eliminating guesswork and uncertainty.
Better Financial Decisions. It allows us to make informed decisions about our money, particularly in terms of investing, saving and spending.
Increased Wealth. It helps us increase our wealth over time through making smart financial decisions and investing in our future.
How to develop money smarts
If you find yourself lacking in money smarts, it makes sense to start developing it. The prospect may seem daunting at first, but with some dedication, you can take some steps to improve your financial knowledge and skills:
Get in the know. Educate yourself about personal finance by reading books, attending seminars, or taking online courses about the basics of budgeting, saving, investing, and debt management.
Start budgeting. Creating and sticking to a budget is an essential component of money smarts. Track your expenses for a month – including all expenses such as rent, utilities, food, and entertainment – and factor those into your budget.
Set financial goals. Have a definite goal in mind to help you make smart financial decisions and stay motivated to do so while saving for a down payment on a house or paying off debt.
Start saving today. If you haven’t already, set aside a portion of your income each month for an emergency fund or long-term savings.
Manage your debt. Being entirely debt-free is not the main goal as debt can help fund investments or assets to improve your life while allowing you practice good payment behavior.
Invest wisely. Investing can help grow your wealth over time, but it’s important to get into it with eyes wide open. Research different investment options, such as stocks, bonds, and mutual funds, and choose investments that align with your financial goals and risk tolerance.
Benefit from the wisdom of others. Seek advice from a financial advisor or mentor who can provide guidance and support as you work towards your financial goals. You can also make use of online resources such as MortgageCalculator.org to deepen your knowledge about personal finance.
A fun way to sharpen your money smarts
Aside from providing a range of educational resources on mortgages and home buying, MortgageCalculator.org also offers free and easy -to-use mortgage calculators to help users calculate various aspects of their mortgage payments and, ultimately, their financial health.
It also houses a variety of engaging and educational money games that can help users improve their money smarts and practice their financial decision-making using real-world scenarios. Over time, as users develop their financial acumen, they also develop their confidence to make sound financial decisions in real life.
Want to try your hand at honing your own money smarts through online games at MortgageCalculator.org? Check these out:
Cashback: Give the correct change for each transaction by selecting the bills and coins needed to correctly sum to the customer’s change amount. This is perfect for teaching kids about the value of money (because they, too, need to develop money smarts!)
Stocks: Ever wondered what it was like to be one of those day traders at Wall Street? This game simulates the up- and down-trends of the stock market while the player tries to buy low while selling high.
Red Outpost: Colonize Mars by sending astronauts to harvest food and mine valuable goods. The game approximates the dynamics of building a new economy from the ground up.
Coffee Shop: Build your coffee shop business by managing your inventory, cashflow, pricing and formula taking the fluctuations on the demand for coffee based on the weather. This teaches players to balance both internal and external factors in growing a business.
Sort the Trash. Move the recycling bins across the screen to catch recyclables such as cans, cartons and bottles. This is a good approximation of the need to weed through all sorts of trash to get the items of value.
These are just a sampling of the games available at at MortgageCalculator.org. Browse through the various categories to find the games that can help you grow your knowledge and skills on financial matters while providing you with lots of fun!
By providing an engaging and interactive way to learn about business strategy and personal finance, these games make learning about money more accessible and fun, which you can then apply to your real-life money strategy.
No matter which stage in life you are right now, developing money smarts is the best way to take control of your finances to get you to achieve financial stability. Honing your financial literacy will help you make smart financial decisions to set you up in a good financial position for life. So take the time to learn about money and take full advantage of the resources available to sharpen your money smarts.
Jellybeans in the City 