personal finance – 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

Rebooting your finances: How to restart your financial journey

How freeing yourself from money worries lets you #LiveLifeBrighter

Thriving Amidst Inflation: Financial Strategies for Young People

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!

Take it from your Tita Jellybeans!

Image by jcomp on Freepik

How freeing yourself from money worries lets you #LiveLifeBrighter

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.

Sunlife 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.”

Sunlife 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.

Begin your journey towards financial freedom. 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.

Check out my posts about previous Sun Talks:

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.

From financial tips to entertainment: the importance of content creators during a recession

The global recession has had a significant impact on people worldwide, affecting their jobs, finances, and overall well-being. During such challenging times, people turn to different sources for information, entertainment, and inspiration. Content creators can play a crucial role in addressing people’s needs and providing valuable content that meets their need.

One of the most significant effects of the recession is financial insecurity. Many people have lost their jobs or have reduced income, leading to stress and anxiety about their financial future. As a result, they may be looking for information and tips on how to manage their finances effectively, save money, and find new income streams. As a content creator, you can provide valuable information and advice on personal finance, investing, and entrepreneurship, helping people navigate through challenging economic times.

Another effect of the recession is a shift in people’s entertainment preferences. As people spend more time at home due to lockdowns and restrictions, they are turning to digital entertainment for comfort and distraction. You can create entertaining and engaging content, such as podcasts, videos, social media posts, that bring a bit of happiness to an otherwise dreary day. You can also create content that addresses the current situation, such as comedy sketches that poke fun at the challenges of working from home or educational videos that teach people new skills to try while stuck at home.

Lastly, the global recession has caused people to rethink their priorities and values, leading to a greater demand for content that speaks to their personal beliefs and interests such as social issues, mental health and self-care. By providing content that is authentic, empathetic, and addresses people’s values and concerns,can build loyal audiences and make a positive impact on their lives.

5 ways content producers can contribute in a downturn

It is evident that as a content creator, you have a unique role to play during these times. While economic downturns can impact various industries, you have the flexibility and creativity to adapt to changing circumstances and continue to thrive.

Here are five key ways you can play a vital role during a recession:

Providing Entertainment and Escapism. During times of economic uncertainty, people often turn to entertainment and escapism as a way to cope with stress and anxiety. Valuable and uplifting content can bring joy and distraction to audiences, helping them forget about their financial worries for a while.
Sharing Practical Tips and Advice. During a recession, people are often looking for guides on how to navigate through challenging economic times. By offerin valuable insights and guidance on how to save money, budget effectively, find affordable resources, or create new streams of income, you can empower your audiences with practical knowledge and tools to manage their finances during tough economic conditions.
Creating Educational and Skill-Building Content. When faced with a recession, individuals may look to improve their skills or learn new ones to increase their employability or explore alternative career options. You can create educational content, such as tutorials, courses, and workshops, that teach valuable skills in various fields, from cooking and crafting to coding and entrepreneurship. By providing educational content, content creators can help your audiences enhance their skills and increase their chances of success in a challenging job market.
Collaborating with Brands and Businesses. You can play a pivotal role during a recession by collaborating with brands and businesses. As businesses may face budget constraints, you can offer cost-effective advertising solutions by partnering with brands to create sponsored content or promotional campaigns. This mutually beneficial partnership can help content creators generate income while providing brands with a less costly way to reach their target audiences. Additionally, you can also collaborate with local businesses and support your communities by promoting local products and services, which can help stimulate the local economy.
Providing Authentic and Empathetic Content. During a recession, people often crave authenticity and empathy. By crafting relatable and authentic content, and showing vulnerability and empathy towards your audience’s struggles, you can build a loyal and engaged community that seeks comfort and connection in your content. Authenticity and empathy can foster trust and loyalty, and you can play a crucial role in providing a safe space for your audiences during a recession.

While a recession can be a challenging time for many industries, content creators have the flexibility and adaptability to thrive. By understanding people’s information and entertainment needs during a recession, you can create valuable content that meets their audiences’ needs. When you harness your creativity, authenticity, and empathy, you can continue to flourish and make a positive impact on people’s lives, even during the most challenging times.

Additional Resources

Here are five highly recommended books on Amazon.com that can help you develop useful, relevant, and engaging content:

Contagious: Why Things Catch On by Jonah Berger. In this book, Berger explores why certain content goes viral and what makes people share it. By understanding the psychology behind viral content, content creators can create more shareable content that resonates with their audiences.
Everybody Writes: Your Go-To Guide to Creating Ridiculously Good Content by Ann Handley. Handley offers practical advice on how to create engaging content for different platforms, including social media, email, and blogs. With a focus on clear and concise writing, this book is an excellent resource for content creators looking to improve their writing skills.
The Art of SEO: Mastering Search Engine Optimization by Eric Enge, Stephan Spencer, and Jessie Stricchiola. In today’s digital age, search engine optimization (SEO) is critical to driving traffic to your content. This book offers practical advice on how to optimize your content for search engines, ensuring that your content is discovered by your target audience.
Epic Content Marketing: How to Tell a Different Story, Break through the Clutter, and Win More Customers by Marketing Less by Joe Pulizzi. In this book, Pulizzi offers a step-by-step guide to creating content that resonates with your audience and drives business results. With case studies and examples, this book provides practical advice on how to create a content marketing strategy that works.
Building a StoryBrand: Clarify Your Message So Customers Will Listen by Donald Miller. Miller offers a framework for creating a clear and compelling brand message that resonates with your audience. By understanding the power of storytelling, content creators can create content that connects with their audiences on a deeper level, driving engagement and loyalty.

Shop for these and more resources for budding content creators at my Amazon Storefront!

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Make money off your content today!

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This post contains affiliate links.

Check out my previous posts about Influencer Marketing:

Take a sneak peek into the beginnings of your favorite influencers with LikeToKnow.It

How small businesses can tap the power of micro-influencers

From Hobby to Career: 8 factors to consider in making content creation your livelihood

Newbie content creator? Here’s an 8-step guide on how to find your audience

The surprising realities of building a career as a content creator

Sharpen your money smarts with these online money games

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.

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