Are you guilty of spending more time planning your next overseas trip or holiday than your finances? If you are, you’re not the only one. Many people put financial planning on the back burner and do it at the last minute.
However, if you want your 2023 to be better and brighter, you must work on getting your finances in shape for the whole year. Here’s a sample personal finance calendar to help you get started.
January: Manage Your Debt
The start of a new year signifies a fresh start. This 2023, make your resolution to make yourself financially fit and healthy. You can start by managing your debt better.
Debt is one of the biggest obstacles to achieving financial freedom, so make a repayment plan once you figure out how much you owe. You may list your debts by interest rate and pay off those with the highest interest first.
Alternatively, you can start with the smallest debt and work your way to the most considerable debt. As you gain momentum in paying off your debts, you’ll be motivated to keep going until you pay them all off.
Debt consolidation is also an alternative specifically for credit cards. If you have an RCBC credit card, you can transfer your other credit card balances and pay in easy installments at 0.89% monthly interest rate for up to 36 months.
February: Review Your Insurance Policies
Sometimes, even with mobile apps, email, and SMS reminders, you still forget to pay or renew your insurance policy, especially if you only pay once a year.
Check if your insurance policies are still in force and if they’re up for renewal. This way, you can start shopping for other insurance products to fit your changing needs.
It doesn’t hurt to review your policies even if they aren’t up for renewal for months. Whether it’s life, health, car, or property insurance, ensure you’re not paying too much or too little for your coverage.
And if you still don’t have personal insurance, this is also the right time to get one. Check out RCBC’s OneAccount deposit product that comes with free life insurance coverage of up to P 1 million. Better yet, enroll in RCBC’s Hexagon Club and increase your free coverage of up to P 5 million. Inquire now at an RCBC branch nearest to you.
March: Check Your Credit Report
To help you get your finances in shape this 2023, get a copy of your credit report, which is a detailed summary of your credit cards, loans, mortgage, and personal or business information.
You can find any errors on your report and fix them to access more or better credit. A credit report can also help you spot any fraud or even identity theft in some cases.
Nowadays, you can easily get a copy of your credit report online through accredited credit bureaus and Special Accessing Entities like CIBI Information, Inc., CRIF Philippines, and TransUnion Philippines.
For example, if you want to get your credit report via CIBI Information, register for an account online[1] and then schedule an appointment for your character verification.
On your scheduled appointment, attend the online character verification through Google Meet. Pay the required fee and receive your credit report via email.
April: File Your Income Tax
If you’re receiving income in or outside the Philippines, file your income tax before the April 15 deadline. Employed individuals can do so through their employer. But for self-employed individuals or those employed by two or more employers or are earning mixed income, you need to file it on your own and pay your dues in select RCBC branches.
May: Make an Inventory
As you take a breather from tax season, use this time to inventory your home or valuable personal possessions, especially if you have a lot of them.
You can list them all down on a spreadsheet or notebook. Or you can use a camera to take photos and videos of your valuables on record.
Regular inventory will help you purchase the correct type of insurance and the amount of insurance coverage. In case of burglaries, floods, or fires, filing a claim will be easier when you have documentation ready.
June: Perform a Midyear Review
To ensure you’re on track, do a midyear review of your finances. Take time for reflection and preparation for your long-term financial plans, too.
Did you spend a lot or too little? How can you adjust your budget this 2023?
Review your income and expenses against your cash flow projections, and see if you’re on track with your savings goals and retirement contributions. If you’re investing in the stock market, look at your portfolio’s performance.
July: Learn More About Personal Finance
It’s essential to know more than just the basic money skills needed in the real world. When it comes to personal finance, there’s always something new to learn or discover. Refresh or strengthen your money skills by attending webinars or seminars and reading books on personal finance, business, and investments.
RCBC regularly hosts financial literacy webinars for its clients for their financial well-being. If your company is under the Payroll Program of RCBC, you may touch base with your HR to inquire about any upcoming webinar on financial wellness.
August: Declutter
If you have a lot of stuff at home taking up too much space or that you no longer use, consider selling them at a secondhand store or having a garage sale. You can get rid of the clutter and earn from it, too. The money you can make from the sale can help pay your bills or boost your savings account.
September: Have Your Annual Physical Exam
Health is wealth. You can avoid hospitalization, costly medical bills, and long-term health issues if you take care of your health now and go for a routine checkup every year.
HMOs cover the total cost of an annual physical exam, so schedule yours through your employer or visit any accredited clinic or hospital. Do it early to avoid the rush of people who have their annual checkups at the end of the year.
October: Make a plan for Holiday spending
Christmas is just two months away. Strolling inside the malls will already give you the Holiday feels, especially when there is a sale. You want to be prepared for that holiday spending and avoid the Christmas rush.
Make a Christmas list and set a budget for it. It would be better if you could make it as detailed as how much you’ll set aside for holiday get-togethers and even how much to spend for Christmas lunch. This also includes your gift list for your loved ones. Around this time, you would have an idea of how your finances would like as you anticipate your bonuses or incentives.
And while you’re at it, do some window shopping or check out the latest offerings or sales you can find in your online shopping app. Check out which items or gift ideas that are well within your budget.
Decide which activities and expenses to prioritize. This way, you avoid splurging unnecessarily and stick to your goals.
November: Spend Your Bonus Wisely
It’s the month that employees look forward to the most because November is when they receive their 13th-month pay. It’s ok to splurge a bit and treat yourself. You deserve it! But you may also want to consider paying your insurance policy, contributing to your retirement plan, or putting it in your savings account or emergency fund. Better yet, you can use your 13th month pay to pay down your debt.
You may want to consider investing your excess funds in RCBC’s Unit Investment Trust Funds or UITFs. A UITF is an affordable investment that matches your capacity, risk preference, and goals for as low as P5,000.
December: Congratulations on a Financially Productive Year!
You’re almost done getting your finances in shape. Remember to work on a holiday budget and stick to it even if you are using a credit card. It may also be high time for you to exchange your rewards points for gift certificates or use your earned cashback to partially pay for your purchases.
Now would also be the perfect time to save money on your holiday trip by redeeming your air miles!
Choose the Right Financial Partner―Choose RCBC
This month-by-month guide doesn’t cover everyone’s unique financial situation. But take inspiration from it to create your personal finance calendar. Download the RCBC Digital app so you can keep track of all your finances and instantly perform the necessary transactions to ensure your financial well-being. This includes investing, paying your bills on time, and fund transfers, among others. If you don’t have an account yet with RCBC, you can easily open an account online without having to go to the branch anymore. It’s simple, fast, and easy!
Remember that being financially healthy doesn’t happen overnight. It can take months, or even years, depending on the state of your finances and how committed you are to turn them around.
Focus on making small changes here and there. Have a financial plan. More importantly, choose a bank that will be a reliable, trustworthy, and supportive partner through all of your life’s milestones.
Start banking with RCBC today and take complete control of your finances. Get access to various financial products to help you achieve your goals without the financial stress.
Source: [1] CIBI Information Inc.
