Three essential money handling tips for the breadwinner

MANILA, Philippines — Filipinos are always willing to go above and beyond for their families. From doing household chores to providing financial support, they exert effort and resources to help as much as they can.

For breadwinners, providing the best for their families is a priority despite being financially challenged. And the desires and expectations to give their families an abundant life can add to the pressure of making smart financial decisions.

Therefore, being strategic in allocating money is a huge responsibility and a must for every family’s breadwinner. Here are basic but essential concepts that will provide guidance in managing finances properly.

1. Emergency funds

It’s important to have emergency funds, especially for unforeseen events such as illness, sudden job loss, and car repairs to ensure that you’ll recover debt-free. You can have a separate savings account or allocate a recommended balance worth six months of your monthly salary.

2. Retirement funds

It may be too early to have a retirement fund, but it will ensure you financial stability when the time comes. Having a detailed plan for your retirement will make money work for you, even after resigning.

A good way to start is by studying various investments such as mutual funds, stocks, and bonds tailored to fit into your current lifestyle.

3. Risk management funds

Having risk management funds is important to cover expenses for unexpected incidents like accidents and illness. Having life insurance will give you peace of mind if something happens to you and your family. It also ensures that the money allocated for emergencies and retirement will be secure and ready when needed.

Products like AIA All-In-One provide you with a good risk management fund option. It’s a comprehensive life insurance plan that covers four major risks, namely, personal accident, critical illness, permanent disability, and untimely death. It also empowers you to live life to the fullest through its science-backed wellness program, Philam Vitality, incentivizing you with rewards for knowing and improving your health.

For less than P100 a day (based on computation for a healthy 32-year-old male), this product is a good fit for your budget.

As breadwinners, it’s important to know why you should be on track with your financial goals. Having the proper resources can help you achieve your family’s dreams. When you properly manage your finances, you will be ready to weather potential financial problems with ease.

For more information about AIA All-in-One and AIA Philam Life’s other products, call 8528-2000, email [email protected], visit the Philam Life website or their official Facebook page.