Jerevie Canlas, Ph.D., CFLE
Empowering Financial Wellness Program Coordinator
If there’s one thing I learned from the events of 2020, it’s that I need to be on top of my finances just in case something unexpected happens - like a job loss (which happened to me in May), or when we needed a new car (something we had to purchase in November), or somebody needs to be hospitalized (which happened to a lot of people).
They say prevention is better than cure, and that’s the principle behind annual physicals. You go see your primary care provider at least once a year so your general health can be evaluated, and you visit your dentist at least twice a year. Based on a number of factors, your doctor might recommend that you do a couple of things such as exercising more, cutting back on certain foods, increasing your fiber intake, or even referring you to a specialist if necessary. Seeing your doctor at least once a year can detect health conditions that can lead to chronic health issues. The biggest benefit of an annual physical is KNOWLEDGE - and this knowledge can potentially save your life.
So why not give the same accord to your financial health? Afterall, there’s so many things about your life that depend on your finances. Giving your finances “primary care” gives you a general assessment of your financial status, KNOWLEDGE that is crucial to your efforts towards financial freedom and peace of mind. Although you should be doing this periodically throughout the year anyway, the beginning of the year is a great time to review your finances especially because you have the past year as your baseline.
So here’s three things you can do at the beginning of the year, or anytime during the year for that matter, to ensure your financial health is in good shape.
I read somewhere that going to gym or sticking to a diet is hard. But the consequences of living an unhealthy lifestyle is hard too. So you just have to choose your hard. The same is true with financial health. Being in debt, or not having enough to spend, is hard. Being financially disciplined is hard too. We just have to choose our hard. Choose wisely!
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