Be Money Smart: 2020 Financial Resolutions

By now, you may have started to slip up with the resolutions you made for yourself at the start of 2020. Less meat, more exercise, more adventures.  It’s not easy when you set so many new targets. However,  if there’s one area you shouldn’t let slip this year, it’s getting to grips with your finances. Some small steps now, can set you up for a much more financially secure future for you and your loved ones.

Step 1: Have a budget, and stick to it

Step 2: Manage your savings and have a safety net

Sounds boring right? To start with try and split your money into pots. Pot one is for your normal daily living expenses. Be realistic, you need to eat and you want a little fun time. Pot two is for saving up for slightly bigger expenses you may have from time to time, like a nice family meal or a short break away. Pot three is the long term saving pot. You want to find an amount that is manageable each week that you can do without. You should hardly ever have to dip into pot three. This is the pot for the future. 

Step 3: Plan for the unexpected

Most people don’t want to think about things that can upset their normal routines and negatively impact your future plans. With a simple life or health insurance product, you can always have peace of mind that you are not only protecting yourself, but ultimately protecting your family and those who depend on you. So you can go on living your best life, knowing you’ve planned for a more secure future.

With over 130 years of track record, Manulife is a trustworthy partner of Myanmar families. Manulife advisers can help you understand how insurance works, the coverage you need, and the insurance product that best fit your needs. Manulife has a long history in Myanmar, having started operations and selling their first insurance policy in the country in 1903. Since re-entering the market with a representative office in 2014, Manulife has been actively engaging local regulators and insurers, sharing best practices on innovative insurance products, and developing a sustainable insurance industry in Myanmar.