By Christopher Cervantes, RFP
THE Christmas season commences in the Philippines with spooky costumes and candy treats. From Halloween to Christmas, it’s a season of enchanting change, where the chilly winds of the amihan monsoon ultimately give way to the heartwarming spirit of the holiday season. Halloween has now been widely celebrated in the country; it’s a time when people relish the thrill of things that go bump in the night. But there’s one fear that haunts the waking hours of many: debt. This Halloween, let’s transform financial frights into a path toward financial freedom with our “Don’t Let Debt Haunt You” guide.
Face your financial fears. Dealing with financial fears is a lot like venturing into a haunted house on Halloween night — yes, it is scary, but once you confront your fears, the journey becomes less terrifying. If you can face it head-on, you will have the courage to understand the source of your debt. Are credit card balances haunting you? Do expensive housing and property loans cast a long shadow over your finances? Understanding the source of your financial stressors allows you to craft a strategic plan for tackling them.
Craft a debt-busting budget. Much like planning the perfect Halloween costume, you need a budget to succeed in your financial journey. Create a comprehensive budget in full consideration of your household budget and allocate where you want this to go. Make sure that everything is well-liquidated following a zero-budgeting plan. Just make sure you give a portion of your income to pay off your debts.
Trick or treat yourself to savings. The magic of making wise financial choices during the Halloween-to-Christmas season and beyond can transform your financial freedom. Shifting your mindset to consider saving a treat can make it a more sustainable and enjoyable part of your financial journey. This season of bonuses, monetary gifts from family and friends can become valuable contributions to your savings. The emotion might be high during this time, but instead of splurging on unnecessary items, consider the treat of opening an investment account or buying a policy investment for more significant, long-term goals.
Create a financial séance: seek professional advice. Like people who flock to Quiapo to consult mediums to connect with other sides or see their future, it’s wise to seek professional financial advice when dealing with debt. Just this week, I met with someone who approached me for financial guidance; she was thinking of ending her misery, and someone asked her to talk to me for help first. After our meeting, a new light of hope suddenly appears on her horizon. Remember, hope is always there, and sometimes we don’t know where to look. Financial professional provides ongoing guidance and support to ensure that you are making progress toward your goals. Whether facing financial challenges or looking to enhance your financial well-being, consulting with a Financial Planner is a wise choice.
Hunt down haunting interest rates. High-interest rates on loans or credit cards can be like the ghostly whispers of your financial troubles. Find ways to refinance or consolidate your debt to lower these rates. High-interest debt can be an insidious force that slowly siphons your financial resources. You can focus on paying off the smallest debt first, giving you quick wins that can boost motivation or targeting the high-interest debts first. Choose the method that aligns with your financial goals and preferences. Also, don’t be afraid to contact your creditors and negotiate for lower interest rates. Many credit card companies and lenders are willing to work with borrowers to create more favorable terms.
In the spirit of Halloween, it’s important to remember that facing your financial fears, taking care of your savings and investments, and asking for professional help is all part of a grand financial adventure. By embracing the above strategies, you’re well on your way to turning the season of fright into a season of financial delight, where the ghosts of debt are exorcised and the path to prosperity is brightly lit.
