An expert’s 3 steps to financial wellbeing

When you hear the words “financial wellbeing,” you might quietly cower at a corner in intimidation or shame. The fear of not having enough money stirs up feelings of doubt and overwhelm. It’s a natural response to feel pressured over your money plans. However, according to Jun Marasigan, FWD Life Insurance’s Chief Agency Officer, financial wellbeing goes beyond the money you have to your name.

Chief Agency Officer, FWD Life Philippines; with over 26 years in the financial services industry

Financial wellbeing coincides with your overall wellness as a person. Marasigan believes it doesn’t matter how much money you have or what age you are now and that you don’t even have to be an expert on finances to start a financial plan that will lead to a worry-less, more enjoyable life for you and your family.

Ready to be financially healthy? Follow these three tips from Jun Marasigan’s talk in FWD’s “Be the Stronger, Better You in 2022” workshop last December 2021. They are easy ways of getting your financial track on the right one:

1. Set a goal.

A goal is a must. What is your ultimate dream for yourself? What do you want in life? Do you want to protect your family? Secure your health? Or invest your money?

Listing goals gives you direction and makes you want to do something. A more telling question is this: why is this my goal? It will now give you a deeper motivation to accomplish the plan.

It’s easy to come up with resolutions but being clear on its purpose shifts your perspective on why it matters and why you should achieve that particular goal. Being clear right at the very start helps you develop a financial plan that supports the achievement of your goals. This step includes checking your present state with your finances so that you can pivot or take a clear action based on whatever goal you set up for yourself.

2. Develop a financial plan.

Building a personal finance plan isn’t something you can take for granted. Perhaps you already have a financial plan but you’re just not following through, or you don’t know your next steps. Realistically, keeping your plan together is not that simple but with a clear milestones in mind it’s something you can develop as long as you do it.“Every person requires different approaches to financial planning. What may be right for someone might not be right for you.” Marasigan explains that there’s no one-size-fits-all solution to your accomplishing your financial goals. He believes every person is at a different life stage, which means that they require a unique approach to financial planning. Where you are in life calls for a different financial plan. His tip is that you shouldn’t wait for life’s important events to happen before you act. You need to pull ahead.

When taking the first steps towards your plan, keep these considerations in mind: (a) your goals, needs, and wants; (b) your current financial health or financial progress; (c) your willingness to take risks; (d) a timeline; and (e) your budget. Put each aspect in the right place and you’re off to a good start.

If you struggle with coming up with your financial plan, talk to a financial advisor. Everyone needs help, especially when it comes to money. So, seeking and talking to a financial advisor is a huge help in starting and eventually fulfilling your financial goals.

3. Come up with a protection plan.

Obstacles, risks, and emergencies are inevitable in life, so how do you handle these things?

You manage by preparing for it. When you are primed for the unexpected, you focus better on what matters to you. Preparation is protection from future stress and troubles that you may encounter. Marasigan suggests, “Don’t discount your financial well-being. Think about what future you want for yourself and your family,” A backup plan or a safety net, like insurance, is one way to get yourself ready for the unexpected and protect what you worked hard for, for yourself and your loved ones.

So, what are you waiting for? All it takes is three steps to start you on a journey towards financial wellbeing and celebrating living.

At the end of it all, it’s all about living life holistically and the only way to do that is by being secure in the equally important aspects of life—social, emotional and mental, physical, and financial.