Unleash your Financial Power: Top 8 Smart Money Tips from SAVii

Keeping our finances in shape requires a lot of discipline and hardwork. As a matter of fact: There’s no one-size-fits-all when it comes to financial management, and part of the challenge is identifying the best framework that works for you and sticking to it. 

To ring in the new year, we handpicked some of our favorite financial wellness tips to get you in the groove toward better financial habits in 2023. Read on:

Master the art of budgeting 

“When you perceive luxuries as necessities, you tend to allot more budget for your wants rather than your needs. Remember: these instant gratifications will only bring short-term fulfillment. Overspending can seriously disrupt your journey towards the Happy Path.”

Have you found pressing that “add-to-cart” button often only to realize you’ve exhausted most of your income on the ‘wants’ section? Among the common financial mistakes is not having a budget in place. Yes, keeping a record of your day-to-day expenses is easier said than done, but doing so can save you from overspending on unnecessary things, which can lead to financial distress. 

Know more about the money mistakes you might be committing every day. Read here.


Saving for the future

“There is no right or wrong formula for how to save money and it doesn’t always require one to start with a big amount. All you need are two things: consistency and discipline.”

Knowing how to save is the foundation of financial resilience. It doesn’t only provide a cushion against unexpected events but also allows you to enjoy life on your terms. Most of us will agree that the most challenging part about saving is knowing how to begin. The good thing is you don’t always have to start big or even undergo a total lifestyle change. All it takes are the right amount of self-control and conscious habits. Aim for these two, and it will help you reach your savings goal!

Ready to build wealth? Check this blog


Starting your investment journey

“Learning from someone with experience will help you determine your risk appetite, as well as guide you to choose the right investment type that matches your goals.”

You might hear it several times: start investing when you are young. Making your money work for you isn’t just about getting rich. It’s safeguarding your future! However, investment for beginners can be overwhelmingly complex. Thus, it’s crucial to do your research OR get advice from someone with experience before putting out your hard-earned money in different investment channels. 

Apart from investment channels, there are other sources of passive income streams that you can explore! 


Retiring comfortably

“Master saving and investing and you’ll be able to shave years off the traditional retirement age.”

There’s no such concept as too early or too late in retirement. People are living longer and don’t necessarily stop working at the age of 60 or 65. This means you have more years to cover in your retirement plan. And it’s important now because inflation directly affects your earnings, spending, and savings. After a while, inflation can devalue the worth of your retirement funds. 

Ensure your retirement readiness with this comprehensive guide.


Protecting yourself from fraud

“Rule of thumb: think and verify. This can protect your money as well as your data.”

Cybercriminals are getting smarter and bolder with their tricks and techniques. They are experts in finding information about YOU. Fraud attacks such as phishing, identity theft, and spam texts are sometimes easy to spot. But they can also be well-made and hard to detect. SAVii’s bold  advice: Trust your instincts – think and verify – and you will be able to protect your hard-earned money. 

Beat cybercriminals at their own game with these fool-proof tips.

Keeping up with inflation

“The key to alleviating the effects of inflation is creating more room for cash flow. To do it, cut unnecessary expenses to make way for more important purchases.”

For someone who often lives paycheck-to-paycheck, inflation makes it more burdensome to keep up with living standards – mention the bills you have to pay! Managing your finances is hard during inflation. But it doesn’t mean you can’t do anything to rise above the price surges. Building a solid budget plan along with lifestyle modification are a few steps to lessen the impact of inflation on your everyday household.

Bounce back strong from inflation with this guide.


Building your emergency fund 

“The right time to start building an emergency fund is today. You cannot build the fund overnight so the sooner you start, the sooner you protect yourself and your loved ones.”

An emergency fund is your haven in times of emergency. Ideally, an emergency fund is equivalent to 3-6 times your monthly income. This fund is a backup plan you can safely rely on for situations such as loss of income, health emergencies and accidents, natural disasters or calamities, sudden household expenses, and more.

It is crucial to have a clear purpose for your emergency fund to avoid the temptation of using it for unimportant purchases and situations. You should revisit your fund every 6 months to ensure it aligns with your lifestyle and needs. 

You can read more about the benefits of emergency funds here


Having fun without overspending

“It’s important to spend on yourself to experience fulfillment. It’s a subtle way to reward yourself for all the hard work you put in. It keeps you motivated towards achieving more. Just make sure that you will not overdo it.”

Spoiling yourself now and then is not a bad thing. Because at the end of the day, it’s entirely your decision on how you will spend your hard-earned money. Our word of advice: make sure your wants should not supersede your needs. Know what’s worth your money and what’s not. 

Without a proper budget plan, overspending can lead to financial stress, which can affect your mental health. Know the red flags you need to watch out for and apply these smart money tips!

We get so caught up in our everyday lives that we lose sight of our spending habits. May all the financial management advice we shared to guide you to correct the missteps you’ve committed & become a good steward of your finances. Happy New Year, buddy!