Business and Finance

Five Ways To Build A Better Future For Your Family

If there is one thing the past year has shown us, it’s that uncertainty is always just around the corner. For many of us, experiencing a pandemic was a lesson in preparedness, teaching us that the best way we can be ready for anything is by protecting ourselves, our family, and our hard earned savings, so we can continue to enjoy life and fulfill our dreams no matter what.

AIA Philam Life remains committed in helping Filipino families prepare for the future, through products that protect loved ones from sickness and death, and those that address their long-term savings needs through viable investments. Without a doubt, the country’s premier life insurance company is living its Purpose by creating products that help Filipino families live Healthier, Longer, Better Lives.

AIA Philam Life CEO Kelvin Ang and AIA Investment Management Head of Funds Shrikant Bhat recently shared with us five important tips from their personal experience as fathers in making sure the family’s finances are well managed and secure.

#1 Know your why

When setting a financial goal, one first and important aspect is to know the reason behind this goal as your source of inspiration and motivation. For parents, this is usually their children. When they are tempted to deviate from their goal, they only need to remember that they are doing this to fund, for example, their child’s education. And that’s enough reason to strengthen their resolve to stick to their goal.

Kelvin shares with us an important lesson he learned when it comes to family financial planning. “Building up your savings can be a big challenge especially while taking care of the family, so it’s important to establish your reason why. Your purpose for saving must be clear and emotional. Without a good reason why, it will be hard to exert self-discipline and motivate yourself. Knowing your why will help you be more focused with your goals and plans.”

#2 Ask help from the experts

Another important tip in making sure the family’s financial plan is set in place is seeking the help of professionals, and for this matter, financial advisors. Their experience will save you time by giving you the right information you need when it comes to managing your finances.

Shrikant emphasizes the importance of consulting experts to help you prepare and eventually implement your investment and savings plan. “It is vital to understand one’s life stage, financial situations, goals and investment horizon before setting foot to plan and invest.”

#3 The best time to start is now

Shrikant stresses the importance of getting started and being open to trial and error at the start. “It is normal if one is unable to fulfill or implement all your plans at one go. What is more important is to get started and review one’s plans along the way. This is what we term as ‘Start Small, Start Now,” he shares.

Financial planning takes time and the family’s situation may change or evolve, such as when the kids start growing and other needs have to be considered. Shrikant adds how over this period of time, the family can put more resources into planning and revisiting the family’s plans.

#4 Always look at the long-term

When it comes to family finances, long-term planning plays a vital role. It may be a long shot and requires years of saving and hard work, but this is one way to ensure that you are actually achieving your goals for your family. Having a long-term plan also allows you to build your short term plans.

“A common mistake many individuals commit while planning for their family is to focus on immediate goals such as your children’s education or buying a house and neglecting planning for the longer term goals such as your own retirement,” Shrikant shares. He stresses that long-term planning helps us see our goals come into fruition.

“The effect of compounding over time is our greatest ally to get us to where we want at the end of the day. Which is why every family should apportion their financial resources and start planning to move closer towards the different goals they have set for the various stages in their life,” he adds.

For Kelvin, he highlights the importance of setting aside your savings for the long term and staying disciplined, which will be worth it in the end. “Choose a savings vehicle that will compel you to have ‘forced savings’, one that will discourage withdrawal until needed. Saving and investing in the long-term will minimize risk and maximize return.”

#5 Be prepared

Lastly, one important tip is to always be prepared by setting aside emergency funds for unforeseen events. The general rule of thumb in building a sound financial plan is to set aside between 3 to 6 months of your family’s monthly expenses. This way, the family’s cash flow is protected and secure even when the unimaginable happens.

A Secure Family Financial Plan with AIA Philam Life

Another tip in being prepared is to find the right tools and vehicles to keep the family’s finances safe and secure like AIA Future Builder, a new variable life insurance plan which helps parents protect their future, no matter what life brings. This plan secures and grows their hard-earned savings for the future while protecting them from risks.

With AIA Future Builder, families can maximize their savings potential with the option to diversify their investments through either locally managed or globally exposed funds. The plan also comes with basic insurance protection for life, total & disability, and personal accidents as well as additional benefits through optional riders.

On the side, parents can also enjoy wellness benefits as AIA Future Builder is powered by AIA Philam Life’s science-backed wellness program, Philam Vitality. Through this program, parents who are able to sustain healthy habits are incentivized with additional cash benefits and other rewards. At the same time, the product is also easier on the family budget through its various payment terms, with 5, 10 or pay-to-age 65 variants.

With these simple tips in mind and a perfect partner in AIA Philam Life, families can enjoy Healthier, Longer, Better Lives through a sound financial plan with AIA Future Builder.

Click here to learn more information about AIA Future Builder or visit AIA Philam Life’s Facebook page, email philamlife@aia.com, or call (02) 8528-2000.

16 Comments
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16 Comments

  1. Ma. Cyril Creer
    July 1, 2021 at 1:34 pm

    Malaking tulong po itong blog niyo para may matutunan kami tungkol Sa Five Ways To Build A Better Future For Your Family. Sa panahon ngayon kelangan talaga na financial stable Tayo .. kAya Sa tulong Ng AIA Philam Life makakamit natin you ..

  2. Lyka Mitra
    July 1, 2021 at 4:12 pm

    Isa sa mga need natin i invest at magkaroon ng insurance. Isa po iyan sa mga goal ko noon pa para sa mga anak ko dahil gusto ko hindi sila mahirapan kung ano man ang mangyari sa akin..

  3. yanpaladquisol17
    July 1, 2021 at 9:57 pm

    Importante talaga na may saving o investment para na din sa future ng buong family, Lalo na sa education ng kids 💟

  4. Owenbondocponce
    August 12, 2021 at 11:50 am

    We are looking forward to try it, a trusted ,for so many years now , we are going to have a secured future with AIA PHILAM LIFE

  5. Meriam
    August 12, 2021 at 11:54 am

    This is very helpful and significant tips from AIA PHILAM LIFE.I agree that in building a family ,one must prepared for a best future.As a parent, I realize that it is not easy to raise a family.We should be physically, emotionally, and most of all financially ready.This pandemic has taught us many lessons like to augment our budget in emergency fund and we should be stash ready for the next crisis.Looking for the best life insurance that will offers financial preparedness and peace of mind when the inevitable happens is the best plan to do. Let’s choose AIA PHILAM LIFE 😍

  6. Charito Danao
    August 12, 2021 at 11:57 am

    A good investment indeed. Maaasahan talaga ang AIA PHILAM LIFE

  7. Camille L. Asilum
    August 12, 2021 at 11:57 am

    I had to agree. A prepared family is a happy family! You should look for a long term goals and plans and imagine what may happen in the future. Thanks to AIA PhilAm Life for sharing this relevant article.

  8. Mitra Lyka
    August 12, 2021 at 12:08 pm

    Sa panahon natin ngayon, tapagang mapapa isip na tayo na dapat magkaroon na tayo ng investment plans. At isa sa mapagkakatiwalaan natin dito ay ang AIA.

  9. Cristine Funcion
    August 12, 2021 at 12:10 pm

    This is Very important to secure and protect our family in the near future..

  10. Kesy Famucol
    August 12, 2021 at 12:19 pm

    Thank you so much for such words of motivation to us. A very big help for us to secure our livesfor the future. To start this start it now♥️

  11. Meng Sunga
    August 12, 2021 at 12:38 pm

    AIA PhilAm Life is always making a solution/way to give us the best opportunity to invest and save, to make our family future more stable and secured. In this time pandemic, AIA PhilAm Life is the best and perfect partner to start a financial plan.

  12. Kezia mae sualog
    August 12, 2021 at 4:52 pm

    Ganda po nito. Thank you for sharing po. Dami ko po natutunan. Big help tlaga sa atin to. Need tlaga natin mag save para sa future ntin saka sa mga kids ntin.

  13. Meriros Onilecram
    August 12, 2021 at 6:09 pm

    Good investment to para sa future ng family natin para masecure natin ang pangangailangn ng mga bagets in the near future.

  14. Angel Co Metre
    August 12, 2021 at 10:10 pm

    Magandang investment talaga ang to mommy! Para na rin sa future natin, ang hirap pa naman kitain ng pera sa panahon ngayon, buti nlang anjan ang AIA Philam life para masecure na nasa magandang kalagayan talaga ang iinvest nating pera sa knila ❤️

  15. Myla quisora
    August 14, 2021 at 8:08 am

    Gndang basahin. Napaka informative . Really a big help para sa future ng family

  16. Sofia Grace Borac Rabaca
    August 14, 2021 at 8:38 am

    AIA Philam Life is best opportunity to invest and save life to our future to our kids , this pandemic talaga nagsisisi ako bakit di ko naisip mag save kahit paunte unte, and this pandemic i lesson learned a lot … Thanks for sharing this mommy, this one is i consider na mag save at isipin ang future at lalong lalo na sa times na ganto at sa dadating pang taon na kaylangan na mag invest. ❤️ A great opportunity talaga, ❤️❤️👍

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