Turn resolutions into results

Resolutions are potential. The challenge lies in converting them into lasting habits. Here’s how, drawing inspiration from the Atomic Habits by James Clear.

1. Get specific or get nowhere

A vague goal like “save more money” won’t cut it. Instead, “save ₱3,000 monthly for 12 months for an emergency fund” is SMART (Specific, Measurable, Achievable, Relevant, Time-bound).

How we can help: Sun Life offers tools to help you understand your finances and make informed financial goals.

- Sun Life Expense Calculator: Use this to plot your income vs. your spending so you know how much you can afford to save.

- Money for Life Worksheet: Use this to identify your goals and learn the ideal way to calculate target savings.

- Financial Organizer: Use this to document your financial assets and keep track of relevant data to get clarity on what to focus on.

2. Add friction to bad habits

Online shopping on impulse? Remove saved payment details from shopping sites and delete the tempting apps. Always eating out? Leave your cards at home.

How we can help: Consistent investing is a barrier to instant gratification. With Sun Life’s Auto-Invest feature, you can schedule regular contributions from your bank account to your Sun Life Prosperity Funds. This ensures your money starts working for your goals before you have the chance to spend it impulsively.

3. Make good habits attractive

Good habits stick when they’re enjoyable and convenient. Here’s how to encourage them:

- Make it easy: Set up auto-payments and keep your budgeting app on the home screen.

- Make it satisfying: Reached a savings goal? Celebrate wins responsibly!

- Tie It to something you love: Pair budgeting with a favorite activity, like enjoying coffee, to make the process enjoyable.

4. Be with goal-oriented people

The company you keep can make or break your progress. Want to manage your finances better? Hanging with spendthrifts won't help. Join trusted financial communities, attend Sun Life workshops, connect with a financially-savvy friend, or better yet, partner with a Sun Life Financial Advisor for expert financial guidance.

5. Normalize financial talk

Make money conversations part of your social interactions. This inspires others to adopt good financial habits. When financial mindfulness becomes a shared value among peers, they’re likelier to stick—and you’re building a ripple effect of positive change. This relationship dynamics is backed by ample research on peer influence.

But here's the catch: less than 2% of Filipinos have adequate financial literacy according to the Bangko Sentral ng Pilipinas Deputy Governor in 2023. This lack of financial knowledge can lead to drained savings and bankruptcy when unexpected events occur like job loss or medical emergencies.

As you set out to make better financial decisions, remember that being insured is just as important as having savings. Build a strong financial foundation with Sun Life’s range of solutions designed to help you fund your goals and your long-term financial security:

• Sun Acceler8: A flexible plan that helps you save for key moments (child’s education, milestones, retirement) while providing 20 years of valuable protection.
• Sun Life Secure Income: Prepare for a comfortable retirement with this plan, which offers lifetime protection and guaranteed cash payouts so you can enjoy them in your golden years.

Connect with a Sun Life advisor today to create a personalized plan that fits your needs.