Money and insurance

Saving money in your 30s: Financial tips for the ‘Titos and Titas of Manila’

If you’re among older millennials, you no longer feel the need to be seen in the trendiest clubs, and are probably now planning to start your own family or have more babies.

Stephen Go

This year, 2023, the older millennials will turn 41 and the youngest will be 23. While they are the generation regarded as spendthrifts (they like their designer lattes), these Titos and Titas of Manila now have to take a long hard look at their finances.

Most of them are in their 30s, an age when they have accepted being called Tito or Tita. They miss their youth but also embrace their age. They no longer panic when they need to do something grownup like taxes, but that doesn’t mean they have everything figured out.

We’ve compiled some tips on how to make it through financially in this stage of their life because they’ve learned to acknowledge their responsibilities to themselves and their families.

  1. Rethink your budget.

    Your priorities have changed. You no longer feel the need to go clubbing every Friday night or get the latest gadgets. You may now be thinking of getting married if you haven’t yet, starting your own family or having more kids. If you’ve decided to remain single for now, perhaps your goal is to purchase your own house, get a new car or both.
    Your goals are bigger at this stage, more substantial and fulfilling, so you need to go back to the drawing board and assess if your current financial 
    habits will allow you reach these goals. Think about ways to cut down on your spending so you can purchase those big-ticket items and provide for your own family.
    If you’re a breadwinner, allotting some budget for insurance will give you more peace of mind. FWD Life Insurance’s 
    The One for Life Insurance Cover is a smart decision to make. FWD The One is composed of life insurance as the base plan which you can personalize and build according to your needs and budget. Your life, your plan! With FWD The One, you can add to your plan a critical illness coverage or accidental death benefit, or both! This insurance plan is the one that gives you control, freedom, and protection.

  2. Pay off your debts.

    Now that you’re starting to earn more, make sure that you have paid off or are paying off your debts, especially your 
    credit cards. No matter how much your salary increases over the years, debt interests can still eat up a huge chunk of your income. Reevaluate your finances so you can set aside more toward paying off your debts. This will not just raise your credit rating, it will also lessen the stress on your end once you are debt-free.

  3. Build your rainy-day fund.

    Although having 
    high-yield investments is really the way to grow your wealth, it’s important to have a rainy-day fund too. This fund is not a long-term savings fund or retirement fund, it’s a contingency fund that you can use as cushion in case of an emergency, like if you lose your job or get sick. Experts say that a good rainy-day fund must be about three to five months’ worth of your living expenses. 

  4. Save for retirement.

    Let’s face it, your SSS or GSIS fund will not be enough once you stop working. You should consider other ways to earn enough money for your 
    retirement. This is going to be a long-term effort. Financial planners recommend setting aside 10-15% of your income towards your retirement.

  5. Don’t forget to diversify.

    Suppose you have lived frugally and are now ready to make a bigger investment with a potentially higher yield. Consider FWD Life Insurance’s 
    Manifest, which allows you to invest and manifest your future at the same time giving you life protection. It’s important to spread your assets in different investments to lessen the risks of losing it all. Talk to an FWD financial advisor to know what suits your needs and your appetite for risk. Click here.