“Diskartips” and discipline today, dreams tomorrow

It’s not always easy managing money as a youngish adult. Whether living with our parents or flying solo, there’s always someone ready with an opinion on how we’re spending our money – right before they ask our help to find a piso fare or a number-day deal.

Easy for them to say. After all, other generations didn’t grow up like we did – with social media showing us everything to want but little we can afford, or online shopping testing our impulse control daily. We work hard for our small joys, but surely, we’ve all felt the FOMO of comparing ourselves to classmates, colleagues and others our own age.

We know we need to think of the future, a wide horizon when anything could happen. We know that for some of us, that future includes supporting siblings’ studies or family members’ needs alongside our own kids to come. That’s just Pinoy life. If diskarte were a job skill, we’d have decades of experience.

But we make it work, because we want more from life. Here are a few takeaways from a recent chat with three smart striving young adults, on ways to take our pesos further and bring our dreams closer.

Think before you spend. Buy for high ROI, not just low price.

As young adults, we live for the present. Titos and Titas might shake their heads, but we find ways to afford the grail items or core memories that matter to us.

Buy for efficiency -- or for resale! That shiny new gadget will be ordinary by next year. But if it’s a major upgrade that you’ll truly use to be more productive, it might be worth it. If not, maybe you don’t need to upgrade after all – or you can resell it and move on to a better choice.

Look secondhand first. No shame in the bargain-hunting game. If you love treasure hunting and have an eye for hidden gems, go for it. You may even be able to monetize your skill as a reseller or personal shopper. Just make sure you can spot fakes or poor quality too.

Some big purchases are worth it over time. Know where to invest and where to economize. Cars depreciate, novelty trends go out of style. But not every big purchase is bad. Quality work equipment or major appliances, healthy food and exercise, a mattress for better sleep, so-called “investment” clothes – these can be expensive today, but pay for themselves many times over tomorrow. What’s luho for you might be a worthwhile purchase for someone else’s side hustle, and vice versa.

Invest time and talent while we’re young.

No need to envy the seniors’ discount. Youth has its own perks. We may not have much money, but we do have energy, flexible time and quick minds to give ourselves a head start in life. Push mo yan!

Further studies. Yes, it costs money and demands A-game multitasking. But the network and know-how you gain can take your career to a higher level early. It’s worth the sleepless nights and missed hangouts with friends. If school is out of reach, find a challenging work project to volunteer for. Your OT may be unpaid, but the right project can bring you exposure and career connections you couldn’t possibly pay for.

Upskill – We pick up new things fast, whether viral trends or new tech. Go for skills and credentials that are marketable worldwide, and keep upgrading. Our best gadget is our mind!

Good habits for a lifetime - be it health, work, relationship or financial. Now’s the time to set the direction make changes for the life you want. To use one example, many of us can still party on and wake up hangover-free - but healthy living now is a lot cheaper than trying to fix lifestyle-related illnesses later on.

Meet friends and choose mentors who’ll set the course of our lives. K-dramas aside, it’s not all about soulmates. Friends and mentors support us and make us better too.

Invest in insurance that fits you, whatever life you’re building.

Sometimes early adulthood feels too, well, early to plan. With everything from career to country moves to life partner yet to come, things can feel temporary, like we’re waiting at the airport gate for “real life” to begin.

But in fact, this fluid, unsettled time is the best time to set aside funds and build up resources. We can still adjust our overhead, and major life expenses are still far off. Plus, here’s the best reason to invest in insurance now: the younger you are, the lower your rates for the same amount of coverage. If that’s not a diskartip, what is?

Speaking of rates, you may have heard that you need 40 to 60K a year, or a full-time job, to get insurance. Contrary to expectations though, a good financial advisor can make an insurance plan to fit whatever level of resources we have.

With FWD SmartStart Investment-linked Insurance, for example, you can get life protection and a means to start building your finances from as little as PHP1,800/mo. This means you’ll get life insurance coverage with the opportunity to access and invest in a diverse portfolio of global and local funds that fit your risk appetite. SmartStart comes with accidental death benefit that gives you additional cash benefit should you pass away due to an accident before age 75, and a waiver of premium, which means FWD will pay your premiums once you’re diagnosed with a major critical illness or permanent disability so you can focus on your health. You also have the option to add more protection with additional life coverage, critical illness insurance and hospital cash benefit as your lifestyle changes and your needs grow. You even receive a guaranteed milestone increase of a pre-approved 20% of your benefit amount when you hit a life milestone. It’s advance planning we can do now to be ready for the lives we’re working for.

That said, money is a super individual thing, and every one of us is different. Hear more about Gen Z life and money in our latest episode of FWD’s chat show, Money Talks Over Coffee. Grab your beverage of choice and settle in with influencer and model Anasity Jardeleza, student entrep Newl Aguinaldo and FWD’s own Dandan Carpio. In under 15 minutes you’ll laugh, learn and feel seen – ROI guaranteed. Click the play button below and watch the video.