These days, people focus more on their current finances than their future. Many people struggle to make ends meet, with their income barely enough to provide for their needs and wants. According to a recent survey, 55% of respondents in the Philippines say they don’t have enough cash to support basic necessities. Up to 26% of respondents claim they experience this regularly.

If you’re struggling with your finances, making certain lifestyle changes is crucial in getting your finances on the right track. Doing so will help you prepare for whatever life throws your way. Here’s how to change your lifestyle to improve your financial future:

Track and Change Your Spending Habits

Tracking your spending habits will give you a clear picture of where your money is going each month. Once you know where your money is going, you can start making changes. This will make it easier for you to save money each month.

There are several ways to track your spending. You can use a pen and paper, create a spreadsheet, or even utilize a budgeting app. List your monthly expenses like rent payments, groceries, and gas. No matter what method you choose, make sure you’re diligent about tracking your expenses.

Once you clearly understand your spending habits, make the necessary changes to save money each month. For example, you learned that you spend too much on unnecessary expenses like eating out and buying new clothes. You may need to reduce these expenses to change your spending habits. What’s important is that you make an effort to spend less each month.

Invest in the Right Insurance

Some people think that insurance is a waste of money. However, this couldn’t be further from the truth. Investing in the right insurance can help you secure your finances in the future. Of course, the type of insurance you can invest in will depend on your needs.

One insurance everyone needs is health insurance. This will ensure that you’re covered in case of an accident or illness. If you don’t have health insurance, you may have a huge medical bill you can’t afford.

Another type of insurance worth considering is life insurance. This will provide financial security for your loved ones in case of your sudden death. There are different types of life insurance, so make sure to choose the one that’s right for you. Thankfully, many banks now offer bancassurance products, making it easier for people to get the insurance they need. These products are innovative life insurance options banks and life insurance providers have to offer.

When choosing a provider, be sure to do your research. Some banks offer bancassurance products with a savings plan and investment-linked life insurance. Knowing what you’re getting will help you make the best decision for your needs.

Automate Your Savings and Billing

Not everyone commits to saving money each month because they find it difficult to do so. If you’re one of those people, consider automating your savings. This means setting up a system where a certain amount of money is transferred from your checking account to your monthly savings account.

For example, you can set up an automatic transfer of P2,000 from your checking account to your savings account each month. This way, you won’t have to worry about forgetting to save each month. Saving will be like second nature to you.

You also have the option to automate your billing so that you’re never late on a payment. This will help you avoid penalties and late fees. You can set up automatic payments for your credit card, utility bills, and other monthly expenses by providing your bank account information to the company.

Spend Money on Quality Products

One of the best ways to save money is to spend on quality products. This may seem counterintuitive, but it’s actually true. Quality products will save you money in the long run because you won’t have to replace them often.

Let’s say you’re in the market for a new pair of jeans. You have the option to buy a cheap pair of jeans for P500 or a quality pair of jeans for P1,500. The cheap pair of jeans will probably only last you a few months before they start to fall apart. The quality pair of jeans, however, will last you for years. Ultimately, you’ll save money by spending more on a quality pair of jeans.

The same goes when buying food. It’s better to buy quality ingredients that will last you a long time than to buy processed food that will last only a few days. Quality ingredients may cost more, but they’ll save you money in the long run. These are also healthier for you, so it’s a win-win situation.

Your lifestyle today can have a considerable impact on your future. Making the right changes allow you to save money and secure your financial future. So, what are you waiting for? Start making changes today!