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How to Manage Your Money

Last updated: November 28, 2022
Written by: Alyssa Divina | Reviewed by: Rafael Hular

Key takeaways:

  • Everyone needs a financial plan.
  • It will help you achieve financial independence.
  • It’s never too late to start creating a financial plan.
  • But if you still need money fast, get a loan from Digido.
  • In just five minutes, you’ll get the money without the hassle!

Financial planning has never been more essential than it is now. With rising uncertainties and costs of living, any misstep can have a huge impact on your finances and can set you back months, if not years.

With a financial roadmap, you can assess your financial status and prepare you for any setback in the future. If you have a goal and a plan, it’s easier to work on a strategy that will help you hit your dream financial milestones and achieve financial independence.

What is a financial plan?

A financial plan is a comprehensive review of your personal finance and the steps you need to take in order to achieve your financial goals. With a financial plan, you can organize your cash flow, identify your expenses, and prioritize your spending. It can be a written document (like in a planner) or an online app or spreadsheet.

The financial planning process should include your goal, documents that reflect your current monetary situation, your short- and long-term strategies, and how you’re going to put those strategies into action.

A financial plan can be a part of a bigger financial management, meaning the planning, organizing and directing the finances of an enterprise such as business.

You can make a financial roadmap for every goal, such as savings, debt restructuring, education, properties or retirement. You can take on a personal financial planning journey for yourself, but it can also be for your spouse or family. Your time horizon will depend on your goal. They also have to be flexible enough to take into account any emergency expenses.

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Importance of financial planning

If you’re struggling financially, a financial plan can help you have control over your money. With a financial plan, you get to see and organize your spending habits. It’s a great way to build financial self-discipline and independence.

1. You become more disciplined with your money.

It’s easy to get caught up in every purchase and expense. The weekly grocery trips, the monthly utility bills, the Netflix subscription, the much-awaited Shopee deals — all of these can pile up. You can easily lose track of your expenses if you don’t keep track of them in the first place.

With a financial plan, you have to list down your expenses and see where you should cut down or allot more money on. You can get an idea on how much you should be spending, saving or investing relative to your income.

2. It leads to wiser spending habits.

Coming off from point number 1, a financial plan will help you spend your money wisely. For example, you can cut down on your monthly streaming subscriptions if you have to save more for a big purchase or retirement. It makes you stop and think more about the value for money of an expense.

3. It prepares you for emergencies.

Your financial plan should outline what you should do when it comes to emergencies. Hospitalizations, accidents, repairs and natural disasters can easily drain your income and savings.

You can take a loan for these situations, but it eats away at your income and can leave you in a worse shape than before. Your financial plan should include an emergency fund, an insurance policy, and any investments that can help you in times of urgent need.

4. It helps you become financially stable and independent.

Are you tired of having to rely on your family or friends for money? Are you still living from paycheck to paycheck? Have you become financially unstable due to poor spending habits? Having a financial plan will help you take control of your money and cut any dependency that you may have. With a solid plan, you can build your own savings, pay off debt and make your money work for you.

5. It helps you plan your life ahead.

Your financial plan will serve as a roadmap for your goals and how you plan to achieve them. Whether it’s for building an emergency fund or retirement plan, you should set short- and long-term financial goals with reasonable timelines and have a solid strategy.

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How to make a financial plan

Now that you’ve known what a financial plan is and how important it is to have one, we are going to show you the steps in the financial planning process.

1. Identify your financial goal/s.

Why are you making a financial plan in the first place? What are your future plans?

Do you want to build enough savings to get out of the petse de peligro cycle? Do you have debt that you need to pay off? Do you want to purchase a house and lot in the province? What about your child’s education or your retirement?

Whatever your goal is, write it down. You can have multiple financial goals – just sort them according to your timeline (from short-term to long-term) and what you think is the most attainable based on your situation right now.

2. Identify your current financial situation.

Once you have written down your goals, it’s time to assess your current financial situation. Do you have a savings account? Do you have loans? Do you have an emergency fund, insurance or investments? What about your expenses?

Having a clear grasp of your finances will help you create a realistic timeline for your financial goals. You can track your spending and make adjustments as necessary. If you think your income is not enough for your needs, you can decide on what to do to increase your cash flow and meet your goals.

3. Develop and execute your financial strategy.

After you have identified your goals and financial situation, you can now develop a strategy on how to attain these goals. Note that your strategy will depend on what your goals are and how long your timeline is.

If you have a short-term goal like building enough savings or an emergency fund, have a weekly or monthly budget ready so you can allocate parts of your income according to your expenses. Make sure that you include savings in this plan. Next, track your expenses consistently so you know if you can cut down on your spending and put some money aside in your bank account.

If you want to pay off your loans, list down all of your loans and take note of the principal amounts and interest rates. Next, look at your budget or tracker and allocate enough funds to pay off your debt. It’s better if you can pay off those loans with higher interest rates as these can compound over time. Alternatively, you can ask your lender for loan consolidation or restructuring.

For long-term goals like investments and retirement, there are lots of options such as time-deposit accounts, stocks, mutual funds, real estate, businesses, retirement plans and cryptocurrency. But take note that investing can be risky and returns are not guaranteed. Among these options, pick the one that suits your income, timetable, and risk profile.

4. Track and review your financial plan.

Your financial planning does not end with execution. It is a must that you review your financial plan regularly, preferably every three to six months. You must track your progress and see if you are hitting your goals according to your financial roadmap.

Any adjustments to your financial standing will affect your goal and timeline, so take them into consideration every time you review your plan. Make sure that you also review and update your strategy/ies with every milestone or lifestyle change.

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Examples of financial plans

These are just a few samples of financial plans. You can copy these templates and customize them based on your goal and situation. You can even make a personalized template and give it your own title, like “My Financial Plan” or “My Money Goals for 2022 and Beyond”!

Financial goal template

Increase savings 6 months
Pay off debt 1 year
Build emergency fund 1 year
Insurance policy 2 years
Invest in the stock market 5 years
Buy a house 10 years
Start a business 10 years
Retirement  15 years

Personal monthly budget

Main job Php 20,000
Side hustles Php 5,000


Food & groceries Php 5,000 Php 4,500 Php 500
Rent Php 2,500 Php 2,500 Php 0
Utilities Php 1,000 Php 800 Php 200
Transportation (Hybrid work) Php 500 Php 200 Php 300


Medicines  Php 1,000 Php 500 Php 500
Vacation w/ friends Php 2,000 Php 1,500 Php 500
Shopee Php 1,000 Php 800 Php 200

Personal financial plan

Main job Php 30,000
Side hustle Php 10,000


Food & groceries Php 8,000
Rent  Php 5,000
Utilities (electricity, water, internet) Php 2,000
Transportation (Hybrid work) Php 500


Increase savings Php 10,000 in 3 months
Increase emergency fund Php 15,000 in 6 months
Buy health insurance plan Within the year


  • Why is it important to take control of your finances?
    It will help you stay on budget and increase your savings.
  • What does it mean to take control of your money?
    It's when you know where your money is coming from and where it's going. And you can use this information for your spending and saving.
  • What is the first thing you should do with your money?
    "The first thing people should do is pay down their debt," said entrepreneur John Rampton.

Tips for successful financial planning

1. Seek help.

You don’t have to do everything yourself! If you can, you can seek help from a certified financial planner (CPF). CPFs can guide you through the financial planning process and give you recommendations based on your timeline and strategy. You can hire a CPF particularly if you’re inheriting a large amount of money, starting a business, or undertaking an investment.

2. Don’t rush yourself.

There is a famous saying: “Comparison is the thief of joy.” It’s nice to have someone to look up to in terms of financial success, but constantly comparing yourself to other people won’t do you any good. Identify your timeline and stick with it. Don’t rush yourself; just be consistent in taking the steps to accomplish your goals.

You don’t have to hit every milestone in a short span of time just because other people are doing so. Remember, we all have our own journeys, so just move through your plan at your own pace.

3. Have your spouse or family onboard with your financial journey.

If your finances are somehow connected to your spouse or your family, have them onboard your financial journey. Show them your financial plan and ask for their recommendations. If they have their own goals that are in line with yours, include those in the plan and discuss with them your strategy.

Help them budget and save for their own goal at their own pace. Most importantly, manage their expectations and remind them to be consistent.

4. Track your budget and expenses.

Keeping a record of your spending will remind you of your own budget and track where your money is going. If you think you’re spending too much, go back to your budget and adjust accordingly.

5. Keep a record of your transactions.

Always check your bank accounts, e-wallets and transaction receipts so you are always aware of your cash inflows and outflows. Not only does this prevent you from overspending, it also protects you from scams and frauds.

Fast loans and financial planning

A financial plan will help you save money for emergencies. It is important to have an emergency fund that you can use to cover any urgent needs without sacrificing your income, investment or retirement. You can integrate an emergency fund into your plan as a short-term goal, steadily increasing the value of your fund in 3, 6, 9, and 12 months.

You can also integrate your loans into your financial plan. Separate the short-term loans from the long-term ones, then start paying off your short-term loans one by one. Keep track of the principal and interest rates and pay them on time.

Ideally, you shouldn’t be resorting to short-term loans if you have a good financial plan in place. But in the event that you need one, you can get quick cash loans from Digido!

With Digido, you can get a minimum cash loan of Php 1,000 with a maximum of Php 25,000 for repeat borrowers all in just five minutes!

You don’t need to gather documents and wait in long lines at the bank. Simply download the app, sign up for an account, fill out the application form, give your employment details, and just wait for your loan to be approved. Presto! You now have funds which you can use for any purpose or emergency!

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Every Filipino should have a financial plan in place for every goal and expense. Through a sound financial planning process, people get to have discipline over their money and achieve financial independence in the long run.

It’s never too late to have a financial roadmap for your goals. But if you don’t have one right now and you’re in need of quick cash, you can apply for Digido credit. In just five minutes, you get your money hassle-free!


Alyssa Divina
Author pages:
Alyssa Divina pens blog articles about a wide range of topics, such as money matters and government transactions in the Philippines. Prior to joining Digido Finance Corp., she served as a journalist for Charlton Media Group, a business news magazine, for two years. She holds a degree in Journalism from the University of the Philippines Diliman.
Rafael Hular
Author pages:
Rafael “Raffy” L. Hular is, the Finance and Accounting Manager. of Digido Finance Corp., monitoring and controlling the flow of cash that comes in and out of the company to meet the company’s business needs, preparing the financial reports and analysis of income and expenses, and monitoring tax compliance.  Raffy loves reading Japanese comics called manga and watching Japanese animated cartoon series. He dreams of establishing his own Accounting and Auditing Firm and teaching in a University.

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