Happy New Year, everyone! It’s another year again – a year that everyone is looking forward to setting fresh goals and experience life to the fullest even if the past year has become a challenging one.

Of course, financial goal is one of the resolutions people are eyeing, and today Par Pahiram is giving the best options that you can choose from.

1. Create a Personal Budget

One of our basic tasks/routines, yet often neglected by many, is to create a personal budget. No matter what your job, business, or other sources of income you have, a clear budget or guidelines is the foundation of the rest of your financial goals.

Here’s what you can do:

  • List your income/ cash flow every month.
  • List your fixed expenses such as groceries, mortgage, utilities like average water bill/ electricity, internet/ telecom bills.
  • Check the percentage of your expense versus your income.
  • Pay your bills on time to prevent paying for additional interest.
  • Strictly follow your budget.

2. Save More

Saving more can be an answer to the rest of your goals like investing more, buying your dream home, or starting a new business.

On your budget above, set a percentage for your savings.

Others believe in the “income – savings = expenses” formula. Even, I, myself find it effective. However, on a personal note, this is not the case all the time. This is not for everyone.

Why? It’s because you need to consider other factors in order for you to save more such as paying debt or the cost of your expenses. For example, your monthly income is 20, 000 pesos and you want to save 50% or 10, 000 pesos, but your expense and debt is around 12, 000 pesos, then, it wouldn’t be possible.

How you can save more? You need to be disciplined as possible in following your budget and considering option 3.

3. Explore Other Opportunities to Earn

In today’s world, having multiple sources of income is already a need. You need to look for other opportunities like opening a small business so that you will have alternative streams in case you lose your main income.

If you are new to this, you may probably wonder, how do I start?

First, identify your hobby or the things that you love to do. Then, find relevant ideas, concepts, or the needs of the people around you. In short, finding a demand. For example, you love cycling, then, you can start by selling cycling stuff such as cycling jerseys, and bike accessories.

If you love baking, then you can start by letting your families or friends order for you. You can create a Facebook Page so you can showcase your baked products and be seen by everyone.

Once you discover how to run it smoothly, you will be able to add it to your emergency fund or savings.

4. Improve Your Credit Score

A credit score is a numeric expression of a person’s creditworthiness. The higher the credit score, the borrower has a higher chance of getting approved on his/her loan.

This is computed based on the total level of debt, repayment history, number of loans applied, and others.

How you can improve your credit score?

First, make sure to monitor your loans, the deadline, and the percent interest. Do not make late payments. If possible or if you have extra money, you can create additional payments so that you will have a faster repayment process.

5. Assess Your Financial Goals

Last but not the least, assess your financial goals. Whatever you write or set at the start of the year, check your performance.

How you can do it?

At least every month, take a sit to analyze everything. Check whether you are reaching your specific goals. If not, inspect which part you may probably be lacking so that you can improve.


Financial goals are one of the best goals that you can set this 2021. It may require much some time and discipline, it has one of the biggest impacts in a longer time.

This new year, we hope that you and your family reach all your goals despite the challenges that you may encounter.

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