- I'm married! More than a year has passed and I've yet to get all my updated government IDs. It's been a huge challenge to get these government IDs, by the way. I could go on and on about the annoying changes in requirements, unhelpful information desks and unexpected waiting times. That's the Philippine government for the average Filipina, I guess.
- I'm pregnant! It's been 25 weeks already, and my mind had been focused mostly on pregnancy-related tasks, such as maternity benefit requirements, food I want to eat in the next hour, OB-GYNE appointments, lab tests and sleep.
Let's get started!
Being single was easy, especially back when I was just dating my husband, who was pretty good at managing his income himself. But now, since my husband is his family's breadwinner and I can't take that away from the Uys even if I wanted to, I need to essentially man up and act like a single mom temporarily until everything gets sorted out. Where should one start when reassessing someone's financial situation? 1. Check current status I've taken a look at my current basket of eggs and it's looking fair--not that great for someone at my age, but pretty average for a writer. I keep my stress levels pretty low, with occasional healthy eating, mindfulness exercises and daily walking sessions. I think I'm doing good for a 31-year-old! :) At this rate my life expectancy is 87, which I will reach in 2074. That's a pretty daunting year, considering the current economic issues plaguing the Philippines and neighboring countries. I'm crossing my fingers that things won't get worse! 2. Change asset allocation As soon as I get my bank records updated, I'm changing my current asset allocation in favor of higher risk, higher return products. Ideally, younger people (those in their 20s) should be more aggressive with investments because higher risk products tend to get better with time, and younger people more often than not have time on their side. In my case, though, I've been more of a conservative in my younger years. I strongly feel that it's time to take more risk, even if just for the next three to five years.
My immediate to-dos:
- Stop my voluntary retirement fund subscription at work. The 2% deduction from my net monthly income can be better spent elsewhere.
- Increase my stock subscription at work. Just a 2% bump can help me meet my long-term investment goals.
- Consider PERA funds, because I don't want to miss out on the 5% tax credit.
- Consider a new bank account in August.