The newly released Squid Game season 2 on Netflix (December 26, 2024) reminds us of the terrifying consequences of poor financial management. Participants drowning in debt are willing to risk their lives for a chance to change their fate. Although this is just fiction, financial struggles like these are very real in everyday life.
You definitely don’t want to get stuck in a cycle of debt and financial pressure, right? Start learning how to manage your finances so you can live a more peaceful and stable life with these 5 tips:
1. Don't Fall for FOMO, Choose Your Priorities
In 2024, many viral items like the Labubu doll or Stanley Tumblr caught our attention. While they may seem appealing and trendy, always remember to prioritize function over status. Avoid buying things just because they’re trending or because you fear missing out (FOMO). Focus your spending on things you truly need, not on temporary urges to follow the trend.
2. Avoid Consumer Debt and Pay Later Options
Consumer debt is money borrowed to buy goods or services that don’t add long-term value, like luxury items or the latest gadgets. This also includes excessive use of "pay later" services for non-essential purchases. While they may seem convenient, these services can become traps that add financial burden in the future if not used wisely. Spend your money wisely and resist the temptation to buy things you don’t really need.
3. Choose the Right Insurance for Your Needs
Insurance is one of the ways to protect yourself and your family from unexpected risks. By paying for insurance, you ensure that in case of a medical emergency or accident, you don’t have to rely on your emergency fund or take on debt. Insurance like PFI Mega Life can provide protection that helps keep your finances stable in times of crisis.
4. Build an Emergency Fund
An emergency fund is essential for providing peace of mind in the face of unexpected situations like losing a job or an accident. Start saving for your emergency fund until it covers 3-6 months of regular expenses. With a sufficient emergency fund, you can handle difficult situations without falling into debt.
5. Start Investing Based on Your Ability
One way to keep your finances growing is by investing. Choose investments that align with your risk profile and financial goals, such as mutual funds, stocks, or gold. Start with small amounts and continue learning, so your investments can yield long-term benefits.
Just like the participants in Squid Game who got trapped by debt, we can also find ourselves in financial trouble if we're not careful. With proper financial planning and the right protection, you can safeguard your dreams and future. Protect your future wisely with PFI Mega Life, because every step toward a brighter future needs to be protected thoughtfully.
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