Cocolife Brand Ambassador Kiefer Ravena shares tips on smart spending and saving
For young adults just beginning to earn money, saving can often feel like sacrificing all the fun. In a consumer-driven world, spending on nights out and keeping up with pricey trends has become the norm for younger generations. But managing your finances doesn’t have to mean missing out on life.
By developing smart spending habits, young adults can find the sweet spot between enjoying the present and securing their future, proving that financial responsibility and personal well-being can go hand in hand.
Filipino basketball player for Yokohama B-Corsairs in Japan’s B.League and Cocolife Brand Ambassador Kiefer Ravena shares tips on how to make budgeting both a fulfilling and enjoyable journey through smart spending.
Track your expenses and create a realistic budget
One of the biggest mistakes people make with money is not keeping track of where it goes.
Whether it’s through shopping sprees or spontaneous food trips, Filipinos often tend to spend their hard-earned cash on things they don’t really need. This lack of awareness can lead to overspending and financial stress, making it harder to save for bigger goals.
Using budgeting apps, spreadsheets, or even a simple notebook can provide clarity on where funds are going. Once you have a clearer picture, creating a realistic budget that covers essentials like rent, food, and transportation makes it easier to cut unnecessary expenses without completely giving up the things that bring joy.
Popularized by U.S. Senator Elizabeth Warren in her book All Your Worth: The Ultimate Lifetime Money Plan, the 50/30/20 rule is a helpful way to maintain financial balance without feeling restricted. The rule suggests allocating 50% of your income to needs, 30% to wants, and 20% to savings or debt repayment.
“I try to write down my expenses and chart them accordingly — from bills to business to extracurriculars. It may not be exact, but at least I have an estimate of how much I spend versus how much I earn,” shared Cocolife Brand Ambassador Kiefer C. Ravena.
Practice intentional spending
With the rise of e-commerce platforms, Filipinos now have easy access to make impulse purchases directly from their phones, which can quickly drain their finances. Double-digit sales, seasonal price drops, and payday discounts make it easier than ever to justify unplanned spending, often leading to unnecessary purchases that add up over time.
“I try not to enter stores where I know I’ll make an impulsive purchase. I just avoid so I don’t have a reason to buy,” Kiefer shared.
One method that has helped individuals like Kiefer improve his financial discipline is the 24-hour rule. This rule suggests waiting a full day before deciding on a purchase. If, after 24 hours, consumers still believe the purchase aligns with their financial priorities and long-term goals, then it may be reasonable to proceed. In many cases, however, people find that the desire to buy fades, saving them from unnecessary expenses.
Compare prices and maximize discounts
Even financially disciplined individuals spend some of their money on personal desires every once in a while. The key difference lies in how they approach it. Instead of giving in to impulse purchases, smart consumers take the time to compare prices and use discounts to ensure they get the most value for their money.
With many online and physical stores offering similar products, prices may vary based on quality, demand, and supply. Before making a purchase, it’s wise to explore different retailers, check price comparison websites, and monitor price trends. Additionally, try searching for additional savings through discounts, vouchers, or rewards programs.
However, smart spending also means exercising financial discipline, especially when using credit.
“First, don’t get a credit card if you have difficulty controlling your spending — that’s a common pitfall for many individuals.” Kiefer advised. “Second, set a spending limit on your credit card to ensure that essential expenses are prioritized and not overlooked.”
Avoid lifestyle inflation
Filipinos have become increasingly wary of inflation since the COVID-19 pandemic, as rising costs of goods and services have significantly impacted their daily expenses and spending habits. While prices have eased in some areas, a common pitfall that often goes unnoticed is lifestyle inflation — the tendency to increase spending as earnings rise.
The temptation to splurge on nicer clothes, newer cars, or the latest gadgets can feel like a well-deserved reward for hard work. However, when spending rises as quickly, or even faster than income, it can become difficult to save. What starts as an occasional indulgence can gradually become the norm, making it harder to scale back later on.
“I prioritize savings by having an end goal of what I want to achieve 10-15 years down the road. It’s always easy to spend when you have high cash flow, but as athletes, we know we can’t play forever,” Kiefer added.
Automate savings and investments
The easiest way to build wealth is to pay yourself first. However, relying on willpower alone to save a portion of one’s income can be challenging, as daily expenses and impulsive spending often take priority. Fortunately, digital banks and e-wallets now offer automatic savings and investment features on most platforms.
With this method, the urge to spend first and save later becomes an afterthought, since savings and investments are already set aside before any discretionary spending happens. Start small if needed. Even consistently setting aside 5%-10% of your income can make a significant difference over time.
“[My] financial goals have always been, ‘Let your money earn money.’ If I could invest and earn compared to my workload, that is the goal,” Kiefer concluded.
Beyond saving and budgeting, taking advantage of investment opportunities is the next step in growing wealth and securing financial stability. Cocolife’s Flexi Protection, part of the company’s Flexi Series, offers coverage that ensures financial support for loved ones in unexpected events.
This product offers a mix of different investment options based on how much risk you’re comfortable with. You can choose from funds like the Peso Guaranteed Fund, Fixed Income Fund, Equity Fund, and Bond Fund. You can switch between them anytime to fit your financial goals.
“Just as we support Kiefer, Cocolife shares your goal of living a secure, comfortable, and fulfilling life. That’s why we created the Cocolife Flexi Series — to give you the freedom to design your own investment and insurance plan based on your resources and unique needs, so you can enjoy life to the fullest with confidence in your financial future,” said Cocolife President and CEO Atty. Martin A. Loon.
Flexi Protection offers flexible payment options to match your budget and goals. You can choose to pay regularly or for a shorter time — 5, 7, 10, 15, or 20 years. You can also add to or withdraw from your investment anytime without having to wait for your policy anniversary.
To further strengthen your protection, optional riders such as Accidental Death and Dismemberment, Waiver of Premium Upon Disability, and Critical Illness Benefit can be added to your policy.
To learn more about Cocolife’s Flexi Protection, visit https://www.cocolife.com/flexi-protection/.
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