A learning session entitled, ‘Financial Literacy 101: A Guide to Securing your Financial Future’ was conducted on August 31, 2021, 10am-11:30am via Google Meet.
Ten CYDP graduates for the year 2021 from 5 areas of Quezon City, Marinduque, Romblon, Sagay City and Rodriguez, Rizal benefitted from this learning session facilitated by one of the Program Area Coordinators. As the participants are expected to enter a new phase in their life’s journey as part of the ‘work force’, the session wishes to provide additional knowledge to be financially literate and help develop their skills in managing their finances for a better future.
The session focused on the five (5) important things an individual should learn to be financially literate – budgeting, saving, invest, build credit and control debt and protecting wealth.
Given emphasis in financial literacy is the importance of planning to acquire one’s personal financial goals. Setting an amount from the income to save for that particular long-term or short-term goals is the key to be able to define strategies that will allow one to be financially aware. Strategies discussed include cutting overspending, avoiding unnecessary expenses and prioritizing savings.
Participants were also encouraged to make investments on things that will generate income or will appreciate in the future. While credit and loans may not be avoided, planning, choosing the right loan, and maintaining a good credit history are highly encouraged.
It has been an interactive session as the participants believed that they can apply their learnings in day-to-day living, covering practical ways and strategies in managing their finances. Realizations include being thrifty, purchasing things that they only need, avoiding luxury, planning for what they want to buy and budgeting.
Citing from one of the participants’ feedback, “on my point of view, the most useful or valuable regarding the topic is knowing one’s goal when it comes in financial, knowing how to manipulate or handle money and also giving importance on how individual will manage its assets and liabilities to have a good outcome. It is very important that we, as individuals know how to handle things especially in this amidst a pandemic. The Ipon Challenge will really help ourselves. Gumastos ng naaayon or base on the situation we have today.”
Financial literacy may not be given much attention/importance, yet, the key to create wealth is not only educating on how to earn but also on how to manage finances.
To God be all the glory!
Prepared by: Janette Corollo, RSW, Program Area Coordinator