I was excited when finally the Department of Education is noticing the lack of financial literacy on Filipinos. They actually launched a program to address the issue but since then I have not heard anything about it (even from the media).
Well I hope the program is still there and the Department of Education is doing its part to instill financial literacy in high school students. But I think before they can do that, they should conduct different seminars and workshops to empower high school teachers about the subject matter.
It’s a well known fact that (public or private) teachers are suffering from various forms of financial problems. A few teachers whom I talked to say they only have enough salary for their day-to-day expenses. They don’t have savings nor have any savings account from a bank. What saddened me more is the fact that most of them are buried in deep (as in deep) debt and their only way to make it through the month is to borrow more. That’s why in my hometown there are a lot of lenders commonly known as 5-6.
I’d like to present a few facts to help all the teachers there especially the Filipino ones. I always believe that we should improve the financial literacy of our teachers first before they can impart the knowledge to their students. J
Note: You need NOT be a Registered Financial Planner to understand the basics.
Having more money (promotion/dagdag-sahod) is not the only solution to financial problems. More often this signals the brain to spend more because it assumes that there will be more surplus. Moreover, this signals others that it’s ok to borrow more because there will be money at the end of the month to cover it.
- The Solution: Always treat extra pay as extra savings. For example, when the government gives bonus to teachers for a job well done they should (right away) go to the bank and open a savings account. I think there are banks that require 1000Php initial deposit to open a bank account.
- The Solution: I usually tell my friends to force their savings so might as well tell the teachers to do the same.
- The Solution: Always aim for financial independence. You yourself should take care of your future.
- The Solution: Expose yourselves in other investment strategies. No, I am not talking about 5-6. I am talking about legit investment strategies. If it is difficult for you to reach investment facilities then better drop Facebook and learn the basics through youtube and informative blogs. We are now in a digital world so make use of it and “connect” instantly with other people.
- The Solution: Spend some time to strategize your retirement plan. Do it as early as possible and make use of the power of compounding interest. If you are in your 50’s and still have no means of funding your retirement then you might want to consider taking up another job or making money out of your hobby to buff your savings.
- The Solution: Make it a habit to check investments that come your way. This is a very good strategy because you will be more familiar with it and be able to assess if it is jut a scam or a legit one.
- The Solution: Pay up your debts as early as possible and do not borrow anymore. Live within your means.
- The Solution: If you are to choose between your vices or your financial freedom, please choose the later one. Vices can actually do you worse than you imagine. Collect the money you should have spent on your vices and add that to your savings. Not only you will become healthier but also a step forward to your financial goals.
- The Solution: Start a positive mantra in your life. “Kayak o to.” “Gagawin ko ang lahat.” “Hindi ako susuko.” Those are better to hink than their negative counterparts.
- The Solution: Make financial planning a normal topic at home so that family members can communicate freely about the topic. It is best to understand the views of everybody in order to have an orderly and peaceful family finance. You can actually involve the children on goal setting activities and let them do their part also.
I hope I am able to open the minds of the teachers out there. Feel free to PM me for suggestions and queries.
Till next time.