Based on a study conducted SOLAR (Study of
Lifestyles, Attitudes and Relationships) 49% of Filipinos are open to learning
about managing their finances, while 51% are not open to learning it. However,
being financially secure is not something that can be learned overnight. Low
financial literacy could lead to financial mistakes and undesired economic
consequences. Hence, it is imperative to keep worries at bay through making
smart decisions when it comes to your own finances.
Dedicated to promoting financial literacy
among the youth, Sun Life ASCP held a webinar entitled “Building Brighter Habits
for your Future,” an initiative that encourages young Filipinos to build good
financial habits. Attended by students from SOS Children’s Village and House
Foundation, the virtual event was graced by certified wealth planner Teresa Joy
Panganiban and Sun Life ASCP Head of Finance and Operations Dennis Bocoy.
Time is your advantage in making money
According to Panganiban, the benefit of
building good financial habits at a young age is that people will have more
time to save, plan their future, and expand their finances. Contrary to the
belief of Filipinos, she shared that working for a company is not the only way
to earn money at a young age.
“Money is everywhere and we also need to
find ways to get it. Right where you are, using your resources, using your
talents, you can earn money because you have access to information now,” said
Panganiban.
She advised everyone to maximize the use of
the internet, as it presents unlimited ways to make money from the comforts of
our home. For instance, you can explore managing social media pages or groups
for companies that need social media support, another would be selling your
pre-loved items online, or by selling homemade food or creative crafts and
putting them up online on e-commerce platforms. These can potentially open
opportunities for expanding your craftsmanship and grow your earnings in the
long run.
When a person begins earning money, their
actions afterwards will influence their financial security. Panganiban shared
that setting a goal for oneself is important in establishing good money habits.
Doing so gives meaning and direction to the upcoming financial decisions that
someone will take during their lifetime.
Additionally, putting effort in budgeting
your finances ensures that you will always have enough money for your expenses,
prepare for emergency situations, and manage long-term financial goals. You can
start with a 50-30-20 budget rule where 50% of your money goes to your
essential needs, 30% on wants, and the 20% on savings. It is a smart budgeting
method that can help anyone manage their money effectively, simply, and
sustainably.
Grow your money the smart way
From being a fast-food service crew to
becoming the Head of Finance and Operations of Sun Life ASCP, Dennis Bocoy,
proved through his experience that being strategic with your finances can take
you to a brighter future.
“Don’t be afraid to do more than what we are
paid for, because it exposes you to additional experiences,” he advised.
Being more open to such opportunities is key
to personal growth. Bocoy believes that investing in advancing your skills
through self-learning or training can lead you to better financial situations —
being able to save more, plan for retirement, and do other long-term
investments.
When you start earning more money, Bocoy
recommended buying assets to grow your money instead of putting expenses on
liabilities. Some examples of assets include cash, savings, properties,
investments like bonds, the cash value of life insurance policies, mutual
funds, stocks. For instance, if you bought land in a premium location, its
value increases over time and you can sell it for more than what you had paid
for.
Finally, Bocoy advised that expanding your
sources of income also builds up your financial security. One can utilize their
skills or talents to service customers while working for an eight-to-five-job.
Likewise, you can explore launching a small business or buying a franchise to
help you grow your money along the way.
While managing your
finances let alone grow it could be overwhelming for a young individual, it is
never wrong to plan ahead and start even with small steps towards financial
freedom.
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Sun Life ASCP Team together with guest speakers, TJ Panganiban and Dennis Bocoy, and the representatives from SOS Children’s Village and House Foundation during the “Building Habits for a Brighter Future” webinar.
For more information about financial security, visit https://www.sunlife.com/asc/en/.
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About Sun Life Asia Service Centre
Sun Life Asia Service Centre-Philippines (ASCP) provides Business Processing, IT, and Knowledge Service to Sun Life's global businesses. ASC Philippines is part of Sun Life Asia Service Centres and together with ASC India, support Clients through all stages of client and software life cycle for Sun Life in Canada, the US, and Asia. Over the years, the ASC has achieved scale and operational maturity by integrating closely with Sun Life’s corporate functions. ASCP enables Sun Life business through technology, building new capabilities, and keeping their focus on Client For Life moments. For more information, connect with us through:
Website: https://www.sunlife.com/asc/en/
Facebook: https://www.facebook.com/sunlifeascp
LinkedIn: https://www.linkedin.com/company/sun-life-financial
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