“Always live within your means.”
This is award-winning actress and TV host Charo Santos’ advice to people who are struggling with their finances.
Bulletin Entertainment was able to catch up with the seasoned star during the online media conference of “Shine On, Overseas Pinoy,” a talk show that provides relevant financial education to OFWs and their families towards achieving a stable financial future.
So what are the dos and don’ts?
For Charo, saving early is crucial.
She noted it will instill discipline.
She shared: “Habang bata ka, usually pag nasa high school ka na, di ba, binibigyan ka na ng allowance ng mga magulang mo? Sa allowance na mga binibigay sayo sa linggo-linggo, simulan mo na ang financial discipline, di ba?”
“So kung meron kang maiipon dun sa allowance na binibigay sayo, yun na ang simula.”
Charo also noted how one should learn not to splurge.
“Let us say ang luho mo is to drink coffee, your favorite cup of coffee once a week. You count the number of the weeks in a year. 52 weeks. Yung 52 na diniprive mo ang sarili mo ng favorite cup of coffee sa isang taon, di ba? Sa isang taon kasi meron kang goal na maitabi ito as savings na ilalaan mo sa mas mahalaga, may pupuntahan, di ba?”
“Akala mo lang maliit kasi ang tintingnan mo itong linggong ito. Hindi. Kapag binilang mo itong linggo na nagtipid ka or diniprive mo muna ang sarili mo or yung delayed gratification dahil may paglalaanan ka na mas importante. Yung discipline na yun dadalhin mo na yun hanggang magkapamilya ka.”
She also reiterated the need to do away with credit cards, maintaining, “Kung hindi mo kayang bayaran ng cash, wag kang gumastos.”
More than anything, the 66-year-old former beauty queen emphasized the need to know one’s priorities.
She pointed out, “One day, pag-stable na ang buhay mo, lahat na ng gusto mong bilhin, mabibili mo.”
Charo then shared her personal experience, relating, “Lagi kong inuuna ang aking pamilya, lalo na nung nawalan ako ng ama. Ang laging nasa isip ko at puso ko ang aking ina at aking mga kapatid.”
“Kahit wala na akong nabili para sa sarili ko basta meron lang ako mapasalubong sa lahat ng aking mga mahal sa buhay, okay na yan sa akin.”
“Yung isang pares ng sapatos mo pinag-aari mo sa buong taon, di ba? Kasi merong mas mahalaga kaysa sa isang pares ng sapatos,” she added. “Okay lang sayo na magsuot ng mga hand-me-downs kasi hindi bago ang mga damit mo kasi madami kayong magkakapatid. Sapat lamang ang kinikita ng aking ama para sa aming anim na magkakapatid, mga ganun.”
“At tsaka siguro, yung value of hard work alam kong meron akong gustong makamtan so sinabi ko sa sarili ko, pagtatrabahuhan ko ang buhay na gusto ko para sa aking kinabukasan.”
The COVID-19 pandemic has taught many people about the necessity of long-term financial security.
This reality dawned with great impact on Overseas Filipino Workers (OFWs).
Over 1.7 million of them have been repatriated since the start of the pandemic, according to the Overseas Workers Welfare Administration (OWWA).
In a bid to help OFWs achieve financial wellness and come home to the Philippines for good, Sun Life Philippines (Sun Life), a leading international financial services organization, and TFC, ABS-CBN’s flagship international multiplatform media brand, recently launched “Shine On, Overseas Pinoy.”
Hosted by Charo, who is also Sun Life brand ambassador, “Shine On, Overseas Pinoy” will debut on May 14, on TFC in Asia, Europe, and Middle East. TFC will broadcast a new episode every Saturday and Sunday.
Each episode will feature Charo with a guest OFW and an expert financial advisor discussing real life financial concerns and possible solutions. The episodes will cover relevant topics like alternative sources of income, health protection for OFWs and their families, life insurance, education and retirement planning, estate planning, building an emergency fund, and starting a business, among others.
Charo, for her part, explained why she said yes to doing the project.
“I saw the value in imparting knowledge to our kababayan about financial management. Many of them are scared about what to do with their salaries and savings and this is because of lack of relevant knowledge and information. That is the need that this show addresses and we promise that they will learn a lot from useful and practical expert financial advice.”