The smart Pinay’s guide to money management

Published August 18, 2022, 9:33 AM

by MB Technews

Educating women on managing finance

With evolving norms in the modern world, a progressive shift in women’s roles is happening before our eyes. The modern Filipina is veering away from old-world perceptions and taking control of decision-making, with financial independence and starting a business at the top of her priority list. As they bridge gender gaps in finance and society, here are five practical tips for independent women aiming to take control and put money matters into their own hands.

Tip #1: Setting Goals and Priorities

Setting your goals and identifying your life priorities will help you lay down a concrete roadmap for your money management journey. A short-term goal such as paying for your child’s first birthday party and a long-term one such as ensuring your child earns a college degree will drive you to regularly set aside a certain amount of cash consistently.

After identifying your goals, assess your current financial state and list the factors impacting your finances: career development, home and family situation, personal goals, and future plans. This will give you a clear direction on how to turn your vision of financial independence into reality. The details will also help you keep track of any progress made and help you stay motivated.

Tip #2: Budget Allocation and Monitoring

After painting a clear picture of your financial scenario, prepare a budget plan to achieve your goals. Set realistic monthly or yearly amounts based on your earnings and projected expenses. Draw up a reasonable budget that takes your family’s necessities into consideration while preventing overspending. Prioritize essentials and family emergencies over luxuries.

Knowing your priorities will also serve as your guide in creating a template to track your financial moves. Do it with a pen and paper, an automated process using mobile apps, or online money management templates. TALA’s budget tracker uses a simple and straightforward format that helps you manage your expenses and ensure you are spending within your budget. Check out TALA’s budget tracker here: https://tala.ph/2021/09/24/tala-budget-tracker-makakatulong-sa-pag-iipon-mo/

Tip #3: Borrow Responsibly. Don’t over indebt yourself

If you have decided that you are ready to borrow money, it’s important to consider how much money you’ll need and how much you can afford to pay on time. Let the loan be an integral tool to achieving the goals and priorities you’ve identified such as starting a business or paying for your child’s tuition fee.

After deciding on the loan amount and how you’ll be using the money, find a trustworthy lending platform that not only provides you with credit but also is transparent in its interest rates and offers repayment schedules that are suitable for you. TALA offers loans that are affordable with flexible payment terms. Every transaction with successful repayment gives the customer a credit score and the possibility for bigger loans, while equipping the borrower in her financial journey.

Tip #4: Regularly Assess Your Financial State

Regularly review your financial progress in line with your targets and timeframe. Do this on a monthly or quarterly basis for short-term goals and yearly for long-term goals. Identify any gains or deficits compared to the previous ones. Take note of circumstances that will have an impact on your finances such as career advancement, marriage, and having children. Observe income-generating or money-saving efforts that you should sustain or improve on based on your progress and life changes. Identify spending activities that could’ve taken less priority over more essential items.

After reviewing your financial state, assess if your budget scheme and action plans are effective and still aligned with your initial plans.

Tip #5: Sharpen Your Skills

Learning is a continuous journey. Look for opportunities to fine-tune your skillset and equip yourself with new information. Gaining exposure through workshops, classes, and even free resources such as podcasts may open more opportunities for you to achieve professional growth, develop your business, or enter new ventures.

To apply these learnings, find a mentor who possesses suitable professional skills and wisdom. According to a market study by Jupiter Business Mentors, 80% of mentored businesses have witnessed long-term success, growth, and business revenues. If possible, observe them in their workplace to apply your learnings in your own career or business engagements.

Providing women with the necessary financial management tactics bridges gender gaps and establishes an empowering mindset for female decision-makers. TALA’s women-led and tech-powered capabilities continuously inspire and empower Filipino women with fiscal and monetary services that aid them wherever they are in their financial journey

To learn more about TALA’s services and how they empower women, visit their official website at http://tala.ph/

 
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