Be (More) Financially Literate With These 6 Tips

According to the Financial Capability Survey conducted by the Bangko Sentral ng Pilipinas, many Filipinos were able to answer only three out of seven financial literacy questions. Worse, only a small chunk of the Filipino population perfected the questions.

What does this mean? Many Filipinos don’t know the meaning of concepts of compounded interest, investment, or the effect of inflation on prices of basic commodities. Because of this, BSP and DepEd are pushing to include Financial Education in the K to 12 curriculum.

If you’re no longer in school, then that’s fine. There are still ways to educate yourself and keep yourself in the loop when it comes to financial matters with the help of these tips.

Tip No. 1: Make sure to attend PiTaKa.

Thankfully, the BSP understood what financial illiteracy means especially for those who have no 24/7 access to information. By partnering with BDO Foundation, the agency launched its PiTaKa, Pinansyal na Talino at Kaalaman, which aims to boost OFWs financial knowledge. In fact, it is part of PDOS and will also be shown during the General Orientation for OFW families.

Through this course, you will be taught how to save regularly, spend money wisely, and tips and ideas on how to increase your income.

It may not make you financially literate overnight, but at least you have ideas on how to improve your financial standing.

You can learn more about this program through this post.

Tip No. 2: Read up.

There are tons of materials from books and resources available online. Take advantage of those information by reading as much as you can.

Familiarize yourself with various concepts like mutual funds, return of investment, and interest. Books and newspapers are good places to start but if you want faster info, then make sure you have an Internet connection. Simply type the concept you want to learn in the Google search bar and you will be shown tons of articles regarding that. Make sure you read posts from legitimate sources to ensure that you are getting information from someone reliable.

Tip No. 3: Watch financial videos.

If you’re not into reading, then watching videos about financial concepts could be helpful.

Videos are more straightforward and easier to absorb. All you need is to type on the search bar what you want to know and you will see videos related to that. Similar to articles, choose videos made by legitimate and reputable sources.

Some companies conduct webinars about certain topics, including financial management. Take advantage of that by joining those webinars. The good thing about this is that you can immediately address concerns and questions since someone is talking in front of you.

Tip No. 4: Download financial management apps.

Believe it or not, financial management apps are more than just for plotting your income and expenses. It could also give you a better understanding on the concepts since there is a practical application involved.

You may not notice it but it’s really helpful.

Tip No. 5: Don’t be afraid to ask questions.

Asking questions, especially on those concerns you don’t fully understand, is not a sign of weakness. In fact, there is nothing wrong with asking.

The articles and videos will help boost financial literacy but if you want financial concepts to be explained, then make sure you talk to someone who understands. Take advantage every time you go to the bank. Clarify something. Ask questions. Admit that there certain concepts you don’t understand. It’s okay.

Tip No. 6: Start now.

Procrastinating is among the worst habits you have, especially when it comes to money. If you are serious about improving your financial literacy, then you need to stop making excuses and work on it now.

Take it one at a time since financial concepts can be overwhelming. If you understood already a certain topic, then move on to the next.

The bottom line is you start to take control and commit yourself to learning more – now.

Keep in mind that ignorance excuses no one. Take advantage of the information available online and make the most out of it. All you need is an Internet connection and there’s so much you can learn if you allow yourself to be informed.

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