FOR years, I’ve poured my passion for personal finance into videos and blog posts, crafting guides on budgeting, saving and building a secure future. But the most impactful lessons did not come from spreadsheets: they came straight from the hearts of Filipina women just like those I’m privileged to connect with. In the quiet whispers of my Inbox, I’ve encountered the silent struggles of women from all walks of life, each carrying the weight of their dreams, fears and aspirations.
Among them stands Theresa, the devoted stay-at-home mom who meticulously stretches her husband’s salary to cover every necessity. Her heart longs to contribute more, yet amidst the whirlwind of managing the household and caring for her children, financial security feels like an elusive dream, burdened by the weight of responsibility.
Then there’s Leah, the resilient mom, who sacrifices precious moments with her family to provide them with a better life as an overseas Filipino worker. With each passing day spent far from home, her desire to learn how to save and invest wisely grows stronger, fueled by the hope of one day reuniting with her loved ones and building a brighter future together.
And let’s not forget Carla, the tireless working mom, who skillfully navigates the intricate balance between career and family life. Despite her unwavering efforts, the looming presence of mortgage and car payments adds an extra layer of pressure to her daily struggles. Even with a supportive partner by her side, the constant worries about money cast a shadow over her aspirations.
As we celebrate Women’s Month, these stories serve as powerful reminders of the challenges faced by Filipina women on their quest for financial empowerment. It’s a celebration not just of their resilience but also a call to action to unleash the potential that lies dormant within their hearts and pave the way towards a future where every Filipina woman can thrive, flourish and achieve their dreams.
But how do we transform dreams into reality? How do we break free from the shackles of financial uncertainty and embrace a future filled with promise?
The answer lies in the power of education, which is the cornerstone of empowerment. In the realm of personal finance, knowledge is not just power; it’s freedom. It’s the key that unlocks doors, dismantles barriers and sets hearts on fire with possibility.
At the core of financial empowerment lies the art of budgeting—a skill often overlooked but profoundly transformative. Imagine it as a guiding compass navigating you through the maze of expenses, leading you towards the shores of financial stability. Begin by mapping out your income and expenses, carving out space for necessities and aspirations alike. Remember, every peso saved is a step closer to your dreams.
Yet, amidst the clamor of bills and responsibilities, debt often looms like a shadow, casting doubt upon our hopes and dreams. Fear not, for in the face of adversity lies opportunity. Take charge of your financial destiny by confronting your debts head-on. Prioritize repayment, negotiate for lower interest rates and reclaim control over your financial narrative. Remember, you are not defined by your debts but by your resilience.
Financial empowerment extends beyond mere survival. It’s about thriving, flourishing and embracing the abundance of life. Sow the seeds of prosperity through the art of investing. Explore myriad avenues, from stocks to mutual funds, real estate to retirement accounts. Seek guidance, craft a strategy aligning with your aspirations and embark on a journey towards wealth creation.
In addition to budgeting and investing, another crucial aspect of financial empowerment is safeguarding what you’ve built with insurance. It acts as a safety net, providing protection against unexpected events for you and your loved ones.
When it comes to insurance, considering both health and life insurance is crucial. Health insurance ensures that you and your family are covered in case of medical emergencies, shielding you from the financial burden of unexpected healthcare costs. On the other hand, life insurance provides financial security for your loved ones in the event of your untimely demise, offering them a lifeline to navigate through challenging times.
To further enhance financial literacy, women can explore various avenues for education. Attending financial literacy seminars or webinars, watching YouTube videos, reading blogs, or joining online communities dedicated to financial wellness can provide valuable insights and practical tips for managing finances effectively.
Communication is key, especially between partners. Openly discussing financial matters fosters understanding, trust and unity, strengthening the foundation of your financial goals.
Moreover, instilling financial literacy in our children from a young age empowers them with essential life skills for wise decision-making. Teach them the value of budgeting, saving and wise spending.
As we stand on the brink of possibility, reaffirm our commitment to empowering Filipina women through financial education. Ignite flames of hope, illuminate pathways to prosperity and champion the cause of financial independence. For in the hearts of Filipina women lies the power to change the world—one empowered decision at a time.
To all the leading ladies, heed this call to arms. You are the architects of your destiny, the sculptors of your dreams. Embrace the journey towards financial empowerment and let us pave the way for a future where every Filipina woman can thrive, flourish and soar.
Janice Sabitsana is a registered financial planner of RFP Philippines. The views she expressed in this column do not necessarily reflect those of the BusinessMirror. To learn more about financial planning, attend the 106th RFP program this March 2024. Please e-mail info@rfp.ph or visit https://www.rfp.ph for details.