A FEW years ago, discussing personal finances was considered taboo. But today’s generation, especially the young adults, are now open to talking about money, seeking some advice from professionals or doing research online on how to handle finances especially in these uncertain times.
Entrepreneur and finance director Charmaine de Leon, 26, makes use of social media for her platform that talks about personal finance, entrepreneurship and adulting how-to’s through Ready2Adult PH.
Ever since she was seven, Charmaine has always been into business. Despite her young mind, she sold anything to her friends and classmates and since then, she has developed a habit of not quickly spending what she has earned. She would save up for gifts for her family or just save for the sake of it.
As she is navigating her way through “adulting” in her 20s, Charmaine, or Charm to her friends, did her own research, studied, got more knowledgeable and was influenced when it comes to finance by US-based writers and content creators since personal finance management is not a popular practice in the country and people think that in order to apply this in your daily life, you have to be good with Math and numbers.
“Personal finance is mostly just adding and subtracting numbers. It’s really more about psychology and our relationship with money. Are we comfortable talking about money and dealing with money? Or do we avoid it and get anxious about it?” said Charm.
With her knowledge and experience as a finance director of all her businesses—saving and earning were disciplines that she always practiced and honed—she thought of sharing them through this platform to educate every Filipino. This includes the working class without much access to the internet, as she observed that majority of Filipinos are not financially literate and are not able to sustain themselves for their remaining years, relying on family or relatives for financial support.
“I want Filipinos to retire comfortably and enjoy retirement without having to worry about their finances.”
In one of her posts, Charm discussed the most frequently asked question she got: “How do you earn your first million?”
“This is a typical goal for many Filipinos, and honestly one that is very achievable—the question is when? In your 20s, 30s, 40s or 60s? It all depends on your ability to earn, save and invest. I always tell everyone who asked me this question to make actionable and bite-sized goals,” said Charm.
Charm also shared her thoughts about credit cards. For her, a credit card is great to start building good credit with financial institutions, especially if you plan to take out loans in the future. You can also get so many benefits with rewards programs, points and rebates.
“A credit card is a must if you know how it works and if you’re responsible. Just make sure to pay in full every single month,” she said.
When asked what is the initial step one can take toward better managing personal finance, she answered, “getting to know your spending or expenses and spending habits.”
“Without this, it’s very hard to know where you should cut back on, how to stop yourself from impulse buying or stress-ordering.”
Ready2AdultPH’s community on Facebook is interactive where everyone exchanges ideas, and shares the methods or tools they are using in order to help one another.
Adulting might not be exactly the most enjoyable thing to do, but with the access and platforms like Ready2Adult PH, it’s the best time to be financially literate. Create financial spreadsheets and bust out those calculators and get to personal budgeting!