Issue of September 8, 2019
Mt. Province
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Experts share tips on managing personal finances effectively
by Hanna C. Lacsamana

With time, sweat, and skills invested to earn income to survive or support a family, it is suggested for people to be equipped with proper knowledge in managing their hard-earned money.

Ma. Angelica Gerardette Rimas-Pernes, a board director of the Baguio-Benguet Community Credit Cooperative, said financial literacy is important because it is used in everyday life, as it helps people make wise and prudent decisions so that they can get value for what they are working hard for and have the benefits of a quality life.

With most people marking the start of “ber” months, a season usually occupied with undertakings in preparation for Christmas, the audit committee of BBCCC that is considered the oldest in Northern Luzon and one of the most successful endeavors in the cooperative movement in the country, shares some tips to achieve the right mindset in handling the fruits of one’s labor not only in times of windfall but also having financial freedom years ahead.

Among the cooperative’s suggestions is for an individual to avail of seminars and trainings provided by experts in the field to help people understand and learn to manage their respective financial situations.

Pernes also cited the importance of living within one’s means. In its quarterly publication for its members, the coop offers adopting the process of spending money for expenses after setting aside from the income the savings, tithes, and investments.

It is advised not to exhaust all savings and then borrow money to buy expensive gadgets, clothes, food, and gifts.

“Budgeting and self-control are keys to effective financial management,” said the audit committee composed of Pernes, Milagros Cardona, and Allan Frank Silva.

They also advise resorting to borrowing if it is probable that the income to be earned from the use of the borrowed money will be greater than the interest to be paid. A way of assuring that borrowed money will bring profitable is buying assets that will cause future economic benefit.

They observed that most people are not so conscious but they tend to acquire things that will entail more expense in the future, such as buying cheap things that do not last long rather than spending a fortune on something that would be cost-effective in the long run.

As part of its goal of encouraging financial literacy, the coop is inviting its members as well as non-members to a free business, expense, and savings training on Sept. 21 at the BBCCC Hall A-C from 8 a.m. to 7 p.m.

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