By: Ma. Alyza Byan Tiotangco
Last March 3, 2024, Asst. Prof. Ma. Afrecita Nieva of the Department of Home Economics Education was invited to facilitate a talk on Basic Financial Literacy for the women of BANYUHAY at the plaza of Pook CP Garcia, UP Diliman Campus.
Asst. Prof. Nieva started the talk with an introduction to the definition of financial literacy and highlighted its importance to the attendees. She asked the participants to reflect on a series of questions on how they value money and where they spend their money. Asst. Prof. Nieva explained that our plans and dreams are related to how we use our money at the present. After this, the participants again reflected on their saving habits and how they save.
During the talk proper, the attendees learned about the five principles of financial literacy, savings and investment, borrowing and debt management, and spending and planning. Here, some tips were shared. On borrowing and debt management, some helpful tips shared were to borrow wisely, live within one’s means, and to review interest rates before applying for a loan.
On spending and planning, participants were introduced to the 50-30-20 budget and the 80-20 budgets. Asst. Prof. Nieva also emphasized the importance of protection through emergency funds and insurances. Finally, the participants were guided through setting financial goals and getting out of poverty.
This talk is the first of a series of seminar-workshops held by BANYUHAY, a group of women leaders who aim to help equip their members with the tools, skills, and knowledge to help them be better wives, mothers, and partners. It was attended by 25 members of the organization.