#PlsSaveMe – Saving Up For Life’s Financial Challenges
Why Money in the Bank is Essential
Despite a decreasing poverty rate in recent years, 21.6% of the country’s population still live below the national poverty line. Rural areas in the Philippines show a poverty rate of 36% in comparison with the 13% in urban areas. For those who are more privileged and aren’t exposed to harsh conditions, these statistics may not mean so much. This is a sad assumption but it’s quite accurate. It’s great to live in the Philippines if you have money otherwise it’s very hard, and sometimes no matter how hard you work, your salary still doesn’t suffice. Several members of the family should be employed just so the needs of everyone will be met.
Emily, a 63-year old general manager in an insurance brokerage firm in Bacolod City, shares her story and how her positive outlook in life as well as financial difficulties, has eventually made her a stronger person and much closer to God. She came from an economically challenged family and is the eldest among 13 children.
“I started working when I was 20 years old as a clerk-typist at an insurance adjustment company. I had to earn a living to help my parents and 12 siblings. It wasn’t an easy life.
I encountered financial difficulties left and right like when my husband’s motor shop business went bankrupt and had to close. I sold our property, the house and lot that we lived in, to pay his debts. We transferred from one apartment to another since we no longer had a house. We continued paying debts even after the business closed.
On top of that were family problems. My husband and I separated because of personality differences. It came to a point when I can no longer stand his temper and his being jealous of almost everyone around me.
In 1997, I resigned to avail of our early retirement. I decided to do that to be able to pay some of our debts and to support my daughter. I accumulated a lot of debt to be able to send my daughter to a private Catholic school and give her a comfortable life.
Later on, I then became a general manager in an insurance brokerage firm and was able to recover financially as time went by.
After 4 years of being separated, I decided to reconcile with my husband because of my daughter. Despite that, I was still the one who paid for her college education in a prestigious university in Bacolod. In the end, because of God’s grace, we acquired properties again. It turned out that my father-in-law left us an inheritance.
I learned so much along the way. There were times when I was ready to give up but a voice inside me would wake me up and tell me to continue fighting. Through my faith in God and hard work, I was able to survive. God didn’t leave me and was with me every step of the way.
I’ve had financial difficulties all my life and now more than ever, I’ve realized the importance of saving. In times of emergency, money in the bank is of great help. If I had savings then I wouldn’t have accrued so much debt.”
Financial planning is very important and should be observed at all times. It’s better to be prepared when it comes to finances than be caught unaware and unprepared. An emergency fund is essential in times of need. Financial security may not be the answer to all our problems but it certainly gives us peace of mind. It’s true that “You Only Live Once” but let’s all be more responsible with our finances and thus, our future.
