Useful financial tips Filipinas need to hear today

Insular Life

Posted at Nov 27 2020 04:09 PM | Updated as of Dec 03 2020 11:42 AM

Women make up half of the population, but they remain underserved in many aspects. An example is when it comes to financial matters. While there is no universal fix for all these issues, women still have needs that call for tailored solutions that the market fails to address. 

Insular Life (InLife), one of the first and largest life insurance companies in the Philippines, is looking for ways to improve the lives of Filipinos.

Looking at the plight of Filipino women, the company decided it was time to provide additional support to them. In partnership with the International Finance Corporation (IFC), a member of the World Bank Group, the InLife Sheroes movement was born.

InLife Sheroes recognizes women as a pillar of strength and vows to empower them with every means necessary. One of its projects is to educate women on topics such as health and finance. 

They have launched a series of bite-sized videos to help uninsured and unserved women make informed decisions.

Here are some of the helpful videos in their roster.

1. Easy-to-Do Hacks for Saving Money That Work

Earning, saving, and growing money is always a challenging endeavor. This is why people are drawn to looking for money hacks that will help them. But how do you know which advice will actually work?

In this video, FQ Mom and IFE President Rose Fres Fausto shares some smart tips for a financially empowered life.

One of her hacks is to automate one's saving and investing so that you do not have to make decisions every payday.

2. Money Issues of Women

In another video by FQ Mom Rose Fres Fausto, she opened up the discourse on how women deal with money issues such as the gender pay gap, career interruptions, unpaid labor at home, and longer life span.

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Given all the disadvantages women tend to have versus their male counterparts, women are led to have limiting beliefs when in fact, they can be money-savvy and good investors by default. 

To see Fausto's recommendations about these issues, watch the video here:


3. Good debt and bad debt

This helpful episode talks about good debt and bad debt, something that many people are still having struggles differentiating. 

Fausto makes this easier to understand by asking two questions: Will the proceeds of the debt bring you to a better condition? Are the terms and conditions of that debt fair? If the answer to those questions is no, then it probably is bad debt. 

''The lesson here is debt is not bad per se, but we need to make sure that our debts are good debts,'' said Fausto. ''Remember, debt is a double-edged sword. It can bring you both benefit and damage.''

Fausto also gives some suggestions on how to deal with debt, so check out the full video here: 


4. How do I raise my child to be good with money?

Another video from the FQ Mom is about raising your children with high financial quotient (FQ) to give them economic self-defense – that means teaching them to be wise with money as early as you can. 

She suggests proactive steps to help them make wise money-making decisions in the future such as opening a bank account for them, differentiating needs vs. wants, and setting aside a portion of their allowance for savings. 

Watch this video to know more about raising a child with high FQ:


5. Do you have a healthy relationship with money?

Did you know that dealing with money is more emotional rather than mathematical? According to Rose Fres Fausto, a healthy relationship with money is a must to achieve financial wellness. 

This is also rooted in finding out the true purpose of money in your life. It starts by identifying your core values and checking to see if your relationship with money is aligned with this. 

''If what you do with and for money does not align with your core values, no amount of money will make you happy,'' said Fausto.

Fausto shares her journey to financial wellness here: 

There are many more informative videos covering a wide range of financial and health topics that will be helpful to women. Even the busiest mom or the work-at-home newly grad can find time to watch them as the videos will only take five minutes of their day.

Aside from this initiative, InLife Sheroes also created She Cares.

She Cares is a customizable life, health, and investment policy specifically catered to Filipino women, giving them the choice to pick which health benefit is suitable for their needs, with options to cover female-specific diseases, choosing the level of risk for their insurance plan, and more. 

What makes it even more unique is the option to choose diabetes-specific benefits. One covers even Type 2 diabetic women so that once they are diagnosed with the covered critical illness arising as a complication of diabetes, they will be given a one-time cash payment. Another option covers future incidence of diabetes where they can use the one-time cash payment to manage their condition. Its health coverage is until age 70 and it also provides life insurance benefits that will help their family financially even when the insured is no longer around.

To know more about how She Cares can help you, visit this website

Through She Cares, Insular Life and IFC hope to make good things happen for more Filipino women with the help of insurance and health solutions.

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For more videos on health and finance, you may visit InLife Sheroes' YouTube channel. To know more about InLife Sheroes visit this website or follow Insular Life's official Facebook page.

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