7 Things We Can Do Every Day to Help Out the Philippine Economy

Financial management as it relates to Philippine economy is too much for me really, especially in aspects that involve stock market, inflation, currency rates and GDP. These concepts are way too complicated to understand.

Instead, I’m more into personal financial management because it’s something I can relate to as I go about my daily life. It’s something very practical, I can say. However just recently, I happened to read a blog by Valeriano Avila published by The Freeman. In a nutshell, Avila says:

We can change our government if we Filipinos change ourselves first. Right now we are a very tolerant people, even if our political leaders are stealing the nation’s coffers blind.

And as a personal finance advocate, I can’t help but agree. These words got me thinking that it’s weird to separate Philippine economy and personal finance, considering that our everyday spending habits affect the country’s economic performance.

That being said, I’d like to share these 7 everyday habits I’ve been doing for many years now, which you might like to pick up – these are based on research, experience and expert tips:

1. Put your money in a good investment vehicle. You can sign up for an insurance plan, invest in low-cost mutual funds or put it in a bank. The first two options are highly recommended because these are proven to yield higher returns than the last option.
2. Ask help from authorized loan consultants and use loan comparison tools every time you apply for any type of loan. Many people often attribute their debt on their loans. However, the main cause of debt is being unable to manage one’s credit effectively.
3. Don’t be afraid to take out a loan. Contrary to the long-standing belief, loans aren’t that bad as they seem to be. They’re just not created equal.  So be wise. Opt for those that will help you acquire assets, such as a home loan or a business loan. Just make sure to ask help from experts to find a good offer.
4. Buy Philippine-made products. This is one way to help local merchants grow, which in turn can help increase our GDP.
5. Maintain a low-cost, eco-friendly lifestyle. Excessive use of plastic ruins the environment. And the government has no choice but to use a portion of the people’s money on forest rehabilitation and other pro-environment initiatives.
6. Plan and monitor your expenses. There’s nothing more rewarding and motivating than knowing that you’re in control of your life and finances.
7. Be organized and timely with your payments. This best applies to those with loans and other credit card dues. Late payments can cost you extra charges so it’s best to be vigilant about your pay out schedules.

The Philippines certainly has a long way to go in terms of economic improvement and governance. But it’s something we can all participate in, especially as we live our day to day life. As much as we aim to elect the right people to govern us, it’s also our responsibility to strive for personal improvement, especially in terms of our finances.
References:

1. Must we forever remain a 3rd world country?
2. Philippines Economy Slows, Dragged By Farming, Forcing Re-Think
3. Stormy seas ahead for the Philippine economy?
4. The Philippine Economic Reality
5. Tips To Improve Your Personal Finance Management
6. I Write About Money Every Day, And Here's The Best Financial Advice I Can Give You

About the Author:

Mari writes for Loansolutions to help educate people in making informed-decisions on taking out loans and becoming responsible borrowers. Being the COO, she feels it is her social responsibility to do so. Learn more from her as she shares tips, advises and stories on  

finance. Also, she's fond of 9GAG, so you might read some random stuff over here.

*Photo Credit: GotCredit (Creative Commons)