PNP aims to teach cops’ financial literacy
PNP aims to teach cops’ financial literacy
The
Philippine National Police encourages its personnel to be financial literate to
avoid incurring excessive debts and be victimized by financial fraud schemes.
During
the Financial Resiliency Empowerment Education (FREE) Seminar held in Police
Regional Office 8, Palo Leyte on Monday, Sept. 30, Brig. Gen. Joselito Vera
Cruz highlighted the need to train their personnel on how to manage their
finances correctly and attain financial freedom.
“Despite our salary increase and directives, some continue to live in
debts, because some do not know how to handle or manage their finances,” the
PNP Finance Service Head said.
He
added the PNP’s mission to deliver public service would be jeopardized if the
personnel themselves are experiencing personal challenges, which includes
financial problems.
Vera
Cruz added the mishandled finances would lead to more problems if not
appropriately addressed.
“It
sometimes causes conflict among spouses, corruption, and malversation in the
workplace – with some even resorting to illegal activities,” he
said.
He
cited that financial schemes have victimized some cops in Regions 10, 11,
and 12.
“Some become willing victims with the hope of bouncing back from debts
because the investment groups promise 100 up to 400 percent interest after a
month or two. Some also invest their salaries in these bogus financial
institutions only [in finding] their hard-earned money disappear,” he
lamented.
The
official added that it is time to teach their personnel as the employees’
salary in the PNP is now in its 4th tranche – it was just increased this year.
Vera
Cruz said they had signed a memorandum of agreement with other savings and loan
associations. The agency likewise made a new salary loan deduction information
system in the Finance Service to monitor the finances of its personnel.
READ: PNP
Provident Fund Loan
“Dito
iniiwasan natin na nag-iincur ng multiple loans. Real time, kapag nangutang
sila sa isang financial institution, hindi na sila pwedeng mangutang sa iba
unless kaya pa ng kanilang net take home pay,” he
explained.
How to save like a pro?
Saving
is one of the most significant parts of money-related planning. To begin
dealing with your cash appropriately, you’ll need to make sense of the amount
you need to spend and the amount you need to save. Shockingly, most people find
saving money troublesome. Listed below is a couple of cash-saving tips:
1. Create a saving goal
Make
your savings plan something achievable. Some good models are the Ipon Challenge – where you save a particular amount week after
week, or the Php 50 Saving Challenge – where you consequently stash each Php 50
you get in your saving funds when you get it.
Try
to start doing it. So we prescribe beginning with modest quantities at that
point, sloping it up in the event that you can – as long as you don’t pass up
on a single chance to save.
2. Search for smarter alternatives
Maybe
you can’t work without your morning mug of coffee. But, do you truly need to
purchase that Starbucks frappe? Less expensive options exist. If you need that
caffeine help, purchase a 3-in-1 coffee mix – or mix your very own cup at home.
You can even eat an apple, which has more caffeine than coffee and is healthier
for sure!
Perhaps
Friday evenings out are your thing. However, rather than spending too much on
bar charges and extravagant beverages, you could rather welcome your friends
over to your place and purchase drinks for everybody. You can have a decent time
and be relaxed in your own turf.
3. Look out for sales
Are
you itching to go for a vacation? Sit tight for plane ticket deals to catch the
best deals and skip the tour packages. Arranging your own travel is less
expensive and will enable you to travel anyplace you want in your own pacing.
4. Monitor the amount you’ve saved and spent
Knowing
where your cash goes is imperative to understanding financial management. In
case you’re doing it yourself, you can make a spreadsheet with your expenses.
You
can likewise download various financial mobile applications in your smartphone,
which will quickly enable you to track down your costs and investment funds.
Consistently
assessing your costs and saving funds will enable you to decide 1) what you have to cut your spendings
and 2) how you can enhance your savings
funds and consider how to make your cash work for you.
5. Open a savings account
Placing
all your savings and spendings in your wallet is a catastrophe. Set aside your
savings by placing them in your savings account. It’s much better if you have a
separate account for your payroll and your savings.
6. Say goodbye to debt for good
Monthly
payments are the greatest impediment to setting aside cash. That obligation
denies you of your salary! So it’s about time you dispose of that obligation.
The quickest method to satisfy the obligation is the snowball method. This is
where you pay off your obligations all together from smallest to biggest.
Sounds sort of exceptional, correct? Try not to stress about it; it’s more
about behavioral changes. When your payments are cleared up, you can, at long
last, use it to gain ground toward your saving plans.
Conclusion
You
can stop the cycle of living paycheck per paycheck with a basic secret: Make a zero-based spending plan before the
month starts. A financial limit is tied in with being deliberate. It causes
you to make a plan so you can see where your cash is moving in discovering the
amount you can really spare every month. Keep
in mind that it truly doesn’t make a difference how much cash you make—it is
important how you spend and set aside the cash you make.