Financial Freedom 2021: Personal Finance for Young Adults

by Michelle Ann A. Ruiz, JANUARY 2021

As the new year starts, every young adult should know his or her financial standing and calibrate some spending habits. They should also want to analyze the opportunities that could be laid out to them. After all, earning more and spending less should be part of everyone’s transformation journey this 2021. 

Since we are still in quarantine, we could have spent our time reviewing articles and tips on how to improve ourselves when it comes to handling our finances. We could also spend less as we go out less to malls, coffee shops, and some designer brands these trying times, and invest our money to grow with the power of compounding.  


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For starters, some may want to know their credit standing for the new year. This is not to encourage getting loans, but more on knowing one’s capability and likeability to credit issuers. Credit education I believe should be taught to Filipinos, especially to young adults. Credit reports with available credit scores as provided by credible credit bureaus are now accessible online through the government’s Credit Information Corporation. 


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For savings, some banks are getting progressive in giving annual interest rates that could go as high as 4% per annum. Good examples are banks that are now going digital, meaning without the brick and mortar presence in the banking industry. These banks are more versatile compared to traditional banks. Some also now accept payments for cryptocurrencies such as Bitcoin and Ethereum. 


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In investing, the new year is also a good opportunity to have our seed money invested in insurances, mutual funds, stocks, and even cooperatives present in the company. These are good investments, given that one knows the risks and opportunities involved. 

These are the items one should want to consider for personal finance this 2021. Let us welcome the prosperous new year, wisely. 




About the writer:

Michelle Ann A. Ruiz. Gained her writing experience throughout her tertiary years. She graduated Bachelor of Arts in Journalism at Polytechnic University of the Philippines and has joined various communication organizations and even ran for a position to represent the student body. She garnered professional writing experience and wrote features and news articles for national dailies OpinYon and Inquirer. Right after her writing stint, she pursued public relations.

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