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The CFO or Commission on Filipino Overseas came to South Korea to conduct a free financial literacy workshop to the Filipino workers. This is part of their Financial Education campaign program called PESO SENSE. This Financial education campaign is part of CFO’s “Ugnayan sa South Korea” program which was held last November 27 to December 4 2015. The objectives of this program are encapsulated in three major components which are to ENGAGE which aims to address the challenges faced by the Filipino communities, EMPOWER which aims to provide Financial education to the OFWs in South Korea through PESO SENSE program, and to ENTERPRISE which aims to provide information on business and investments available for us.
Last November 29, 2015, I was able to attend the financial education campaign of their PESO SENSE program at the Philippine embassy in Seoul, this is in connection to their aim to provide EMPOWERMENT through the “Ugnayan sa Korea” event. It was attended by several other Filipino migrant workers here in South Korea. Together, we embarked into a fun and educational workshop.
In the first workshop, we were able to identify our financial status based on the lifestyle, spending, work attitude, luxuries and mindset towards success. Through the workshop, we realized how we are when it comes to financial status and we were grouped according to the result. As a group, we discussed ideas, opinions and other matters relating to our choice of lifestyle and how it affects our financial well being.
After that, we went through several other activities like taking the Financial Fitness Quiz where we assessed our personal financial health based on our lifestyle, insurances and level of literacy. We also formulated our Personal Income and Expense Tracker or PIET where we breakdown all our income and the corresponding expenses. We also went through prioritizing our expenses and we found out that when it comes to expenses, everything is relative. Your priorities are based on your status in life and your mindset too.
I guess my favorite part of the program was the Dream Matrix part. I always love it when we get to write down what we want to achieve in life. We were able to identify our top 10 goals in life, chose the top 4 and let go of the others based on the concept of S.M.A.R.T which means Specific, Measurable, Attainable, Realistic and Timely. We created a dream matrix where we set a timetable to achieve our dreams and how much money we need to get it.
In the end, we realized that your attitude towards spending, saving and budgeting has an effect towards achieving your goals. Let’s face it, our dreams have corresponding cost and you can only achieve it if you have enough discipline when it comes to money. At the end of the program, we settled how much money we should allocate for savings, expenses and how much money we should save every month to achieve our ultimate dreams in life.
Before we closed the program, we made a vow to apply what we learned from the workshop and to constantly remind ourselves of our goals in life. It was such a productive day for everybody who attended the event and we went home feeling inspired. I personally felt like I stepped a notch higher when it comes to financial literacy. To the people behind CFO and this program, thank you for bringing us PESO SENSE, this will surely help OFWs not only in South Korea but around the globe.