Gone are the days when people would use TikTok for just dance challenges, makeup tutorials, and easy recipes. Lately, instead of using it for pure entertainment, more people have started exploring the platform as a way to educate, too. From the app alone, we've learned about reproductive health, relationships, and even proper self-defense. (We also found out that apparently, dentists know if you've given a blow job before, thanks to a *certain* spot in your mouth!) We swear, the app is a *gold mine*, lol.
Our recent discovery? Videos about money! Meet Yani Moya, a certified life coach and licensed finanial coach who uses TikTok to share her expertise in personal finance. From living independently in your 20s to knowing more about investing, Yani's goal is to ~simplify~ personal finance for every Filipino so that they can understand it better. (Because let's face it: Being financially literate can be difficult sometimes!)
Here are a few things we learned about personal finance from watching Yani Mayo's TikTok videos.
The *golden rule* of personal finance is to "Pay yourself first." According to Yani, "The concept of paying yourself first means preparing for your future. It's not about how much you earn. It's about how you spend and save your money."
Fun fact! There are three types of behavior when it comes to spending your money:
- Income - Expenses = Savings
- Expenses - Income = Debt
- Income - Savings = Expenses
Yani says the third one is the best and smartest way to spend your money! "Ibig sabihin, nagtabi ka na para sa sarili mo. Nagtabi ka na para sa future mo bago ka nag-budget para sa mga current expenses mo."
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What's the difference between digital banks and traditional banks? Here's a quick comparison.
If you're planning to have more than one bank account, Yani suggests "Dapat bawat isa may purpose para 'di lang nakakalat yung pera mo."
We all have our wants. But before we go on buying them, Yani's advice is to make sure we've set aside a portion of our money for savings and of course, our needs. Allocate a budget every month from your income and consider it your ~fun money~. Use it to treat yourself because you deserve it!
"Investing in a traditional business is high risk." Before you start a business, make sure your financial foundations are stable and intact.
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Have you always wanted a financial plan but didn't know where to start? Here's how to create one in three easy steps.
You'll never know when the next disaster or health crisis will happen, so it's a good idea to make sure that you're financially prepared. Consider building an emergency fund.
And like any other relationship, the relationship you have with money is just as important! Try to take action and follow these tips.
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This story originally appeared on Cosmo.ph.
* Minor edits have been made by the Candymag.com editors.