Saving Against All Odds
By Rochelle Agualin
“I just realized that I’ve been teaching for 15 years already but I have not saved much for my future”, said Emma C. Dizon, a 35-year old Secondary Public School Teacher from the Municipality of Dilasag, Province of Aurora.
But what make savings difficult for a single public school teacher who has a regular and stable income?
Spending patterns and buying impulsively are factors affecting Madam Emma’s, as what her students and people in the community call her, journey to a financially secure future. However, family responsibilities were and remain as the top reason. “I am the eldest among us, four siblings. Since I started earning money, I took over the responsibility of providing for my siblings' educational and daily needs as well as of my parents. I am my family’s breadwinner”.
Madam Emma said that her monthly salary as a public school teacher is enough for her month-long expense if only she has no other obligations. And at times when a monthly income is not sufficient enough to cover all her family and personal expenses, the last resort would always be borrowing money from friends or applying for a loan, as what most teachers do, she shared.
Photo taken in Baguio City when Emma C. Dizon attended a seminar for teachers.
“I remember the time when my net monthly salary was only P11,000 because I had a loan. Aside from my family’s household expenses and daily needs, I was also renting a room since our school is far from my family’s home. That amount was really not enough. I had no choice, I have a family under my care so I borrowed money from a friend. So on top of my loan, I also had a debt to pay”.
While Madam Emma happily shared that she’s done paying her loan and that she’s already “debt-free” starting this month, but should there be an emergency, she’ll probably resort again to acquiring a loan.
Savings, although it seems not a priority, Madam Emma said that she’s trying little by little so that when she gets old and lives alone, she will not have to rely on her siblings for help and she can even pay someone to take care of her.
“I have a bank account but with a very minimal amount on it but the good thing is I cannot withdraw the money anytime I want since the bank is in the other town. I also have started investing. I bought a residential lot which I can sell at a much higher price should I badly need money”.
While awareness on some social pension schemes in the Philippines is limited, she mentioned that if she continues to work, she will be receiving GSIS pension later on. However, she’s on a “pay when able” when it comes to her voluntary contribution to SSS for two reasons – insufficient budget and the SSS branch is far from their municipality.
Madam Emma shared that sooner or later, all her siblings will already have their own families, and they will have their own priorities, too. And she will be left alone taking care of their parents since she cannot see herself settling down in the next 15 years. “I have actually married a long time ago to my family responsibilities and like what normal married life is, it’s a lifelong commitment”.
She said that this interview is a wake-up call for her to take saving seriously saying she still has 29 more years before retirement. However she doesn’t think she can save much for her daily needs and probably medical expenses when she gets old if she does not take saving and investing seriously. “I will continue to work until the age of 65, in God’s will, and who knows I can experience a salary increase before I retire”.
Madam Emma shared that she cannot afford to lose a job or take even a year-long vacation because she has so many responsibilities on her plate. Aside from family responsibilities, she’s also spending for her studies as she is currently taking a Master’s Degree in Educational Management.
“No income means no support for my family which should never happened. Definitely, I cannot just let go of my responsibilities, as I said it’s a lifelong commitment but it’s time to take savings seriously because I am running against time and my future”.