By Alexander Villafania*

How do you make money, reduce debt and still smile about it? This was the main question raised during the held “Take Charge of Your Money” seminar at the AIM Conference Center in Makati City last August 2.

Professionals, employees, businessmen and people in debt were invited to attend the seminar organized by Citibank and Inquirer.net. The seminar intended to provide people with tips on saving amid economic problems, how to deal with debt and why Filipinos need financial planning.

Chinkee Tan, a lifestyle trainer and entrepreneur in his speech said that it is typical for most Filipinos to be in debt. Personal debt becomes worse as people find it harder to make ends meet and are forced to ask for financial assistance. He said the most important aspect of paying debt is to have the willingness to actually doing so.

“Almost all of us are in debt but it doesn’t mean it can’t be solved. We should be firm in the belief that we can pay our debts, little by little,” he said.

Noted mathematician and psychologist Queena Lee-Chua focused on setting financial goals and why it is important to save even in times of financial crisis. Chua said that people could opt to reduce their expenses or avoid unnecessary purchases to save up. “It’s not just about saving but how to save wisely.”

Meanwhile, Citicorp Financial Services head for research and portfolio strategy Ramon Tejero III said that financial planning is better started during times of ease. “People can weather down tough times when they have financial planning in advance.”

Lastly, renowned motivational speaker Francis Kong explained that people should not be slaves to money, despite its importance in people’s lives. Kong explained that while people find happiness in having money, it is not an end-goal. Happiness is a state of mind, he said.

“Problems make you challenge yourself. If things are always good and easy you wouldn’t be challenged to try new things,” Kong said.

*Alex is a reporter for INQUIRER.net. Thank you Alex for covering the event!