Jasper R.

Indangan
BSA- 1st Year - Block 3
Microfinance and Development
Week 5-6

Application Activity: How can savings plans help me save money?

Answer: Having a savings plan will force me to leave a portion of my income or

money for a specific purpose suchlike for emergency and for retirement. Also,
looking at it, drives to me push harder in life since I have a goal to achieve.
Meanwhile, it helps me to become financially wise and motivates me to make good
decisions especially on the financial aspect.

ESSAY:
Retirement Savings Plan

I remember the time when I was a kid, I always wanted to play. May it be
basketball, hide and seek and even “Patintero”. I have no other stuff to take care of,
just my studies and playing. Growing up, our mother did not spoil us with material
things because we basically don’t have extra money for unnecessary things. As I
slowly became adult, I realized that money really means a lot. We have to be wise in
spending and just buy what is needed at present. These days, I always think how to
get my own money and I just missed the feeling that I have nothing else to think but
how to win our childhood games.

Meanwhile, my retirement savings plan will be the gateway to achieve my

ultimate goal, to not to think or be stressed with money. When I am at my
retirement age, I only wants to free myself and live the remaining lives given to me
with happiness and contentment. I just want to be stress free when retirement
came. Therefore, I want to have a retirement savings plan to help me out in reaching
those dreams of mine. Also, I don’t want to become a burden to my future children
when I get old. I do not want them to think of me as an expense. I do not want them
to feel the concept of making your children as an investment.

In addition, aside from peace of mind, I want to be secure and have safety when
I get old. Also, I would not be able to work anymore therefore its important to set
aside some money for your health when retirement hits. Most important of all is to
have enjoyment with family . When you have peace of mind, everything else will fall
in the right track.
Application Activity: Pioneering Microfinance in the Global World

1. Grameen Bank
2. ASA or Association for Social Advancement
3. Bangladesh Rural Advancement Committee (BRAC)
4. KASF Foundation in Pakistan
5. Banco ADOPEM
6. SEWA or Self- Employed Women’s Association
7. CARD-MRI
8. Bank Rakyat Indonesia
9. Bandhan
10. Banco Compartamos

ESSAY:
According to the definition, Microfinance is an attempt to improve access to
deposits, loans, and insurance. Do you agree with this definition of Microfinance?
Why?

Answer: Yes, definitely, I agree with this definition. However, Microfinance has a
wide and broad range of services such as money transfer and education. Today,
there are microfinance institutions who have adopted to the credit with education
system. In line with the privilege given to the poor the financial services such as loan,
they are also educating them how to spend their finances wisely and sometimes they
teaches them business ideas for them to start using the money they borrow from the
institution.