New freelancer here. Need advice on BIR registration, taxes, SSS, PhilHealth, and Pag-IBIG
Hi everyone!
I’m 23 years old, and I just graduated a few months ago. I came from a family that struggled financially, so growing up, we were more focused on making ends meet than learning about personal finance. Because of that, I never really had anyone to guide me about taxes, SSS, PhilHealth, Pag-IBIG, investing, or other financial responsibilities.
A few months ago, I started working as a full-time freelance software engineer for a foreign company. My income isn’t fixed, but I usually earn around USD 480–600 per week, depending on the workload. Since this is my first job and my first time freelancing, I’m still trying to understand all of my responsibilities.
Last November, I registered with the BIR, and my registration says “Not Taxable.” That’s why I’m confused about whether I should already be paying taxes or if I need to update my registration first.
I also don’t have SSS, PhilHealth, or Pag-IBIG yet, and I’m not sure what I should prioritize. My goal is to become financially responsible while I’m still young, build assets, invest wisely, and eventually achieve financial freedom. I know I have a lot to learn, and I want to make sure I’m doing things the right way from the beginning.
If you were in my position, what would you do first?
- Should I update my BIR registration and start paying taxes?
- Which should I prioritize first: SSS, PhilHealth, or Pag-IBIG?
- What financial habits or mistakes should a 23-year-old avoid?
- Is there anything you wish you had known when you started earning your own income?
I’d really appreciate any advice. Thank you so much!