It’s not a surprise that businesses are closing and some companies are laying their employees off due to a drop in the economy, resulting in thousands of unemployed workers. Luckily for some, they still get to keep their jobs for a living. However, unemployed or not, a lot of people are struggling with their finances because of unpreparedness. Even if some places in the country are shifting to a General Community Quarantine (GCQ), the Department of Trade and Industry said that it will only have a “minimal” impact on the economy.
Regardless of whether the country will be on ECQ, MECQ, or GCQ, people should learn the importance of smart-money-handling especially that uncertainty is something constant in the new normal.
Be ready for the worst. The current events seem like a replay of the Great Recession back in 2008 and we are all unsure of its ending. Make sure to have savings for at least 3 to 6 months of living expenses available at your end so that there will be fewer challenges and struggles financially. Make a plan and have a smart financial foundation.
If you think you’re not into saving money, you can always start little by little. Save up P500.00 from your paycheck this cut-off, then P1,000.00 from the next one. Soon enough you’ll not notice that you have already saved P50,000.00. It will be hard at first, of course, but if you make it into a habit, your future self will thank you for it.
Think of how much you save. Not how much you make. A common Filipino mindset is “hindi muna ako mag-iipon kasi maliit pa lang sahod ko” (I will not save yet because I don’t earn that much yet). Take this, Person A makes P50,000.00 per month but saves P5,000.00 per month vs. Person B who makes P30,000.00 a month but saves P15,000.00 per month, who saves more money? Always think of your savings especially during trying times.
Have multiple sources of income. Whether it’s an online business or a weekend freelance job, find your way to have an extra income. Living with your monthly expenses income is like living in a world of survival. Make many sources of income as much as possible so even if you lose 1 of the sources, you still have something left and there is still money coming in for you.
Learn to invest. Filipinos lack awareness when it comes to investing in the stock market. This is one of the many skills that you should learn if you want your money to work for you. There are a lot of advantages in investing in the stock market, and you get the maximum advantage when you know how to do it right. It provides one of the highest potential returns for you in the long-run. One key is to find a trusted broker to guide you with accurate market reports and news, or experienced traders to do the trading for you.
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