According to International Labor Organization (ILO), 81 million jobs were lost as COVID-19 creates turmoil in Asia-Pacific labour markets in 2020. In the Philippines, there were still 4.2 million jobs lost and 7.9 million who suffer pay cuts as of the first quarter of 2021. In the last quarter of 2022, there were still more than 2 million unemployed Filipinos.
Jobs lost, businesses halted or shutdown, earnings reduced - this is the current economic situation in most parts of the world nowadays. A lot of people find it hard to make ends meet and a lot has been living under a stressful economic crisis.
A lot of people are asking - can I still save when life is this hard? The answer : "Yes! Of course, you can! Just bear in mind two things - spend less, earn more.
Spend LESS
Saving amidst an uncertain economic situation is the smartest thing to do. So stop the panic and fear, fight back and start building up a stash of cash.
Spend LESS
You might have cut your spending on transportation since the pandemic hit us. So think of other top three expenses that you can cut back on. That would be rents and subscriptions, eating out and sporadic spending on clothing and material items that you want but not necessarily need.
Aside from the fact that rents are now reduced or suspended, you can also try to check whether the space you have is big for you, rent a smaller pad, and be minimalist.
Check your subscriptions and memberships, you might not really need most of them. Go for a free source of entertainment. If you have more than one credit card, you might want to identify which one is the most beneficial.
Because most restaurants and bars are closed during the pandemic, it's easy to cut down one big-ticket item which is eating out. But deliveries are tempting, and a lot of backyard food businesses have sprouted like mushrooms. You can try to support those local businesses as it is still cheaper than restaurants and fastfood chains but do not overspend. Since you have a lot of time at home, cook from scratch using local and in season produce.
Because most restaurants and bars are closed during the pandemic, it's easy to cut down one big-ticket item which is eating out. But deliveries are tempting, and a lot of backyard food businesses have sprouted like mushrooms. You can try to support those local businesses as it is still cheaper than restaurants and fastfood chains but do not overspend. Since you have a lot of time at home, cook from scratch using local and in season produce.
Determine your needs and wants. Needs are things required for survival like water for drinking, food to eat, and shelter to live in, a want is everything else that are there to make life a little more enjoyable and comfy. In this trying time, you don't really need to add more to your wardrobe if you still have decent and comfortable clothes to wear daily inside the house or when going out for groceries.
Earn MORE
Now is a crucial time to get creative when it comes to making money. If you are among the millions of people who don't have work until now, it's time for you to think of options, whether to start your own business or accept a part-time job while you're looking for a full-time employment.
To begin your journey to earning more, take stock of your skill set. Remote jobs are getting more popular nowadays, you may look for one. A part-time job will help you make ends meet while you search for a permanent gig.
Starting a business is another option, but it may seem challenging. However, there are also a lot of successful businesses which started during times of crisis, and even in the country, there are a lot of success stories from our kababayans who made a big leap in their chosen businesses and industries amidst the uncertainties. If you have the courage, the guts and at least a small capital to start your passion, do it now to earn more.
To begin your journey to earning more, take stock of your skill set. Remote jobs are getting more popular nowadays, you may look for one. A part-time job will help you make ends meet while you search for a permanent gig.
Starting a business is another option, but it may seem challenging. However, there are also a lot of successful businesses which started during times of crisis, and even in the country, there are a lot of success stories from our kababayans who made a big leap in their chosen businesses and industries amidst the uncertainties. If you have the courage, the guts and at least a small capital to start your passion, do it now to earn more.
Time to SAVE
If you started to spend less and you are already earning, that's the time to save. It doesn't matter how much you save - P20, P100, P1,000 - what matters is that you are dedicated to it and you are serious about it. Make it a habit to save - it can be daily, weekly or monthly.
Money is about so much more than math and finances and can have a big impact on your emotions and sense of meaning. Start your journey with small wins that are achievable. Save any amount you can. This fund will take time to build but once you start to see that number grow, you're going to feel much safer and much better equipped for whatever comes your way.
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