The number of Filipinos without jobs already jumped to 4.6 million in July 2020 as the country grapples with the economic fallout of the coronavirus disease (COVID-19) pandemic, the Philippine Statistics Authority's latest survey data showed last September 2020.
For some relying only on their salary, the abrupt loss of income brings heavy financial stress. It’s important to review your expenses and see where you can compromise to save some money or to at least keep your finances still amid this pandemic. We’ve listed down some money-saving tips that you can use so you can save (and keep or create) your emergency fund this pandemic.
1. Start a Budget
Barely making ends meet and struggling to budget your money for future necessities? It is like you are getting constant reminder to go the Gym and workout but you want to have Samgyup after.
When you are in this situation, it may seem difficult to find a way out, especially when you are living from paycheck to paycheck with nothing extra left to save up. It may be hard to accept but creating a budget is just like working out. It is a discipline so make it a habit and start today. No excuses even if we have Pandemic. The Pandemic will not adjust for us so you have to re-evaluate your expenses and recalibrate your budget.
2. Sell Online
This pandemic has taught everyone to be resourceful which led most of us to do Online Selling. It even ressurected the concept of "Barter". Sell anything that may not have importance to you but still with good quality and useful.
You may utilize online platforms like Market Place on Facebook, Lazada or even Shopee. It is safe and you earn while in the comfort of your house!
3. Focus on the Needs not the Wants
It doesn’t have to be forever but you may realize you didn’t need it as much as you thought you did. We have to start assessing our daily spending and categorize our needs from wants and needs.
Needs are indespensible like Food, Shelter, Clothing and Healthcare. Getting new gadgets or eating out can be considered as non essentials and can be dropped.
Know your priorities.
4. Refrain from Spending for a Period of Time
Now that you’ve got your emergency fund, keep your emergency fund out of sight and out of mind. Emergency funds are just for emergencies so think as if it doesnt exist in your resources. Open a bank account that doesn’t charge fees for just letting your money sit in checking. Leave the card at home.
Doing this routine will turn your pandemic into something productive and will give more value for your future.
 Your Emergency Fund this Pandemic){kind=link}
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