Ever since the quarantine period has begun, many people suffered from the lack of economic resources and availability they obtain from their livelihoods and jobs. Others were fortunate to work despite the restrictions because their sector belongs to the essential goods and services.
From a statistical point of view, various reports and studies have shown that globally, 25 million jobs collapsed. Primarily, this number reflected those jobs that fall under the scheme of no work, no pay. As life for these individuals become a ticking time bomb, there are things we all can do to secure what financial resources we have left, and possibly save what we will gain as the GCQ allows movement and economic transactions.
As we were all sheltered and cooped up for two months or so, we can all agree that we have minimized our expenditures for fast food, transportation, and other immediate pleasures. However, this will affect the commodities’ prices as the economy went into a major halt. It’s safe to say that you can expect a percentage of price hike when the “new normal” comes in.
For our first smart move, minimize spending of unnecessary items such as take-outs, electrical expenditures, and online shopping. It can be tempting at times, but always remember, you have more important things to spend on. For food items, you can reduce spending by buying in bulk. Plan your meals in a week’s consumption or longer.
Paying with cash makes you keen on budgeting restrictions. It makes you stick with your shopping lists and fearful of impulse expenses. As much as possible, bring only sufficient cash with you while you’re outside.
On the other hand, if you’re shopping and cashless platforms are available, it is better to pay electronically. As health experts would recommend, minimize transactions where possible virus transmission is present.
However, if you plan to use a credit card for the purchase, think twice before doing so. Shopping with your credit card is painful for your finances as you’re bound to pay for the interests later on.
As everyone is affected by this pandemic, it pays to budget all of your family needs in one basket. Ask each member of the house to prioritize their needs and list them down. Also, it would be beneficial for you to ask every member’s cooperation with your budgeting constraints for them to consider cheaper alternatives.
If you are fortunate enough to start working after the quarantine period, now’s the time to start saving. Even if it’s a meager 10-peso coin or a 20-peso bill every day. The most important thing to note is that you’re saving.
Nobody knows how this pandemic will end or when everything will go back to the normal we once knew. By saving, you create a financial blanket that will save you a lot of headaches should expenditures bombard your way.
No doubt, having money in today’s setting is critical. As financial experts would always say, it doesn’t matter how much you earn; it matters on how you manage and save your earnings.