Thinking of saving money in this time of the pandemic? I’ve got you!
Things have changed since the start of the pandemic. Many people lost their businesses and jobs. The changes are inevitable. It’s not just the Philippines that needed to adjust to the new normal, but other countries as well. If you try to search for news in the US, you will also find small and big businesses that have to close down to cut their expenses while not generating any profit.
If you’re one of those who keep their jobs and businesses, you’re lucky! You don’t have to go through financial setbacks like the employees who were laid off. You have more opportunities to earn and make your money grow.
This is the best time to learn how to save. Enjoy the opportunities and privileges given to you that not all people have. If you still have your job today, appreciate it. Don’t waste the money you are earning. Instead, save it up for future purposes. Saving in times of the pandemic is the best decision you will ever make this year. Do it now.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the training below.
Did your employer lower your salary or drop some of your monetary benefits? If yes, you have to take note of that. Knowing the changes will help you better calculate the percentage of savings you can afford right now. If you are earning just enough for your monthly bills and other expenses, setting aside 5-10% is ideal. Don’t force yourself to save a massive amount if you can’t afford it.
It’s time to cut your expenses. Since you’re just staying at home, avoid going out to take your lunch, dinner, or coffee. If you can make them at home, do it. Stay away from online shopping apps like Lazada and Shopee. Don’t make it a hobby to look at them during your spare time. Pay your outstanding credit card loans and refrain from using them. If you were not able to manage your loans last year, this is the right time to change your ways. Cut your expenses and start paying your loans.
You also need to get serious with your savings. Prioritize it more than anything else. Set aside 5-10% of your income and put it in a savings or investment account. In this way, you won’t worry about your financial stability someday. When you put your money in an investment account, your money works for you. After several years of regularly investing, you will reap what you sow. Your 1,000 pesos can turn into 10,000 pesos in the future. What if you buy the shares of PLDT with your savings? Just imagine how big it will be after 5-10 years!
This is obviously the most tempting thing to do—online shopping while you are quarantined. If you want to be effective in saving, avoid it at all costs! Do other things like reading books and watching Youtube tutorial videos. Be productive by learning new things and stop online shopping if unnecessary.