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4 million more Filipinos will potentially lose their jobs by the end of 2020 due to the pandemic, according to the Department of Labor and Employment.
There’s so much uncertainty nowadays, we need to adapt, learn new ways of earning and spending money.
Imagine that you are so used to your very comfortable lifestyle, you have loans and mortgages and then one day, you no longer have a job and it will be challenging to find another job that will give you the same pay grade, given the current situation.
To survive, we need to prepare. Here are some of the useful financial tips to help families pull through these difficult times.
Discuss the situation with your family. It is very important that family members are aware of what’s happening and what will happen in the near future. Major adjustments will be done. Consider having children help in the house instead of paying for a helper to do chores.
Adjust the budget. Use less electricity by using less A/C, use a common room instead of using separate rooms with each A/C on. Unplug all appliances not in use. Look for free subscriptions and free trial for entertainment and hobbies. What subscriptions can you cancel? List down what’s essential and remove all that is not. Read more here https://palawandailynews.com/column/10-easy-tips-to-save-money/
Learn new skills online to be able to do some side gigs to earn extra money. There are so many ways to earn online.
Health is wealth, make sure that everyone in the family is well taken care of, and has time to relax and take things in. Give your breadwinners a break and let them rest on weekends. They will need it.
If you are not a breadwinner in the family, there are still many ways for you to help. You can help around the house, do the laundry, cook and do other things. Be more productive, learn new skills.
Do you have things that you can sell online? Selling your stuff that you don’t need, declutters your home and the money can help you and your family too.
Make sure that you or the breadwinners in your family are insured. There are very affordable life insurance with critical illness plans out there. Find the right plan that you can afford. Life insurance is a must especially if you are a breadwinner. If something were to happen to you, this will serve as a means to provide income to the people you love.
Having life insurance can also help you cover hospitalization costs, and with the right riders, can also give accident & disability benefits.
We all need to make sacrifices. Keep safe and maintain a positive outlook in life, it helps.
Disclaimer: The views and opinions expressed here are those of the author and do not necessarily reflect that of the Insurance Company that the author is representing. The content shared here should also not be construed as advice. Please talk to a Financial Advisor/Planner.