A happy day to everyone, a new year, a new beginning for all of us. Life in the past year's seems so difficult because of the pandemic that we are going through, but hopefully, we can pass it all with a grateful heart.
For today's article, I want to share with you the techniques for managing our finances in times of crisis. However, everyone was surprised by the pandemic that we've been through. Almost everyone is not prepared in terms of financial status. The time has come to be wise and responsible with money matters. During a crisis, it's so hard to gain income because a lot of businesses are closed down so we should prepare ourselves for further situations that we are going through.
These are the following recommendations:
1.Paying debts
Debts are one of the reasons for financial difficulty, especially when paying debts with another debt and it starts to become bigger than what you have expected. So it's much better to pay it on time, but if it's hard to pay in full, find another option. For example, you have a debt amounting to 10000 pesos pay it weekly with 2000 pesos, in other words, pay it little by little. Or you can make some options like you can do some work with that person that you have an obligation. Make initiatives.
2.Paying bills at the right time
Paying bills is very important with effective budgeting. For example, upon receiving a salary set aside an amount to pay your bills chances are you need to borrow money afterward to pay for it. This will be a cause for another debt to follow.
3.Temporarily suspend digital marathon
During the crisis, there is a need to evaluate what are things that matter of spending. Digital subscriptions like movie marathons and other digital formats that will cost money could be an option for the suspension to allocate your budget for things that matter.
4.Evaluate your spending patterns
Pandemic reminds us to be a wise spender who considers the vitality nature of the money being spent. Maybe a cup of coffee in a day or a milk tea can be considered as a sacrificial stoppage of spending, maybe anyone of us knows what it is. Evaluate what are the needs of the family set aside from what we want. Consider its value first, like dress or shoes when the clothes that we have can be used there's no need to buy new so that the other expenses will not be compromised. Get rid of all unreasonable expenses, like buying a new cellphone and other things which are not really in need at the moment.
5.Make a list
Making a list is significant by the time that you will analyze your income from your expenses. Through your list, there is a check and balance in every aspect of spending. Learn to prioritize your goal for the month, which one should be the first thing to be done to avoid overspending.
6.Find other options for earning
If you already have a job, and you evaluate with your list that there is a need to improve your income, a side job can be done. Don't lose hope as if you already failed with the other one then you will never try to seek another option for a source of income. Be creative in every way, explore your abilities and talents to get used to for a living. This new generation has a lot of things to offer for new opportunities. Request a service in which you can earn money.
We don't know what will happen this year, there is a lot of possibilities so as long as there is time to learn, take the chance to be a good planner for your resources. Managing our expenses well.is a way of giving importance to the effort being existed. To prevent a more complicated life in the future.
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Thank you.