My Family Monetary Crisis

6 youngsters, the oldest is in senior high school,2 are in middle school, 2 are in elementary and the youngest will enter preschool on the kickoff of classes. As a mother of six, it's difficult to support them all, but I must, we must together with my husband particularly during this pandemic. Cash isn't free and accessible all over. One should apply exertion to acquire it so there is something served at our dining table. Our head is working hard and I have no complaints regarding how he works. It's just, it was never enough with growing children at home.

Having a family, we need cash to help with our other monetary necessities. We are not from rich or middle-class families. So we have a straightforward sort of living and have a simple house that covers our head from the warmth of the sun and the coldness of the night. We depended on crops from a little patch of land we acquire from our folks and now and then from a bit of harvest from others ricefield which we were able to cultivate and share our reward for so much hard work after the crops are harvested. Sometimes, we receive payment from rendering labor on clearing and planting other's ricefields. We likewise develop some animals or livelihood for an additional income. But one must have the capital for the livestock purchase and its food as well. Even in this simple life, we also need a couple of wants and additional necessities aside from our used way of living.

Luckily, we have a mobile phone. The only luxury a poor woman like me can only have. I considered it an extravagance before because it doesn't help in our day by day needs but instead it adds to your burden since you need to consume money before it is valuable. All things considered, my insight currently changed. I'm appreciative because through my mobile phone I found out about Read.cash, Noise.cash and cryptocurrency particularly BCH. It gave me a way to figure out how to earn all alone. So even in a little way, I can be of help to my better half.

You see, when my children are still young, we just utilize a little rice pot in preparing our rice feast. At the point when they grew older, the pot became greater as well. Guardians or children that develop from a big family with a similar circumstance as I am can comprehend what I mean.😅

Somewhat more and those kids are currently getting older. They go to school so they need recompenses. Their educational costs should be paid. They required toll in going to class, they required a boarding house so they will not be returning back and forth because it will require additional time and exertion and it's risky to hang tight for a ride around evening time. My older children need new garments since they are developing and the old ones will not fit any longer, yet no issue for the old ones since they will be asserted by the younger ones automatically😁. The entirety of this implies more costs for us when kids grow up.

My point in babbling in here about my family is that I wanted to share some experiences about the financial crisis where we encountered before we get to this another stage of parenthood. My husband and I had faced a lot of ups and downs that sometimes thinking about it seem impossible to bear. We will just say to one another, "I can't imagine those times" and then we both laugh.

Here are the challenges we confronted regarding the financial crisis before. Though these were past experiences, it has something valuable lessons we can still learn until now.

The beginning of having debts:

Sickness

I can't foresee when does illnesses or diseases assault however we can forestall it by eating nutritious food sources and appropriate cleanliness, still, there are a few occurrences that our safe framework brings down unseen. Young couples like us were less knowledgeable at those moments. That is the point at which a member of my family was struck by ailment and sicknesses which over-the-counter medications can't battle. It needs hospitalization and obviously, cash. We are not properly secured with any insurance or any savings for unexpected situations. Since my husband was jobless, we had no real option except to loan cash from family members or friends.

Tragically, when these nearby people whom we realize we can rush to have a limited financial income as well, or perhaps they doubted our capability to pay that's why they don't give us something. So, we needed to loan from people that loans cash with an interest. Having no way out, we grabbed it. Having no stable job and fix the source of income, you will surely experience issues in paying an obligation that continues to increment when left unpaid and neglected. That is one financial problem we encountered.

I'm happy there is Philhealth or Philippine Health Insurance that assists Filipinos in lessening their burdens in regards to hospitalization. I will not be stressed when something sudden affliction will strike my family once more. Yet, I am not appealing to God for that, I am additionally appreciative that my family endure the earlier year of the pandemic and the previous few years.

Micro Finance

There was this microfinance loaning organization that came to our barangay and acquainted this loaning of capital with us for a business fire up. Concerning me, I am new and uninformed regarding business. I was likewise young then, might be at 20 and I am not used to any business before after early pregnancy and marriage. I just remained in the four corners of my husband's parent's home. Yet, I got the offer with my husband's concern and I became a member of the said microfinance. I utilized the capital in selling home-cooked foods like lumpia, turon and different bites, yet later I understood that when you are not prepared and not completely prepared in dealing with a business, you will fall flat.

At whatever point something is inadequate in our kitchen and no pay from hubby we need to turn to the supposed gain of my small business. It proceeds until the capital was affected until it was left to nothing. At the point when the due payment of the said microfinance came, we don't have anything to give and would again credit cash from loaning people with interest.

We were able to survive 3 years in that institution but we decided with my husband to waive as a member because we are embarrassed whenever the due date came and I have nothing to pay and my fellow members came to our house and insist we should pay our loan like criminals that should go to jail. Good thing, one of them paid it for us, she felt pity that we were young at that time and she knows that hubby has no permanent job. Where would we get money to pay the loan at that very moment? We were able to pay her back then, thanks to God. I never joined ever again even other groups from the same institution come and invites me to join.

Hulugan

It's anything but a term utilized at whatever point there is an item that is being purchased on an instalment basis. It can likewise be of money as well if you loaned something and you need to pay for it gradually.

Since we are a young couple, with the absence of things required in a house, even a nice pot we can't bear to purchase. What a shame to think of it once more. 🙄Because we can't stand to purchase in full cash, we engaged with hulugan or instalment when few lowlanders come and ventured their items in our place. Yet, it's a detriment that the price is more costly when contrasted with cash basis. The venturer includes his costs in returning back and forth to collect for the instalment payment of his item including the mode of payment if how long are we going to pay.

If ever you encountered businessmen like that, they are just being wise not to lose from their business.
So if you need to purchase something, attempt to save money for it and get it in full cash , not on portion. You will learn you can even purchase twofold of the item in the case that you summarize all you have paid. But if it's difficult to produce an amount for the item or product you want,like for instance you want to buy a car an an installment basis. Make sure to choose lesser length of months or year to pay for it. It's price is higher if the time length of its payment is longer.

Rent

Have you experience, renting? house rent I mean? I bet some you experience it. We experienced renting before. It grabs the budget intended for food and other necessities. Sometimes, we paid late and I have to pay in lump sum covering how many months of unpaid rent. Every time I hand out the money it's so difficult to pull from our pocket. We realized that as much as we could, we have to pay our rent monthly so that we won't be having difficulty paying it. It's easier to pull a lesser amount from one's pocket than a large sum.

One thing more, we had mutual trust with the landlady that we don't need receipts whenever I paid our rent. It happened one time that the landlady came to ask for our rent again even though I just submitted it to her and it covers for 3 months. I kept explaining to her that it was already paid but she insisted it's not. Later I learned that she was starting to suffer memory impairment or dementia. Fortunately, I have a neighbour who witnessed the time I paid our rent so the issue was solved. It would be a big issue if there weren't any witnesses. Lesson learned that in any transactions regarding money, a receipt is a must. There is no term as mutual trust when it comes to money.

Today, I don't say that we are free from debt. But learning from past experiences. We have been able to find ways to save for emergencies. We are still engaged in microfinance but we chose the one that gives us benefits. Join insurance that you can benefit while you are alive and not only when you die. How can you benefit when you are 6 feet below the ground already? Now, We were able to join a cooperative so that if we want to loan cash, it would be from our own money with a little interest while expecting an annual dividend from your share capital as well.

Regarding rentals, we are not renting anymore, though our house is not fully furnished and needs a lot of improvement because it's just a lil' better than a pigpen at least we can call it our own.

I think this is much too long so I will be ending in here. I will be sharing in the next article if time permits.

Thank you for reading.

07/06/21

>Xzeon<