With the on-going battle to stop the spread of coronavirus (COVID-19), it has made impact in several aspects of our lives including our finances.
In these trying times, we want you to know that you are not alone. Here are some tips to handle your finances during the COVID-19 crisis.
1. Good health leads to great wealth
In this time of crisis, your top priority should be your health. Keep your immune system strong by eating health food and having a healthy lifestyle. Although everyone is advised to stay at home, this shouldn’t stop you from doing regular exercise.
As hospital is now packed with patients, the best that you can contribute is to stay healthy to avoid getting hospitalized and acquiring the virus. Remember, prevention is still better than cure.
Always invest in both of your physical and mental health. What’s the point of hitting your financial goals if you will end up spending those on medication?
You want to have a clear mind to be financially responsible. And this clarity will also benefit your mental health. Self-care matters!
2. Don’t panic
This is not the time to let your emotions control you. Avoid the idea of doing hoarding or panic shopping. By hoarding essential things to combat the virus like face mask, alcohol, disinfectants, you can put many people, especially our frontliners, at risk. The best antidote is to keep yourself knowledgeable. You can stock shelf-stable food to survive for at least a week or two in advance. Buy only what is sufficient for you and your family.
3. Review your spending habits
This will help you reflect and evaluate your decision when it comes to your finances. In this time of income uncertainty, reviewing your spending habits can be of great help. Have you found any unnecessary spending? Then, cut it from your budget.
Since we will never know when this outbreak will end — hopefully, soon — we need to learn how to adjust in this situation and spend less on things that are unnecessary.
4. Create an emergency budget
Start from breaking down your monthly expenses. Because of the crisis, your expenses will likely be different from the usual. Take note of the most important expenses — food, medical costs, monthly bills.
After reviewing your monthly bills, contact these companies and check out if they offer payment extension or flexible arrangement . Be open about your situation and ask for consideration. For monthly membership like parking pass or gym membership, it’s best to reach out to these companies and ask to put your monthly fees on hold.
From there, you can set aside enough money to cover these expenses in a given time
5. Use digital payment apps
Thanks to Technology, you can now pay your monthly bills in the comfort of your home. Digital payment apps like GCash, Paymaya, and Paypal allow you to pay bills and send money anytime, anywhere. Even banks have their own mobile apps to ease transaction of their customers.
Getting through COVID-19 Crisis
Remember, there is no shame in seeking for advice and help. If you are having a hard time dealing with your financial obligations, ask for assistance or look for financial expert with your community to help you. You can join some groups on Facebook like Bounce Back PH to share your thoughts and learn from others during this crisis.
Together, we will get through this. Stay at home and be safe!
Being your own boss comes with a huge responsibility, and we do understand that sometimes cash flow can be a little tight. We also know that, in order to grow, you need to increase inventory or beef up your capital. RFC supports Filipino entrepreneurs by offering flexible business loans.
We help your business dreams take flight.