HOW TO BE FINANCIALLY STABLE IN TIMES OF CRISIS

Esmeralda D. Rodriguez

Global crises, calamities, economic uncertainty are some of the reasons we experience financial instability. These difficult situations may give a feeling of anxiety to majority. In this instance, people should be resourceful enough to think of ways on how to pass this test. Amidst the financial challenges and problems caused by the pandemic, people should have a positive outlook and think that we can still be economically stable. Here are some ways on how to do it and endure until the crisis ends.

1.Budget your resources wisely

Several businesses shut down due to the pandemic that resulted to massive unemployment. To survive, people resort to selling and other income generating activities to earn. Since people are uncertain on how much money to budget for the month due to not having a fixed income, it is important to allocate funds for the basic needs, such as food, clothing, shelter, and health. Focus on the needs and cut down the wants. Avoid unnecessary purchases.

2.Bring down the Monthly Bill. Cut the watts.

Save consumption on utilities for example, electricity, gas, water, internet, and telephone. As much as possible make use of them only if needed. Have a schedule of when to use home appliances. Make sure to avoid utilizing heat generating mechanism. It is the biggest reason for a soaring high monthly bill. Observe practices on conserving energy. Try to keep it low.

3.Be reminded of due dates. Schedule payments.

If you have the money to pay for the bills, pay on time to avoid penalties and extra charges. Write down the due date so you will be reminded of when to pay. Set the payment aside immediately.

4.Think on how to earn extra

Ponder on ideas to earn extra money, you can sell preloved stuff you no longer use either online or in a garage sale, you can try freelancing, for example be a home based graphic designer, virtual assistant, online tutor etc. The money you earn from these activities can be a big help to cover for your expenses. Who knows, it might end up as your full-time source of bread and butter.

5.Save, Save and Save

Though the possibility of having spare money is unfeasible in this kind of situation. It is still advisable to save. If you happened to have reserves on your monthly budget, save it for the rainy day. Hold it if possible. List all expenses and payables. Try to keep the extra.

6.Take care of yourself

As they say, “Health is wealth”. You may not have all the money in the world if you are healthy that is enough. Have an exercise routine even at home. Eat something nutritious. Avoid getting stressed out because stress is also a factor why people get sick. Have a positive outlook and smile.

We are all onlookers in this world. Life is full of surprises. We cannot predict what will happen, but if there is anything we can do to endure; it is to be prepared. With the right planning we can turn a financial crisis into a short-term impediment.

--oOo-

The author is Administrative Assistant

II at Angeles City Senior High School