Because of this COVID19 pandemic, I have learned a lot of lessons about my finances. As a private school teacher, I am blessed enough to be compensated despite this pandemic. However, for the next few months, I am still unsure if I would have a stable job or income like this.
I have listed some of my important lessons on finance amidst this COVID 19 pandemic.
I hope this could help you reflect on your own finances as well. I am not an expert on this. I just do some things that would make me look like a responsible adult.
Buy what is essential.
Before this pandemic, I cannot live without milk tea, frappe, overpriced coffee, and some snacks. I always passed by the nearest convenience store near our school. But now, I realised that I really do not need these refreshments. I could be satisfied with the usual coffee that we have at home. Also, snacks and refreshments could just be as simple as a slice of bread, pancit canton, or a piece of banana.
Having an Emergency Fund is a big help.
I do not mean that I have plenty of money, but I could say that I am blessed enough with some privileges that made me save money. Having an emergency fund is really helpful in times like this. I could simply turn to it just in case worst scenarios happen.
Stocks, VUL, and Insurance matter.
Yes, they matter. However, I am not sure whether you are capable of getting one in times like this. We do not know until when this crisis would be. But, if you have spare money to avail these, then you may do so. This is a perfect time to invest on these specially the prices are low. You have to reassess your finances whether you can have these or not.
Invest on a good home.
I do not say house. But, I hope you can find a good home where you feel loved and accepted. Material things or furniture does not matter; what matters is you are comfortable at home. With this, it is really important to invest feelings on the right person. Hahaha.
Look for Sidelines
If you’ve been reading my blog, you’d know that I have tried several online jobs. I worked as a teacher in 51talk for a month, and as a freelance writer on Upwork for five years. Having another source of income is a great help. You can also try setting up an online store. These days, I see a lot of products on Facebook. I believe social media would help you reach your target audience.
I live in a country that is full of uncertainties. I worry because my job depends on how the government would handle this crisis. As of this writing, I can only hope for the best. Right now, the most practical thing that I could do is to spend less, work more, and try not to eat a lot. I have to settle with the resources that I have at home. Lastly, I should always pray and be grateful to God for showering me and my family with His grace.
How are you, friends/readers? I hope you are all doing well.