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Four Financial Lessons We Can All Learn From COVID-19

The COVID-19 pandemic is not just a health crisis.  It has had a drastic impact on the world affecting social and economic lives. It transformed the way we live, work, and think about our finances and survival. The losses of jobs and restrictions on business operations all result in effects on personal finance forcing Filipinos to adjust their spending habits and lifestyle. Here are 4 financial lessons we can all learn from this. Let us use them to be smarter moving forward.

1. Build an emergency fund

If you do not have an emergency fund, it’s time to prioritize it. Start the culture of creating a budget every month to help you manage your money better. Financial experts suggest keeping between three months and six months’ worth of living expenses in cash to cover unexpected bills. Some people are comfortable with more, some are comfortable with less. The point is to have enough to support you in a worst-case scenario, such as temporarily losing your income.

2. Develop multiple streams of income

There are many reasons why people do this:  to get extra money and buy what they want, to pay debt, to have additional network and explore opportunities, to save for the future basically. What this economic crisis has taught us is that multiple streams of income can not only help us reach our financial goals when times are good, but they can also help us make it through tough times.

3. Budgeting is helpful

Financial experts recommend separating your expenses into needs and wants to make it through these uncertain times. It is important when you shop, use a budget list to know exactly what it is that you are going to purchase and how long you think they will last.

4. Life insurance is essential

With a surge in positive cases of COVID-19 globally, people are getting worried. Nobody wants to die too soon or get sick, but truth be told, death and illness are life uncertainties. So stay covered and be safe!

This pandemic has presented a financial scenario that most would have never imagined. But remember, we are all in this together and must make the smartest financial decisions possible for our families and loved ones.

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