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10 Moneygment tips on how to cope with financial stresses caused by COVID-19

While the Community Quarantine has been helpful in curbing COVID-19’s transmission, closures everywhere affected a lot of people’s finances.

If you are one of the many Filipinos suffering from financial stress, then make sure to read these tips:

Tip #1: Create a budget

A set budget can help you determine when and where to spend your money. You can do it with pen and paper, or electronically if you wish.

Tip #2: Track your expenditures

Tracking your expenses can help you with your budgeting issues. Make sure to keep a list of your expenditures, be it groceries or bills.

Tip #3: Don’t go panic buying

As a general rule, it’s best to keep 2 weeks’ worth of groceries in your pantry. Don’t go hoarding as it can put a strain on your already fragile budget. Worse, it deprives other people of the things they need.

Tip #4: Avoid temptations

Online shops such as Shopee, Lazada, and Zalora are once again in full swing. While it might be tempting to buy stuff, it’s best if you save your money for essential purchases.

Tip #5: Try online selling

Instead of shopping, why not sell your pre-loved stuff through these channels instead? Not only will it generate money, but it can keep your home (and mind) clutter-free as well.

Tip #6: Get some financial advice

Instead of binging on K-dramas, why not stream finance-related videos? Not only will it help improve your financial literacy, but it can help you manage your money better.

Tip #7: Don’t take risks… for the meantime

While it may be tempting to buy low-priced stocks, now is not the time to do so. Experts still don’t know when the economy will recover, so it’s better to keep a hold of your money for now.

Tip #8: Look for eligible financial assistance

Whether you are an employee or an owner of a small business, you may be eligible for some financial ‘rescue’. For example, establishments can apply for the Php 5,000 financial assistance from DOLE. The Social Security System, meanwhile, offers a Php 20,000 calamity loan for COVID-19.

Tip #9: Acceptance is key

You may not be making as much as you used to, but if you still have what you need, you are still lucky. Acceptance can help you get a grip on the things you can’t control, such as this pandemic.

Tip #10: Remember: Nothing lasts forever!

Although the pandemic keeps on dragging on, know that it won’t last forever. Have faith in the fact that this will be over soon. These times may be financially stressful, yet you can still bounce back – and maybe become even better than ever!

Get started by downloading the Moneygment app in your Apple or Android device so that you can pay your bills and government dues on time.

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