Just because I can afford it does not mean I have to buy it

You may argue that you can buy a car, TV or bag without getting a loan. Your frugal ways have given you the opportunity to grow your savings and you have a nice emergency fund that lets you sleep at night.

Okay you can afford them, but must you buy them now? How many times can you use the bag while the lockdown is in force?

Businesses have yet to fully recover and there are some that decided to close permanently as Jollibee did for 339 branches, or temporarily like Makati Shangrila.

A study released by the Asian Development Bank in September showed over 70 percent of micro, small, and medium enterprises in the country were forced to temporarily close due to the COVID-19 outbreak. Many had cash flow problems, forcing owners to borrow from friends and family just to keep their business afloat.

Can you really say your job is secure? Best to keep your savings as savings until things take a real turn for the better.

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