Financial stress during the pandemic? You are not alone. The coronavirus crisis has left around 18 million Filipino families without a stable source of income. As we continue to ease into the new normal, it’s a better time to get our finances back on track.
Financial coach Chinkee Tan shares his expert advice on better money management to recover from a financial setback.
For some people, borrowing money may be the first solution when facing a financial crisis. However, Chinkee Tan suggests that controlling your expenses should be the priority.
You have to “change your lifestyle,” Tan shared. “COVID-19 taught us the difference between essentials and non-essentials.”
You must ensure your budget for the essentials first, such as food, utilities, healthcare, savings, and education, before spending on less necessary items. Living within your means will help you pay off your debts faster, save more for the future, and spend money in more meaningful ways.