Surviving in the midst of Crisis
Financial crisis hits the rest of world and not just the 1st world countries. Philippines is one of the third world countries which is greatly affected by the crisis. Many lost their jobs and even some are uncertain if they current jobs are stable enough to raise their families.
I’m currently in the industry which I thought I will never be affected by this sudden change. But I was wrong…. Now, I’m starting to scribble my thoughts on how to survive during this time.
When I started working, I tried my best to save a portion of my salary. I may not religiously saving 20% of my actual earnings but I ensured to save a portion of it and directly deposit it to my savings account. Once it reached the amount applicable for time deposit, I enrolled it immediately which would earn a higher rate compared from a regular savings account.
My first rule of survival, ensure you have a savings. Loans and debts will be additional expenses. If we can eliminate this, it will be better. Loans and debts incurred interest charges which will be added to the principal value.
Second rule of survival, ensure you zero out loans and debts. Balance is essential. Now I’m starting to balance my needs and wants. To minimize unwanted costs and expenses, I’m listing the urgent and essential things to buy before proceeding to supermarket and department stores. Before splurging with my unlimited wants, I think twice, thrice and even four times before grabbing it. Any excess amount from buying my needs can be added to my existing savings. This is like hitting two birds with one stone.
Third rule of survival, weigh your needs versus your wants. I may write several rules to guide myself and the rest. But we need to remember
will power is very important. It will help these guidelines to be in action and become more than just words.
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