What Money Lessons can we learn from the COVID-19 Pandemic?
As you can see on my face, I’m always excited and happy to be part of interviews that have nationwide (even worldwide) reach.
Especially when it’s about personal finance and money, these interviews affirm my financial literacy advocacy.
Unfortunately, I’m sure there are more Pinoys out there who need to know about these money lessons during the COVID-19 pandemic.
If you missed my interview, you can watch it here:
It’s just challenging that day with my internet connection, haha!
But, nevertheless, I want to share the questions, my answers and some notes to those questions.
Plus, I’ll also add some more insights and money lessons. Let’s go!
Interview Guide Question: What are the reasons for financial difficulties during the pandemic?
My Answer:Â One of the major reasons of having financial difficulties whether it’s due to the pandemic or not is because of the lack of a “rainy days” fund. Some call it the emergency fund. I call it the Safety Fund.
Aside from not having cash in their safety fund, pinoy families don’t have insurance plans for their health and for their life. This pandemic brought the importance of having life insurance and health insurance. I hope pinoys get in touch with a professional financial adviser ASAP to check their insurance needs.
Interview Guide Question:Â How can we “budget” our money properly when we have no choice but to spend it?
My Answer: It’s easy to say that we have to “save first before spending” especially if we have some room to adjust with our expenses. Most of the time, however, when we receive higher pay, we also upgrade our lifestyle. It’s hard to get out of this money trap. That’s why as early as possible, we should have a percentage of our income that we automatically save. Which means, when our income increases, our savings also increase.
In those cases that we can’t trim down our expenses, the only thing that we can adjust is our income. This is where pinoy creativity will come in handy. Lots of online sellers have been thriving. If you don’t have anything to sell, or any service to offer then you can offer to become a reseller or referrer of those online sellers. (If you want to be my “reseller/referrer”, contact me today!)
Interview Guide Question:Â What agencies can we approach for financial support?
My answer:Â There are lots of government and non-government agencies or organizations that are currently providing support for people who want financial aid or even job opportunities. It is best to coordinate with our local barangays or municipalities to get specific information of what opportunities are available.
You can also check this awesome Facebook Group: https://www.facebook.com/groups/BounceBackPH/
How about you?Â
What money lessons have you learned during this pandemic? Comment them in the comment box below!
I just want to stress the importance of having:
- Safety Fund – at least 6 months worth of living expenses saved up in an easily accessible bank account
- Adequate Health Insurance – that covers common illnesses AND covers critical illnessesÂ
- Adequate Life Insurance – to help you and your family have peace of mind with or without a pandemic
I can help you assess if you already have adequate insurance, just leave a message here or contact me via LinkedIn here.
Check out these behind-the-scenes photos of how Teleradyo conducts their zoom interviews!Â
Argel Tiburcio
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