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  • 5 Tips for Juggling Your Finances Better During COVID-19

    18 December 2020


    5 Tips for Juggling Your Finances Better During COVID-19

    From jobs to savings funds, the COVID-19 pandemic has upended Filipinos' personal finances. While many people are still employed, some have been entirely laid off or lost another source of their income. Chances are, their savings and emergency funds have run dry due to the unforeseen global health crisis.

    During these trying times, it's crucial to pay close attention and devise a good money management plan. You have to be extra careful about how you spend and budget to help you survive this ordeal.

    If you feel like you're stuck in an endless cycle of living paycheck to paycheck ever since the pandemic began, you've come to the right place. This article will provide money management tips to handle your personal finance better and find some stability in this crisis. 

    1. Reconsider your debt repayment strategy

      If you have ongoing loans, talk with your bank or financial institution if it's possible to refinance at a lower amount. The government rolled out Bayanihan 2 Law, citing that the public is allowed a 60-day grace period for paying loans, such as credit card payments, to provide some relief to their financial burden brought upon by the pandemic.

      The law reads, "All loans may be settled on staggered basis without interest on interest, penalties and other charges until December 31, 2020, or as may be agreed upon by the parties."

      When in doubt, you can always reach out to your bank to talk about refinancing options. If you have credit card loans, try asking if the bank can waive the annual membership fee. That's one less financial burden you can ease yourself of.

    2. Create a budget for essential needs

      The most important step you should take during this time is to take a hard look at your finances and create a budget based on your assessment. You need to limit your spending on luxuries and instead prioritize your fixed and essential expenses, such as utilities and groceries.

      Since you're spending more time at home these days, you'll find significant financial changes, so you’ll have to redistribute your budget to the right allocations.

      Transportation, gym classes, dining out, social costs, and other expenses you usually carry out whenever you're outside have likely gone down. Reallocate these funds to your grocery, savings, bills, emergency fund, and debt repayment budget. The unexpected has already happened, so it's only logical to prepare for any further uncertainties. 

    3. Commit to your weekly or monthly budget

      Now that you have a budget, the difficult part comes next: sticking to it. A lot of budget plans fail because people end up not following them. Since you’ve been spending hours on end scrolling through your phone, you might be seeing targeted ads and end up shopping online conveniently. But, during this time, it's crucial not to give in to instant gratification.

      It may be tempting to buy the latest gadgets or trends with the money you managed to save up. However, now’s not the time to be reckless with your spending. You may have been able to cut back on gas or coffee expenses, but it's essential to make every peso count. Monitor your spending habits, prioritize your payments in order of importance, and keep your costs under control.

    4. Pay yourself first

      Every payday and after you've paid off your loans and bills and utilities, make sure to put money in your savings fund. Having a savings plan is vital to include in your budget, for this can help you on rainy days or when you need to cover unanticipated costs.

      Once you've reached your savings goal, which you can dedicate to investments, you can start building your emergency fund meant for financial shortcomings. You can allocate more money to these funds by cutting back on your nonessential expenses and reallocating the extra funds to these.

    5. If possible, invest more

      If you're financially capable and you think you're ready to grow your money, it may be a good idea to dip your toes in investments. Since the economy has experienced significant downturns due to the pandemic, market rates have been remarkably cheaper compared to pre-pandemic times. You can buy low today and grow your money.

      Note that there's always a risk when investing in stocks, bonds, cryptocurrencies, and investment options. Make sure to consult a financial advisor and diversify your portfolio for higher chances of success.

    Spend less, save more, and budget wisely

    The COVID-19 pandemic may have gravely affected your personal finance planning. But know that it's never too late to get things sorted out and prepare for the future. Money problems are always a cause of headache. Remember to remain calm when handling your finances to avoid further stress.

    Moreover, learning how to manage your finances better shouldn't be the end of your money management journey. If you find a side hustle to earn extra income, don't miss the opportunity.

    If you're shopping for insurance for your peace of mind and your family's, BPI AIA makes it convenient to get insured despite the pandemic. Schedule a virtual appointment with one of our Bancassurance Sales Executives to learn more!

    Did you know?

    You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

    RECOMMENDED PRODUCTS

    Life Ready Plus

    Protection

    Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.

    The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

    Philam Life Vitality

    Critical Care Max

    Health

    Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

     

    In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

    It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

     

    It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy. 

     

     

    Philam Life Vitality
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