If there is one major thing that the pandemic has taught
us, it is to save money. So when the need and unprecedented time arises, we
have something in our pockets. But how can one save if there is just
enough?
Layoffs, closures, and retrenchment during the pandemic
have left many people struggling financially. However, being financially
literate can help you secure your future as long as you develop a plan and
spend according to your means.
Leading online job portal JobStreet recognized this
difficulty among Filipino employees. In a Facebook Live Session during the
recent Virtual Career Fair, host DJ Nicole Hyala and guests Salve Dulpito, Ady
Cotoco, Charm De Leon, and Jerick Vivar discussed ways to save money when
salary is just enough. Here’s what they have to say.
Don’t be afraid to ask questions
When it comes to money, people often shy away from
talking about it because it makes them feel uncomfortable. However, to better
manage your finances, you must learn to ask for advice from people as this will
help you explore different ideas and strategies to manage money
effectively.
Set saving goals
The most crucial step is defining your short- and
long-term financial goals. Financial goals are where you want to be with your
money in the next 5, 10, and 20 years. What is it that you want to achieve? How
long will it take? What are the steps to achieving it? Write them down as both
a reminder and a motivation.
Keep track of your expenses daily
You have to stay on top of your spending by tracking your
expenses every day. The main
thought behind this is to identify and eliminate wasteful spending habits in
your life. Moreover, consistently tracking your expenses will help you maintain
control over your spending and promote better financial habits like saving and
investing.
Create and Stick to a Budget
Your budget should outline how your expenses measure up
to your income—so that you could plan your spending and limit overspending.
Learning to become more intentional about your spending can help you get ahead.
Once you have your budget under control, you will be better positioned to
ensure that your spending habits live with your saving goals.
Income – Savings = Expenses, instead of Income – Expenses
= Savings
By re-arranging the equation, we are essentially
prioritizing savings overspending. This means, the moment we draw our salary,
we allocate the money towards savings and spend whatever is left after saving.
This puts a limit to unnecessary spending – you should learn to say no to
things that you do not need.
Managing your finances requires a lot of patience and
hard work, but these day-to-day sacrifices will definitely make up for it in
the long run. If you consistently work at it, your financial situation will
give you peace of mind and expand your options for decisions that have a major
effect on the quality of your life.
To learn more valuable work-life advice, visit
jobstreet.com.ph.
About JobStreet
JobStreet is a leading online job board presently
covering the employment markets in Malaysia, Singapore, the Philippines,
Indonesia, and Vietnam. JobStreet currently services over 230,000 corporate
hirers and over 15 million jobseekers in its database.
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