Some Practical Tips to Keep Saving During this Pandemic
In a feature story of World Bank on June 8, 2020 entitled, The Global Economic Outlook During the COVID-19 Pandemic: A Changed World, they urged for urgent action to cushion the pandemic’s health and economic consequences, protect vulnerable population and set the stage for a lasting recovery. They highlighted in bold fonts that most countries are to face recessions this year, which are actually happening globally. See this link for more details – https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world
In the Philippines, the Philippine Statistics Authority (PSA) reported 17.7% unemployment rate in April, 12.4% jump from 5.3% in January of this year. This meant an additional 5 million people without work.
As economic recession has already taken place, all we need to do is to brace for its impact. In this light, I decided to write my Pandemic Resolution to be able to keep on saving during this difficult time and not to break my ‘piggy bank’.
I felt compelled to converse with a friend who has a banking experience, also a financial advisor to give me some of his practical tips to keep on saving during this COVID-19 pandemic. These I included in My Pandemic Resolution as written below:
1. Calculate my total monthly income and decide how much to spend for the month,
2.Save 20% of my monthly income,
3.Create a list of essentials, do not shop without a list,
4. Keep track of my expenses and make it a habit to review it monthly,
5. Eat at home and avoid eating from food chains/restaurants, it’s very risky to eat outside this time,
6. Resist impulse buying and never revolve my credit card,
7.Create a monthly bill payment calendar and pay bills on time each month,
8. Create an alternate source of livelihood to boost my income,
9. Maintain discipline and review the same from the top.
10. Don’t shop when hungry, as I buy more things not on my list.
So, just when I thought I could use these old coins that Father is keeping as one coin costs as high as $500-$1,000 now because of the pandemic, I decided to keep it and write a Pandemic Resolution instead. These coins are from the 18th to ealy 19th century. I hope no one won’t break the ‘piggy bank’ yet and be able to get by in this seemingly uncertain times.
My Advisor is Mr. Arnulfo Santiago. He’s currently the Regional Business Head of City Savings Bank in Bicol. But before becoming a regional head, he worked as Microfinance Officer from 2003 to 2005 and a Loan Officer from 2006 to 2009. He’s 46 years old, married and has 2 children.
My gratitude to my father-in-law, Ed Baroso for these old coins.
Hi Maria, i read and enjoyed this post but special for Coins thank you for sharing….
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Thank you so much! Those coins were a collection by my Father. He lets me see it just for this blog. 🙂
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Okay.. collection is always good.
please tell your Father my 🙏. For his good collection. Thank you
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The coin with the eagle and print with Republica Mexicana is our coin back in 1877. It has Filipinas on the other side.
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Wow..
Thank you for this nice information..
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I agree on the spend free plan. Tough times that will get tougher.
Take care of your precious coins… Ive lost mine. The sentimental value has increased with their loss.
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Thanks for your time and message! Yes, we’ll keep these coins. You’re right about their sentimental value. Keep safe always… 🙂
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Reblogged this on By the Mighty Mumford and commented:
HAS A MIND TO THE NEAR AND DISTANT FUTURE TO THE GOOD!
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Thank you so much! I’m glad you like it… 🙂
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INDEED I DO!
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Thank you for these sound advices, Tin!
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Thank you so much for the kind words! Keep safe always!
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Likewise, stay safe in this GCQ.
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All very worthy information, Maria, even in times without a pandemic. I very much like your About page too and thank you for the follow. Every Pinoy I have ever met is kind and warm-hearted. I look forward to your joining me in visits to my garden. Warm wishes to you —
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Wow… all your words are very much uplifting for all of us, Pinoys. Thank you so much. I’m so glad to hear that. Yes, I love gardening as well, for sure, I’ll learn much from your blog. 🙂 🙂 🙂 Keep safe always…
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Too hot and humid too quickly in the garden today but it’s still a welcome reprieve from what is going on in the world right now. 🙂
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Excellent resolution to follow for a better days . Good post. Appreciate the thoughts.
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Thank you so much! Glad to hear that.. .Keep safe…
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🌻🍀🌻
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We are doing the same, but due to the pandemic our office hours reduce to half day. And our monthly budget short. Because of this, I decided to find a extar income and loan for its capital and its work. We able to have savings. 🙂 BTW, I lend at https://www.jctezloan.com/ just in case some are interested.
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Thanks for that. It’s good that you still keep some savings. Keep safe always..
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#8 is proving illusive to conclude. and #10 is so true!
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Hi, thanks for your message. Yes, #8 is quite illusive. Keep safe always.. 🙂
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Likewise.
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These are all tips, thanks for sharing
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Thank you so much for your time! I’m glad you appreciated it. 🙂 🙂 🙂 Keep safe always.. .
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*good tips
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Thank you for visiting and following my blog. Hold on to your coins. They will survive as will you. Stay safe and be well!
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Hahahahha! Thank you so much! I love your message! Yes, let’s all stay safe! 🙂 🙂 🙂
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Yes, let’s all stay safe!
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Very good post, good reminders for this time. Thanks for the likes and follow. I’m here to look around and enjoy your blog and follow. Keep well!
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Thank you so much for your time and message! Keep safe always…:)
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I agree with your list however, 4,6, and 9 are so hard for me to maintain, so this is a good reinforcement.
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And very nice to meet you Maria Cristina. 🙂
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Thank you so much, I’ll look forward to reading and learning from your blogs…
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You are welcome 😉
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Loved your posts Maria. The food looks really delicious!!
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Hi, thank you so much for your time and message. Hope you try some of my dishes here… 🙂 🙂 🙂 Keep safe always…
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Yes, I will. Thank you and stay safe too, Maria.
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Very good points. True, one needs a strategy that works to survive the pandemic
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Hi ,thanks for your kind words! I’m glad you appreciated this. Keep safe always… 🙂 🙂 🙂
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Hi. Welcome. Keep safe to🙂
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Sound advice! We also stash away a fixed portion of what we earn every month, it really helps. 😊
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Hi, I’m glad you appreciate this! Yes, we really need to save a little bit more and control our expenses… Stay safe always and send my regards to your family. 🙂 🙂 🙂
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Hope you & your family are keeping safe too!
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Thank you. I appreciate this. 🙂
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Great financial tips, especially saving 20% and resisting impulse purchases. Thank you for sharing. Stay safe.
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Hi, thanks for your visit and message! I’m glad you like this. Stay safe as well. 🙂
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This is really thoughtful. Very nice!
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Thank you so much! I’m glad you like this. 🙂
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You are very wise to take this approach to life in these financially uncertain times. Good habits to develop now.
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Thank you very much for the kind words, much appreciated. 🙂 I think it’s timely and practical to think about these things when there are so many who lost their job, the economy is at the brink and you don’t need a lot of things other than food, vitamins, shelter.. etc during this time when the future seems blurred. Hope everything will fall back to their places and we’ll finally control the transmission of this disease. Stay safe always… 🙂
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wonderful post. great tips once again, my dear!
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Thank you so much, Sir… 🙂
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OH WOW don’t sell those coins 🙂
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Hi, thank you so much for this. Yes, I won’t sell them! Stay safe! 🙂
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intriguing article 💫
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Hi, thank you!
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Oh Wow Republica Mexicana, I thought was Mexican!
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Lovely read. Can follow my latest lockdown pandemic write on https://passionsnetin.com/2020/08/20/who-knocked/
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