Struggling to Save Money during Pandemic? Here are 3 Tips to Help You | Beyond Small Talk

What stops you from saving?

Is it because you don’t have money left to save? Or you think saving money during a pandemic seems impossible? Or maybe, you feel like you’re still too young to save and think of the future?

Whatever your reasons may benow is the time to step back and assess those reasons – because you might find that saving money isn’t as hard as you once thought.

According to a Bangko Sentral ng Pilipinas survey in 2014 cited in an article 5 Reasons Filipinos Don’t Save Money by ABS-CBN News, “Philippines has one of the lowest savings rates in Southeast Asia.”

Here areBeyond Small Talk hosts Marvin Germo, Randell Tiongson, and Peter Kairuz to give you practical tips on how to save your hard-earned income and more.

  1. Write down your expenses

“Every peso should have a name,” says Marvin.

Don’t let your money control you. Listing down and naming your expenses will help you track where your cash goes.

According to Miriam Caldwell in her article Why You Need to Track Expenses to Control Your Finances, tracking your expenses is useful because it creates financial awareness. It makes you conscious of your bad spending habits and allows you to budget wisely.

  1. Change your bad money habits.

What are the bad money habits you need to give up today?

Unless you discipline yourself and give up impulse buying, personal vices, or overspending, you will have a really hard time to achieve your goal towards financial freedom.

  1. Increase your income.

“God is our source. He can bless you through so many channels to bring the money to you,” Marvin said.

Aside from your 9-to-5 job, maximize your leisure time by finding other sources of income such as selling online or taking homebased jobs. But, take to heart that it has to be fused with right skills and hard work in order for you to see the fruit of your labor. As Randell put it, “Skills and hard work is the right combination.”

Let God give you wisdom and direction on ways to earn through other means.

Do you need prayers for your finances? 

The CBN Asia Prayer Center is here for you. Don’t hesitate to call us at 8737-0700 or send in your prayer requests to our Facebook page. 

Stay updated for more wisdom-filled webisodes every Saturday, 7pm on The 700 Club Asia Facebook page and YouTube Channel. 

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