4 Tips to Survive and Thrive in a Financial Crisis | Beyond Small Talk

Undeniably, the COVID-19 pandemic has greatly affected the Philippine economy.

In fact, the country’s gross domestic product shrank by 16.5% in the 2nd quarter of 2020 – the sharpest drop ever according to the Philippine Statistics Authority.

This translates to more and more Filipinos reeling from the impact of financial crisis.

You can turn this crisis into an opportunity. Yes, crises can be opportunities, but only when you prepare for them.

So, read on as Beyond Small Talk guest Dodong Cacanando shares 4 practical tips to help you not just survive, but thrive during a crisis. 

  1. Save before calamity comes

The best way to survive a crisis is to prepare even before it strikes. When the unexpected comes, you and your family can cope best when you make saving money a way of life.

The reason why it’s called ‘saving’ is because sooner or later, it will save your life. Calamities can really make you poor if you don’t save up. Save during times of great abundance,” shared Dodong. He adds that wise men know that great abundance will not last forever because crises come, so you should be ready for it.

  1. Don’t get into debt

What could happen when you don’t save up, get into debt, then a crisis comes?

You could get stuck in a limbo of financial troubles.

If you had to borrow money in the past, do not worry, you can still get out of debt. Moving forward, try your best to stay out of debt and live within or below your means in order to survive when hard times hit. 

  1. Be wise in spending

Which spending habits do you need to change today so that you can save up for tomorrow? When you spend your hard-earned money wisely, you can weather the storm and you can weather it calmly.

Because we are frugal, when calamities come, we can respond better,” Dodong shares.

A strong frugal mindset allows you to save more and you can actually take advantage of your savings during a crisis, “During calamities, people with savings become richer because their savings allow them to buy a good future.”

  1. When calamity comes, do not stop working

The current pandemic has taken its toll on everyone’s minds. And it’s totally okay to step back and breathe if you must.

Yet, if you want tavoid financial stress and you wish to grab any opportunity that lies in this crisis, then continue to work and save. It’s never too late to be creative and maximize your resources. 

Crises come and go, but here’s the challenge for you: will they make you a resilient person?

May you continue to survive and thrive during and beyond this crisis!

Are you experiencing any financial trouble right now? Allow us to comfort you through prayers. You may call the CBN Asia Prayer Center at 8737-0700 or send in your prayer requests to our Facebook page.

Has this article blessed you? Tell us about it in the comments section below and don’t forget to watch the next webisode of Beyond Small Talk on Saturday, August 22, 2020, at 7:00 PM on The 700 Club Asia Facebook page and YouTube channel.

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