Business and Finance

Three Tips To Set Our Financial Priorities Straight

The COVID-19 pandemic has imparted many lessons. In just a year and a half, we already experienced how it feels to be constantly anxious about getting the virus, feeling isolated during lockdowns, worried about our family’s livelihood, and fearful about what will happen next.

After going through this crisis, we want to be much more prepared and better when it comes to facing challenging times like this. This is why we need to focus on one of the pandemic’s most important lessons — how to be financially secure.

Being financially secure might be tough when you know you still have a long way to go to becoming stable in terms of monetary resources. But the pandemic has taught us that financial security isn’t a luxury anymore. Rather, it is a necessity.

Also, each one has a unique lifestyle, different priorities, and mindset when it comes to spending, which may be reasons why achieving financial security is challenging.

Millennials and some older Gen Zs might find it more difficult to achieve financial security and stability. During the pandemic, many have lost their jobs, have unstable sources of income, and for fresh graduates, it was difficult to find jobs.

The circumstances may be harsh or difficult, but this doesn’t mean nothing can be done to achieve that financial security. This may even be the right time to recalibrate your financial priorities that will help you in the long run.

Here are some tips on how to find financial security during a pandemic, crisis or none:

  • Start small and slowly identify your priorities and goals

There is no reason to panic even in the middle of an economic crisis. Just like any other plan you make, start in your own space and identify first how you are doing financially. Are you doing well? Do you need to transition to a tighter budget? Will you have to change your lifestyle? These are the things that require some much-needed clarity when you want to plan for your financial future.

Once you do that, you can finally write down realistic goals and parallel them with your lifestyle and financial status. With this, you will be able to build a foundation to ease your financial worries while still in the middle of a pandemic.

  • Be proactive in saving for emergencies

It’s never too late to build an emergency fund. Since we’re still unsure when the pandemic will end, you must have something to lean on in cases of sickness, accident, or unemployment. Not only that, having an emergency fund can ease your worries in times of uncertainty. It doesn’t matter how much you save for your emergency fund. You may set aside 10-20% of your monthly salary for it or you can customize it according to your capability.

  • Think about your own and your family’s protection

When it comes to achieving financial security, you have to look at the bigger picture. Most of the time, people don’t get insurance because it’s not deemed as a priority. But have you ever wondered why people buy insurance? It’s simple: peace of mind.

Whether you have your own family or not, you want to protect your loved ones from the financial burden they might experience when something happens to you. You may experience those burdens when you or your loved one gets sick. And by the way, COVID-19 isn’t the only disease we should be wary of.

Since the rainy season is already starting, it’s also important to get the protection you and your family need against other viral diseases like dengue. Insurance providers have products for these. For instance, PhilLife has Dengue RX Family, which provides up to Php30,000 worth of reimbursement of hospital confinement per member of the family due to dengue. For only Php1,200, it already covers four family members.

Quarantine restrictions have loosened again, too. And while we wish for everyone’s safety, the chances of your loved ones getting into an accident are now higher. So, it’s also important to secure their income to cover for expenses stemming from such incidents. FOr this, PhilLife has its Family Accident Secure that would protect you from the financial toll brought by such emergencies. For as low as Php400, you can get up to Php5,000 in medical reimbursements due to accidents for each member of your family.

What’s even good about this is that PhilLife also made sure that its services are accessible through its online shop that can be accessed through your mobile phone or laptop. This way, you can easily choose an insurance that’s best for you. With PhilLife’s online shop, you can ensure your safety by staying home and reducing any possibility of catching the virus just to get insurance. Your privacy is safe, too, because it is secured. For more details, just visit https://phillife.com.ph.

As we continue to live through this pandemic, don’t forget to take the time to find the right way for you to navigate the financial security you want to achieve. Take things slowly so you can properly prepare yourself in the future and make progress toward your financial goals.

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10 Comments

  1. Khricia Dimayuga
    June 17, 2021 at 5:00 pm

    Thank you mommy for this. Dapat talaga ang mas pag tuuan ng pansin ang una mong isesecured para mag karoon kana ng idea kung ano ba ang tamang pag budget

  2. Angel Co Metre
    June 17, 2021 at 5:01 pm

    Super helpful nito lalo na sa panahon ngayon. Kailangan talaga natin i manage ang paggastos sa pera natin. And phillife is their to help us how to manage and secure our money!

  3. Ma. Cyril Creer
    June 17, 2021 at 5:02 pm

    .. Before this COVID19, I just spend, buy, not thinking what would happen on the future. During this pandemic, I’ve learned many lessons and one of this is about financial aspect. That we must be financially secured so that whenever another situation like this happens in the future, I will not be worried anymore.
    Thank you for this very informative blog mommy . I’ve learned a lot. God bless you and keep safe. 🙏

  4. Falmyra Anne Cabritit
    June 17, 2021 at 5:10 pm

    This pandemic need tlga natin magtipid , imanage ang pera sa mas mga kailangan na bagay bilin katulad ng groceries , extra for water and electricity.. For our private needs .. And also extra for in case of emergency.. Pagsasave ng pera ang pinaka magandang gawin maliit man lalaki padin kung paunti unti mo itong iipunin.. Tru our financial security Philife for our money safety💖

  5. Lyka Mitra
    June 17, 2021 at 5:11 pm

    Thanks for the tips po talagang kailangan po nating maging magaling sa paghawak ng pera. At syempre dapat magkaroon po tayo ng health insurance para talagang mas panatag po tayo.

  6. Abby Gail
    June 17, 2021 at 5:23 pm

    Thanks for sharing these tips on how to find financial security during a pandemic mommy. Napakahirap man po maging financially secure sa panahon ngayon ng pandemiya ay kailangan natin itong gawin para sa kapakanan natin at ng ating pamilya. Kelangan din talaga nating pag isipang mabuti kung paano natin gagastusin ang pera natin at dapat magkaroon talaga tayo ng proper mindset when it comes to handling our expenses.

  7. Je Ssi Ca
    June 17, 2021 at 5:55 pm

    Thanks Mommy for the tips .. laking tulong po para ma manage and to secure our Money..

  8. Aileen may nunez
    June 17, 2021 at 6:58 pm

    Nice mommy🥰

  9. Myla quisora
    June 18, 2021 at 8:15 am

    Thanks mommy . Napakahelpful nitong blog mo ..

  10. Meng Sunga
    June 18, 2021 at 2:07 pm

    Thanks for the tips Mommy ❤️ Such a big help especially nowadays na priority natin ang daily needs. PhilLife helps a lot to manage, save & secure our money wise ❤️

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