6 Ways to Get Out of Debt Faster Despite Having Low Income
- By Moneymax
- June 24, 2021
Debt is an issue that many people contend with. The more you borrow, the harder it is for you to pay. The higher your debt, the more complex your life becomes. A lot of Filipinos are still wondering how to get out of debt on a low income. And the answer is not simple. Paying off debts sounds easy for those who are earning more than the minimum wage. But what if you’re living paycheck-to-paycheck, and you barely have enough left to settle outstanding debts? Dealing with debt when you have a low income is a difficult task. However, according to Lisa Aberle of Get Rich Slowly, “You have to be determined to challenge your comfort zone because no matter how uncomfortable it may seem now, challenging your status quo is hard.” It doesn’t matter how hard it is to get out of the debt trap. What matters is your will to break free from the agony of debt repayments. The Problem: Having a High Debt-to-Income Ratio Someone gets into debt for many reasons. But whatever reason that is, a borrower usually gets drowned in debts because their debt-to-income ratio is not clear to them and things begin to get out of control. How to Calculate Your Debt-to-Income Ratio In a perfect world, the ideal debt-to-income ratio[1] is 36% of your income. Look at the formula and sample computation below. Debt-to-Income Ratio Formula (Total monthly debt payment ÷ Gross monthly income) x 100 = % Debt-to-income ratio Sample Computation (PHP 10,000 ÷ PHP 30,000) x 100 = 33.3% The example…
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Be Debt-Free: Why You Should Start Paying Your Debts Now
- By Moneymax
- June 23, 2021
The pandemic taught us a lot of lessons, including the importance of being financially prepared at all times. With about 7.3 million Filipinos retrenched[1] since the start of the lockdown in 2020, you can no longer say “Bahala na si Batman” and leave everything to chance. The reality of poverty and mounting debts can haunt you while you fight the fear of contracting the coronavirus. And if the pandemic has triggered you to borrow money to survive, it should also be the same reason to pay back what you borrowed. Nobody knows when we’ll be facing yet another crisis like COVID-19. So, as we all shift towards the new normal, let’s plan out a financial goal and enjoy the benefits of debt-free living. What is the Difference Between Good Debt and Bad Debt? Debt is debt no matter how you describe it. Debt means you borrowed money, which should be returned to the lender accordingly. However, there is a huge difference between the two types of debt. Good debt refers to borrowed money to fund an investment or something that could benefit you in return. Bad debt, on the other hand, is money borrowed to pay for purchases that depreciate. An example of good debt is getting a personal loan to pay for your child’s tuition. You borrow money to invest in your child’s education, which could benefit them in the long term. Good debt can also be a way to boost your income. Some people apply for short-term loans to fund a small business that could earn them profits….
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32 Micro and Small Business Ideas You Can Start with Low Capital in 2022
- By Moneymax
- June 22, 2021
Because of social media and the changing interests of consumers, demand for products and services continues to grow. Filipinos are more open to new brands and establishments, allowing the business industry to flourish more quickly. In fact, over 99% of registered businesses in the Philippines are micro, small, and medium enterprises (MSMEs).[1] This number may have grown during the lockdown as more small businesses launched online. You can be your own boss and grow your finances by starting your own business venture. Here are some small business ideas in the Philippines you can set up even with low capital. Small Business Ideas in the Philippines You Can Start with 10k Homemade Beverage or Palamig Business Start-up cost: PHP 500 to PHP 5,000 Items to invest in: Ingredients, purified water, containers, plastic bottles Selling ice-cold drinks is one of the low-cost yet profitable negosyo ideas in a tropical country like the Philippines. Ice-cold milk teas, coffees, and fruit drinks are a hit during summer, but can be sold all year round. For as low as PHP 500, you can start selling your drink concoction. Home-Cooked Meals Start-up cost: PHP 1,000 to PHP 8,000 Items to invest in: Meal ingredients, plastic containers, kitchenware Selling home-cooked meals is one of the most enjoyable low capital business ideas, especially if you have a passion for cooking. It’s time-consuming, but you would only need a capital as low as PHP 1,000 for this business. You can advertise your meals online on social media for a start and only cook meals on a made-to-order basis. Cellphone…
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SEC Warning: Don’t Fall for These Investment Scams in the Philippines
- By Adji Hendrawan
- June 21, 2021
The financial repercussions of this pandemic have certainly brought scammers and fraudsters to the fore. Since the start of 2021, the Securities and Exchange Commission (SEC) in the Philippines was able to identify 28 entities already with malicious business transactions found to be soliciting investments from the public without the appropriate certificate of registration to sell securities.[1] In this article, find out what these investment scams in the Philippines are and how the SEC is working to protect Filipino investors from them. How the SEC Protects You from Investment Scams in the Philippines As the registrar and overseer of the Philippine corporate sector, the SEC has power and holds many functions in corporations, partnerships, or associations. Here are the things the SEC is doing to protect the interests of the investing public. 1. Issues Warnings Against Fraudulent Companies The SEC regularly releases updates and warnings to the public regarding companies conducting fraudulent activities in the Philippines. From this information, people can determine whether or not the business they are dealing with is legitimate. Keep up-to-date with the SEC’s notices to stay informed of possible scams. In addition, the SEC releases advisories and the major publications in the country distribute them to reach a wider audience. Social media is also another avenue to inform Filipinos all over the world. 2. Registers Legitimate Companies Under Sec. 5.1 of the Securities Regulation Code, “securities shall not be sold or offered for sale or distribution within the Philippines without prior registration with the SEC.” So if a company doesn’t have an SEC registration or…
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40 Money-Saving Tips for Everyone: The Ultimate Financial Hacks List
- By Ricky Publico
- June 17, 2021
It’s easy to declare that you’re going to be more financially responsible from now on. But once you start going down the right path, you’ll find out that it’s not as easy as it sounds. In a country like the Philippines, money isn’t as easy as working hard. Sometimes, you have to keep reminding yourself with small nuggets of money-saving tips. And luckily, that’s exactly what we did. We made a list of formidable financial hacks that can help inspire you to lead a healthier financial life, one step at a time. Best Money-Saving Tips for Everyone 1. Make a budget for everything You need to set financial limits for yourself to avoid overspending your money on a single purchase. Whether it’s your daily expense or a special occasion, don’t spend a single peso without following a certain budget[1]. 2. Practice comparing prices Whether it’s a pair of sunglasses or a car insurance policy, have more patience in comparing prices and searching for better alternatives. This will help you find better deals and prevent you from overspending. 3. Take care of your health You’ll find it hard to save money if you are always sick. Unless you have a pre-existing condition, you should always keep yourself healthy. Eat right, exercise, and drink enough water for the day. Also, get vaccinated already! It’s literally free. 4. Build your emergency fund ASAP While saving for the future is important, saving for the near future is equally as important. Your emergency fund will shoulder you from unexpected expenses like medical fees, car damage,…
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6 Important Things Our Dads Taught Us About Money
- By Adji Hendrawan
- June 15, 2021
Some of the most important money lessons we’ll ever learn come from our fathers. As our main provider growing up and our first financial advisor when we were starting out in our careers, our dads have plenty of sound financial advice. How we earn, spend, save, and invest―money lessons from dad guide us in our own financial journey. To celebrate and honor the main men in our lives this Father’s Day, we recently had a chat with our colleagues at Moneymax and asked the biggest financial wisdom they learned from their dads. Some of these you’ve probably heard from your own father, too, so read and be inspired. Money Lessons from a Father to His Son A son’s relationship with his father is one of the most important, if not the most important, relationships he’ll ever have. It evolves over time, filled with many lessons imparted and experiences shared. Furthermore, sons model themselves after their father’s character.[1] For Jeron, Ras, and Ricky, here are some money lessons they’ve learned from their dads. Invest and Save Up for Your Own Business Moneymax’s Business Analyst, Jeron Legaspi, is a man of few words, much like his dad whom he describes as a quiet man. “My father is deaf, so we don’t really talk too much. We don’t really talk about how we’re feeling―we just keep our problems to ourselves.” Still, Jeron values his dad’s nuggets of wisdom and life experiences, especially when it comes to money. “Don’t buy things that you don’t really need. Invest it or build a business from…
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What You Need to Know About COVID-19 Vaccines in the Philippines
- By Adji Hendrawan
- June 14, 2021
The development of coronavirus disease (COVID-19) vaccines is a huge help in the fight against this global pandemic. With a COVID-19 vaccine in the Philippines, people can get protection from severe symptoms that usually lead to hospitalization or death. As of this writing, there are 1,300,349 COVID-19 cases in the country and a total of 22,507 deaths.[1] The Philippine government is aiming to achieve herd immunity against COVID-19 by 2023.[2] Herd immunity or community immunity occurs when a high percentage of the community is immune to a disease (through vaccination and/or prior illness), making the spread of this disease from person to person unlikely.[3] What is the COVID-19 Vaccine? The COVID-19 vaccine provides acquired immunity against severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus causing COVID-19. In general, vaccines work by helping your body develop an immunity to germs or viruses. Vaccines mimic these germs and viruses. As a result, your body develops antibodies to fight them off and prevent you from getting sick from it again in the future. Based on early data from clinical trials, the vaccines can lower your chances of getting COVID-19 and help prevent getting seriously sick with COVID-19. Is It Safe to Get the COVID-19 Vaccine? Yes. Even if pharmaceutical companies developed COVID-19 vaccines so quickly, they did not skip any steps, and all the vaccines underwent careful testing.[4] The Food and Drug Administration (FDA) has also granted them emergency use authorization,[5] a risk-based procedure to assess unlicensed vaccines during public health emergencies. In addition, COVID-19 vaccines are continuously monitored for any…
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Profitable Business Ideas You Can Start at Home
- By Moneymax
- June 11, 2021
For some of us, a 9-5 office job is just a means to an end, with being our own boss as the goal. This is why more and more people are either freelancing or starting their own businesses. In fact, 2% of the Filipino population are freelancers as of 2018.[1] Small enterprises also take up over 9% of the total businesses in the country. And since the pandemic started, the number of registered online businesses in the country also surged from 1,700 (in January to March 2020) to 75,000.[2] Maybe it’s time for you to explore those home-based business ideas and start one today. Like any business, it can be challenging. You have to consider your skills, target market, and capital before starting a business. But if you want to jump-start your dream of becoming your own boss, you can start exploring some profitable home-based business ideas. What is a Home-Based Business? The meaning of a home-based business is pretty self-explanatory—it’s any business that you fully operate from home. Regardless of the business type or the size, it’s considered home-based if its primary office is located in a home you live in.[3] Why Should You Consider Having a Home-Based Business? There are so many advantages of home-based businesses. Aside from having the skills, resources, and motivation to start a home-based business in the Philippines, here are more reasons to start one. 1. No Need to Commute or Drive to Work Since your office is right at home, there’s no need to wake up so early to beat the morning traffic…
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BPI Save-Up Account: Why You Should Start Saving Today
- By Moneymax
- June 8, 2021
Life is full of surprises. You’ll never have an idea of what will happen next. When the unexpected happens, you need to make sure that your wallet and piggy bank are more than ready. This is a lesson that everyone has learned during the pandemic. This is why everyone should start saving up. Admittedly, it’s a chore at the beginning, especially if you have the mindset that you’re supposed to enjoy your hard-earned money. However, remember that you’re not only saving for a rainy day. You’re also saving up for your future—whether it’s for your dream business or your dream vacation. Fortunately, the Bank of the Philippine Islands (BPI) has made saving money much easier with the BPI Save-Up Account. There are many reasons you should open this account. Read on to learn more. What is a BPI Save-Up Account? The BPI Save-Up Account is not your average savings account. It’s a cut above the usual bank accounts because it automatically sets aside money from your BPI savings account.[1] You can also deposit to your Save-Up account directly if you have extra cash lying around. It also includes free insurance. However, it’s important to note that the benefits you’ll get depend on the type of BPI Save-Up Account that you’ll open. Read more: 6 Things to Consider When Choosing the Right Bank for You What are the Types of BPI Save-Up Account? The BPI Save Up Account comes in two types. The right account for you greatly depends on your priorities and financial goals. BPI Save-Up Savings Account + Insurance…
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Investing at a Young Age: Why Millennials and Gen Zs Should Start Now
- By Ricky Publico
- June 3, 2021
You know how tree lovers would say that the best time to plant a tree is 20 years ago and the second best time to do it is right now? That also applies when it comes to growing your money. After all, money comes from trees. And since you’re probably in your 20’s or 30’s now, you should know how important investing at a young age is. After all, the best time to invest has already gone. Not convinced with that analogy? Then here are more reasons why millennials and Gen Z-ers should start dabbling with financial investments as early as now. Why You Should Start Investing at a Young Age It Will Educate You About Compound Interest Once you decide to learn more about investments, prepare to hear compound interest a lot. But what is it, exactly? Compound interest is accumulated interest from your initial deposit. Basically, you’re earning interest on top of the interest you already earned. So if you invest PHP 20,000 now on a savings account with a 5% annual interest rate, compound interest will snowball your initial investment to PHP 25,525.63 after five years. You can save time computing for compound interest by using an online interest calculator[1]. And why should you learn this as early as now? Because you will probably have more patience to learn new things compared to your future self. Compound interest is just one out of many financial concepts you’ll encounter in your investing journey. Just don’t be intimidated by the numbers. It Will Help Cultivate Good Money Habits Investing…
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10 Steps to Starting an Online Business in the Philippines
- By Adji Hendrawan
- June 2, 2021
Planning to make money at home by starting an online business? That’s a bold move you’re making, but guts alone will only take you so far. That’s because many other things make a new business work. So many that they can easily overwhelm first-time entrepreneurs. It doesn’t help that 30% of startups fail[1] in their first two years. While the numbers may sound discouraging, they can also motivate aspiring small business owners to be careful and strategic in their every decision and action. The key to the success of your online business is starting it right. Make the process less overwhelming and more systematic. Here’s a comprehensive guide to starting an online business in the Philippines. Why You Should Start an Online Business Today Still on the fence about starting an online business? These reasons should convince you to start an online business today. Easy and Affordable to Set Up You should start an online business because of the endless possibilities. Moreover, starting an online business is inexpensive and easy. You can get your online store running with just a few clicks and just a small capital. Flexible Work Hours and Location An online business also offers flexible work hours. Work on weekdays or weekends, morning or night, as long as you have all the tools you need and an efficient way of running your business. When you have your own online business, you’re not tied down to one location. As long as you have internet access, you can run your online business from anywhere. Ability to Maximize Profits Your…
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Planning to be a Parent? Here’s How Much You Might Spend on Raising a Child
- By Moneymax
- May 28, 2021
The COVID-19 pandemic is currently fueling a lockdown baby boom due to limited access to birth control and more time for couples[1] to stay at home and be together. Last year, a study led by the University of the Philippines Population Institute (UPPI) and the United Nations Population Fund (UNFPA)[2] showed that the total unintended pregnancies in 2020 may reach 2.56 million, and that may even rise this year considering the continuous implementation of restrictions for travel and mass gatherings. Although the signs you’re ready to have a baby are clearly manifesting amid the lockdown, it still pays to know the real cost of raising a child in the Philippines, so you and your partner can prepare financially and ensure you’re providing for all your family’s needs. Note: The child-rearing costs in this article are just estimates to give parents in the Philippines an idea of how much they should budget every month to cover their child’s needs. The actual cost of raising a child varies from one household to another based on different factors. Cost of Raising a Child in the Philippines: What to Consider in Your Budget Monthly spending varies from one family to another and from one child to another. But here are a few considerations and average estimates you might want to check before jumping into the baby boom bandwagon. Housing/Accommodation: PHP 5,000 to PHP 25,000 Not many of us own a home to raise kids. But, ideally, you should have your place to either rent or pay off before having a baby. You wouldn’t want…
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What You Need to Know Before Investing in Cryptocurrency in the Philippines
- By Moneymax
- May 20, 2021
Chances are, you’ve already heard the words “Bitcoin” and “cryptocurrency.” Maybe you’ve encountered them in your circle of investment-savvy friends or you while you’re reading finance articles online. At some point, you might have shown some interest in it, but you decided not to pursue the topic further, fearing that you’d get drowned in highly technical terms, jargons, and hard-to-understand topics fit for tech geeks. Over the years, cryptocurrency has been called a lot of things. Some consider it to be the money of tomorrow while others think of it as a risky and rather volatile asset. But with reputable companies like Tesla buying Bitcoin in large quantities,[1] the general public’s interest in cryptocurrency in the Philippines has skyrocketed in recent years. A lot have started to think that maybe the likes of Bitcoin are worthwhile and viable investments. But we highly advise you to hold your horses and arm yourself with knowledge before doing anything or putting your money in a cryptocurrency wallet in the Philippines. We’ve come up with a short yet informative guide that will give you a head start on cryptocurrencies. What is Cryptocurrency? Cryptocurrency is digital money—it’s virtual and has no physical form. Don’t confuse it with the money in your e-wallet or online banking account, as it is tied to real physical coins or bills. Because cryptocurrency is purely digital, this means that you can store it online and even in small, specially designed hardware. And since it doesn’t require a bank or any middleman, you can easily send your digital money to anyone,…
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Crowdfunding 101: How It Can Help Finance Your Business
- By Moneymax
- May 18, 2021
Got a potentially game-changing business idea? If so, the excitement that comes with the dream where you’re gracing the cover of Forbes magazine might be killing you right now. But if you stay on the realistic side, you know that you’ll need this one important thing for your business to happen: funding. Whether it’s an ambitious start-up or a humble small business, you know too well that money is the fuel that will make your ship move. Of course, there are many ways to raise funds. You can go to the bank, bootstrap by using your retirement money or life savings, or find an angel investor.[1] But with the advancements in financial technology and communications, an aspiring businessperson can easily access funds through crowdfunding. This may be a relatively new idea for many, and in case you’ve already heard of it, you may want to know more about it. We’ve come up with a comprehensive guide that will help you understand how crowdfunding in the Philippines works. What is Crowdfunding? Crowdfunding is a financing method where you take small amounts of money from a large number of people, a lot of which may be interested in your project or business idea. In layman’s terms, it’s what you can loosely call “solicitation.” Remember those small basketball teams in your barangay asking you to chip in or sponsor their uniforms? It’s basically that, but of course, everything is done professionally. Crowdfunding takes place online through different platforms or applications. The people who will fund your project or business idea may expect something…
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How to Spend Money Wisely When You’re Trying to Save
- By Ricky Publico
- May 13, 2021
Struggling to save money? That’s because you’re probably spending it. After all, if you want to increase your savings, just stop buying things you don’t really need. But in this day and age, that advice is too simple and vague when learning how to spend money wisely. And it’s extra difficult when you’re the type of person who subscribes to the idea of retail therapy as a way of life. Good news: you can continue doing that without totally draining your savings. Just follow these concrete steps to get started with your guilt-free shopping. Learn How to Spend Money Wisely with These 6 Tips Begin Categorizing Your Expenses Say goodbye to the days when you just click Add to Cart on a whim. Whether you like it or not, part of growing up is to start improving your spending habits. Ideally, you should prioritize wants over needs. But if you want to be more meticulous, you can categorize your spendings into fixed, savings, and variable costs. Fixed costs include monthly expenses like mortgage, rent, bills, and debt payments. Savings are obviously the amount you allot for either personal or emergency savings. Variable costs are the expenses that are within your control like groceries, dining or food delivery costs, and leisure funds, among other things. Prioritize Savings Over Expenses If your goal is to grow your savings, it’s a no-brainer to prioritize it above everything else. Whether you’re using the 50-30-20 rule[1], the envelope method[2], or other budgeting tips and tricks you know, always allot savings first before other expenses. If…
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[Battle of the Brands] Foodpanda vs GrabFood: Which Food Delivery Service is Better?
- By Adji Hendrawan
- May 12, 2021
Can you imagine your life now without your favorite food delivery service? It’s undoubtedly hard, especially knowing that all your cravings, regardless of time and space, can be satisfied with just a few taps on your smartphone. You may not realize it, but food delivery service is among the most significant breakthroughs in the last decade. Its importance has been further highlighted during the COVID-19 pandemic. No one wants to risk their safety by going out, so many just opt to have their food delivered right to their doorstep. When it comes to this, a lot of people count on two popular food delivery services: Foodpanda and GrabFood. Keep reading this Foodpanda vs GrabFood comparison review to find out which of them is better. The Difference Between Foodpanda and GrabFood Two of the biggest food delivery services in the Philippines today are Foodpanda and GrabFood. But in recent years, GrabFood has been the consistent top-of-mind choice among consumers, based on research by Kantar TNS.[1] Launched in the Philippines in 2018, GrabFood is relatively new in the industry yet it has already amassed a large following. It’s the food delivery arm of the Singaporean transport network company Grab. Just recently, they have opened GrabKitchen. On the other hand, Foodpanda has been operating in the Philippines since 2014. It’s part of Delivery Hero, a multinational online food delivery service based in Berlin, Germany. Unlike GrabFood, Foodpanda’s business is solely dedicated to delivering food. In this Battle of the Brands edition, you’ll see which of the two has a more competitive edge. For…
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Where to Put Your Emergency Fund: It’s Not as Complicated as You Think
- By Adji Hendrawan
- May 11, 2021
You might already know why an emergency fund is important (which is why you’re reading this article). The next thing you should learn is where to put your emergency fund. What are the best and worst places to put your emergency fund? There are many convenient and liquid savings options that also offer high interest rates. But are they really the best place to put your emergency fund? Read on to find out more. Where to Put an Emergency Fund: Some Things to Consider When the time comes you need to access your emergency fund, you should not have a hard time withdrawing money from it. Make sure that wherever you put your money, it will not be locked in or held out for a certain period. Consider liquidity when choosing a place to keep your emergency cash, so you can get your money quickly and easily without paying any penalty fees and charges. If there’s a major toilet breakdown in your bathroom late at night, you should be able to get money from your emergency fund first thing in the morning. It would be good, too, if your emergency fund can earn interest, even if it’s just a small percentage. If you have a significant amount saved, then you can earn a good amount over time as well. Lastly, opt for zero to minimal fees. If you’re going to let your money sit somewhere like a savings account, consider the monthly maintenance fees that can accumulate and chip away at your emergency fund. Read more: 55 Tips on…
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Reasons to Build an Emergency Fund (And Why It’s Different from Savings)
- By Adji Hendrawan
- May 7, 2021
This pandemic has reinforced the importance of emergency fund. The significance of having money saved for unexpected and unplanned living expenses has never been clearer as it is now. An emergency fund is a good way to strengthen your finances and protect yourself from financial potholes that can put your finances off track or even destroy them. While an emergency fund can’t solve all your money problems, a savings buffer like it can help you avoid the stress of paying for major living expenses and accumulating debts because of it. Learn why you need an emergency fund, what makes it different from your regular savings, and where you should use it. Emergency Fund vs Savings: The Key Differences An emergency fund is money that you put aside to pay for financial emergencies or use during times of financial distress. It should enable you to pay for large and unexpected expenses or sustain you for a certain period without disrupting your finances or burying you in debt. Consider it a larger rainy day fund for major and unplanned expenses. An emergency fund is also accessible and usually kept in liquid form such as online banking, debit cards, checking account or savings account. Savings, on the other hand, are funds that you set aside for a particular short-term or long-term goal, like making a down payment for a house or a car, paying for your dream vacation, building your child’s college fund, or preparing for your retirement. They can also be put in various investments such as bank products, stocks, bonds,…
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COL Financial Review and Beginner’s Guide to Stock Investing
- By Adji Hendrawan
- May 3, 2021
Curious to know which investments for beginners are right for you? Looking to grow your money in the long term through investing in stocks? Gone are the days when only the wealthy can afford to buy in the stock market. Now, everyone—even college students and housewives—can begin investing through online stock brokers like COL Financial. Stock investing in the Philippines is made easy and affordable for the average investor through online trading platforms. COL Financial for beginners is easy to learn. It’s worth opening an account with this online platform if you’re planning to start as a stock investor even with minimal knowledge and experience in investing. In this COL Financial guide, you can easily learn the ropes and jump-start your stock investment journey. What is COL Financial? COL Financial Group, Inc. (formerly CitisecOnline) is one of the leading and most popular online stock brokers in the Philippines. For around 20 years, the company has been offering an easy and affordable way for Filipinos to invest in the stock market through its online trading platform. Is COL Financial Legit? Yes, COL Financial is a legitimate online stockbroker in the Philippines. It’s a Philippine Stock Exchange (PSE) trading participant, as well as a Securities Clearing Corporation of the Philippines (SCCP) and Securities Investors Protection Fund, Inc. (SIPF) member. Since its establishment in 1999, it now has over 200,000 customers and PHP 62 billion in customer assets. What Can You Do with COL Financial? A beginner-friendly online platform for stock investors, COL Financial for beginners not only enables users to buy or…
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How to Achieve Financial Goals: One-Year-After-Lockdown Edition
- By Ricky Publico
- April 29, 2021
For years, every adult has struggled to figure out how to achieve financial goals. Some were lucky to find the right solution; others failed to even move needles with their efforts. Then the pandemic came and made it even harder for everyone to get any financial goals done. One year in and most of us are still stuck at home with no end in sight. Is it still possible to get things done? Of course it is! It might take a while than usual, but here are some things you can do during lockdown to inch your way closer to your financial goals. How to Achieve Financial Goals During the Pandemic Practice Delayed Gratification It’s not enough to say save your money because that’s too generic. At this point, saving money is a goal in itself. So how do you end up saving money? One way to do so is to practice delayed gratification[1]. It involves managing expectation and cultivating self-control by delaying satisfaction. Basically, just don’t buy the thing when you don’t need the thing. The best part about delayed gratification is that you can use it to improve other aspects of your life. Delaying a huge purchase saves you money; delaying a video game session to focus on work improves your productivity; delaying a custard cake for later (or not eating it at all) works well for your diet. So during lockdown, find the means to delay instant gratification. Work Smarter than Harder Don’t get me wrong—working hard is great. It can take you places, but it won’t…
