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Keeping Up with Life: Evaluating Your Expenses for the Upcoming Months

It’s now the second month of the year. While January 2021 may have been the doorway we’ve all been waiting to enter since the first quarter of 2020, February 2021 may very well be the empty hall that comes after the doorway. Now, before entering the other rooms within this year (March, April, May, etc.), let us take a moment to analyze the events of January 2021. You may ask, “Why would I even need to do that? Is that even necessary?” The straight answer would be a resounding “Yes!” You see, the first month of every year is usually the one that would orient us about the possible outcome of the whole year, which is why it is often called the “doorway.” You may argue that this is not an accurate way of sorting out the year, since 2020 broke all of our expectations within its first quarter, giving us all a false sense of security and redundancy within the first month, until COVID-19 hit and we’ve all been caught off guard. That is correct, you are definitely right in thinking the same thing can be applied within the next few years, but here’s the thing, the start of every year is a call for preparation.

Turning back the clock, COVID-19 has been reported since the end of 2019, and it only made its presence felt within the Philippines during March 2020, in such case, we all had the opportunity to prepare, but understandably, the less it was talked about at first, the less informed we were during the first few months, until it was already too late. Now that we have a current pandemic on our hands, it would be safe to say that January 2021 is already a call-for-action, in terms of trying to find our financial footing. Forget about your typical resolutions, this is more serious and vital since it would dictate your possible budget for the months to come. In such case, evaluating your budget as early as now would not only prepare you for any sudden occurrences this year, it may also save you from debt.

Where do we currently stand?

To rephrase the question above, how are we doing now? What is the current situation in our country? Well, COVID-19 still runs rampant within our society. Due to the new strain of the virus, we’ve been given tighter implementations than last year. You may have heard of the flight bans last month. Well, that is only one slice from the whole cake, the other slices are vital to ensure that the virus does not spread further. If you were fortunate enough to find a new job after being laid-off last month, then congratulations! Do your best to maintain that source of income. No matter how much you are earning right now, feel free to save up for the future. Do whatever you can to set aside certain amounts, not only for you, but also for your family. Count how many family members you have within the household, include yourself in the count, then your wife, your kids, and even your parents (if they happen to reside with you), then divide your savings among the count. You may ask, “Well, I’m already paying the bills. I’m able to provide food on the table. Isn’t that enough?” Well, here’s another reason why you may need to save…

The vaccines are about to roll out this year… hopefully.

During January 2021, news broke about the various vaccines that the Philippine government will be importing from other countries. While it may be good to assume that these will all be given for free, it may not be the case for many of us. These vaccines took a lot of time to make, and it definitely required a huge amount of funding to make as well, so you can just imagine the price tag applied on each of these vaccines. If you think an average medicine already cost too much, then you might be more surprised once the vaccines reach our shores. Be sure to prepare until then, and find an extra source of income as much as you can. Costly as they may seem, these vaccines are vital for the survival of your loved ones. Not everything may return to normal at once, but being injected with this extra armor of defense would definitely help you in the long run.

Is there anything I can do to prepare for the future?

Yes, there is always a way to earn more. You may even begin to save up as early as now for a small business, then, use that small capital to create a start-up at the comfort of your home. You may find various business suggestions online (some coming from us) which may inspire you to go beyond the limits and rise up from the crisis caused by this pandemic. Of course, vigilance is always your friend, analyze your every step when it comes to your financials and practice all of the COVID-19 guidelines whenever you’d need to process business paperwork outdoors. Feel free to improvise, as not everything may go according to plan, nonetheless, prayers will always be your greatest weapon when facing the unknown. Do your own research before reaching a decision and feel free to ask for help when things are getting hectic. Your family would be more than happy to assist you all throughout.

Is there any establishment that would secure my hard-earned money and savings during the pandemic?

Yes, as a matter of fact, there is a well-trusted name that would do all of that for you without the hassle of applying for a new bank account. At its core, Cebuana Lhuillier’s Micro Savings product aims to provide easier banking access to all Filipinos. The product is almost the same with any regular savings account in the Philippines, but doesn’t require a maintaining balance. It is also streamlined across all Cebuana Lhuillier branches, so you’d be able to experience the same wonderful Micro Savings product without missing a beat. For more information, feel free to visit the nearest Cebuana Lhuillier now!