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Tips for Making Ends Meet During the Covid-19 Pandemic

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The Covid-19 pandemic has hit everyone really hard. Like a hard restart, the world order was plunged into chaos. Many people got sick and died while others lost their jobs and business. Making ends meet during this pandemic is a really challenging responsibility for the head of the family. How are our families going to survive this year?

Hard Times: Losing Livelihood

According to the Bureau of Labor Statistics, total nonfarm payroll employment rose by 1.4 million in August. Meanwhile, the unemployment rate fell to 8.4 percent.

In May 2020, reports showed that more or less 30 million people from the United States had lost their jobs due to pandemic.

Moreover, 30% of the 10 million Americans categorized as temporarily unemployed may never get their job back. This is a really sad predicament.

Many People are Becoming Unemployed

A jaw-dropping 1.6 billion people on the margins of the world economy are in immediate danger of losing their livelihood.

Migrant workers and those employed in the gig economy are far from certain that their jobs will reappear even when the crisis is over. Sadly, they make up half of the world’s workforce.

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~ The sad reality of the pandemic: The events and tourism industry are sorely affected. Many lost their jobs and their businesses. ~

This is how this pandemic is affecting the global economy and the lives of many people in general. Many governments are doing their best to help people with their finances but the fact still remains.

In the Philippines, government aid is called Social Amelioration Program. This had been given to DSWD-approved identified families all over the country.

But let’s face it. It’s hard to resume having a normal life during or even after this pandemic. Moreover, managing our finances became even harder during these uncertain times.

Family Budget: Making Ends Meet

It’s really hard nowadays to make ends meet due to the COVID19 pandemic. New opportunities may be coming in but they are either too few or the offer is lower than before. 

So many people are taking a hit, because living through this pandemic isn’t just a health crisis.

People continue to make a living while waiting for stimulus money or unemployment benefits. Still, trying to make ends meet seems like a daily challenge.

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~ If you receive some stimulus money, don’t just go shopping. Pay off some of your debts so that they will not accrue interests. ~

So here are some ways that you can stretch your money in order to pay your bills and keep food on the table.

Adjust budget

This pandemic has changed the way we budget in so many ways. To get back on track, you have to cancel something such as unnecessary subscriptions and memberships. Some examples are streaming services, meal subscriptions, and gym or fitness memberships.

You can even change your eating habits, like skip take-outs or dine-ins. Also, you can also grow your own food from your backyard.

Or make new recipes with ingredients you already have in the pantry.

Review your savings

Savings or emergency fund allows you to live for a few months if you lose your job or if something unexpected comes up.

You should aim to have three to six months’ worth of living expenses. This should be spread out in at least two savings accounts.

Keep a part of it in an account tied to your primary bank for immediate access, with the rest in a high-yield savings account. This way, you can stay out of debt and you can even take advantage of financial opportunities.

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~ Check your savings. You might have to make adjustments in order to cope with the financial needs of the times. ~

Do you have specific savings goal you want to achieve within a specific timespan? Check out this online savings calculator, to can see how much you would need to set aside today in order to cover the expenses.

Prioritize debt

Even if you are out of work due to the pandemic, that doesn’t mean that the bills have stopped coming in.

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~ Pay your mortgage first so that you won’t get kicked out of your home. Or, you may want to downgrade to a smaller house with a more affordable amortization. ~

Your first priority should be paying the housing loan. Put housing and related bills at the top of your list as they are the largest and most important expense.

You need a safe place to live and failing to pay your rent or mortgage could result in foreclosure of your property or eviction from the unit.

Utilities and car payments fall under medium priority. After paying for your rent or mortgage, the next thing to do is to make sure you stay up to date with your utility bills. This includes water, sewer, electricity, and gas.

Don’t fall behind on your utility bills because it will put you at risk of accruing fees. It could also mean that you won’t qualify for energy assistance programs and could even result in having your utilities disconnected or shut off.

Resilient Pinay Moms

Covid-19 has spared no one. We can only continue living in the normal.

Meanwhile, here are stories of resilient Pinay moms during the pandemic.

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