Pandemic `ber’ months financial 7 tips worth heeding

It’s the `ber’ months, and as the holidays near, people tend to get extravagant. Generosity is good, but keep in mind that saving and investing will lead to a better financial future for you and your family. The pandemic `ber months are as good a time as any to improve your financial position.

Here are 7 ways to take take control of your finances or so-called pandemic money, and be better money managers:

1. Don’t waste every drop in your cup. Do some spruce cleaning, or manage every available fund that you have, with an eye towards the future. We never know whether the pandemic will be loosening or tightening its grip, so work on short-term and long-term goals. A short-term financial goal might include saving for basic gadgets for remote work setup or transforming a part of the house into a business hub.
2. Diversify. It’s best not to rely on a single game plan. Put your money in a place where it can earn high rate of return, like peer-to-peer investment. Go with a trusted P2P funding platform like Blend.ph, and earn by lending. It’s a good way to make your pandemic money grow. Even a minimal amount of P5,000 pesos can yield a return. If you happen to be an entrepreneur, keep in mind also that the ber months present growth opportunities.
3. Strive to add to your emergency savings. Financial planners recommend having having three to six months’ worth of equivalent expenses in an emergency fund; and reduce non-essential expenses like costly subscriptions. Allot more for your emergency fund.
4. Map out a debt clean up strategy. Seriously consider debt consolidation or look for a balance transfer credit card to obtain lower interest rate on credit card debt. Be sure to pay off balances on or before due dates.  If you racked up debt during the pandemic, figure out how to pay it off to be on stronger financial footing.
5. Keep tracking expenses, including your pandemic spending habits. Devise new ways to conserve cash and make it a habit to stick to a budget. Budgeting need not mean deprivation, so when you earn, `pay yourself first. However, when the desire to purchase something hits you, ask yourself, “Do you really need it, do you want it to satisfy an innate desire, or will you die if you don’t buy it?
6. Take a mindful approach to online purchases. Grab discounted deals, but do not go overboard with repeated online purchases. Strive to eliminate almost all impulse shopping. You may be feeling that you deserve to buy yourself lots of stuff, but consistently good money saving habits will save you headache and anxiety later on, when unanticipated events happen.
7. Consider the whole spectrum of actions you can take to improve your finances during the ber months and beyond. Take out a loan from a trusted lender while high income prospects remain dim, or keep on cutting back on expenses, which may be pretty challenging. While waiting for your income situation to improve, get a side hustle, or work from home. An affordable franchise venture, with very minimal cash at hand, may possibly work for you.