Most of us if not all have gone through at the lowest point in our life. Emotionally, social, spiritual or financial troubles and for some going through all those things at the same time. The Pandemic that struck us all for the past 2 years have really though us a lesson in so many ways.
Many are caught off guard as it seems that world have stopped revolving due to lockdowns. Travelling has been restricted to many places worldwide. This impacted a global economic crisis. Companies and business shutting down here and there. I was part of the many employees who lost job in the midst of Pandemic. It was indeed scary. Health wise and of course financially.
Being one of those who live from paycheck to paycheck, it was a big problem as I don’t know what would happen next and if I can ever sustain the needs for my family as I struggle to keep up with paying bills, tuition fees, medical expenses and everyday food expenses for a family of 4 and a fur baby who also has a budget allotted for her needs (grooming, vet expenses, meds and vitamins. etc)
I felt being in a financial crisis again for the nth time and in the most intensive situation ever. I have to take an immediate course of action in order to survive this crisis.
IDENTIFYING THE PROBLEM. I need to get a fulltime job in order to sustain all financial needs.
PLAN. With the unknown timeframe of how long this pandemic lasts, applying for another onsite job was not an option for, I planned to work from home on a permanent status. This way, the risk of catching the virus is small. Taking into consideration the travel expenses, everyday budget for food while at work and the travel time, I believe I can save up more on time and money if I work from home.
FINANCIAL PLANNING. I did take advantage of getting an unemployment benefits and used the funds to buy a personal computer and did search for a permanent home work opportunities.
BUDGETING AND SAVING. We have cut down on unimportant expenses. We have cut time off using aircon, I have posted items that we no longer use but would definitely be useful to others- extra clothes, bags, wallets, toys, gadgets up for sale! Since there’s no face to face class, kids were just at home for their online class. So we have saved up on uniform and food allowances. The internet and electricity expenses are what we are closely monitoring since this is what we have been consuming a lot lately.
I am so glad that it didn’t took me long to land a temporary work from home as virtual assistant and another old client has contacted to hire me again as part time employee after a few months.
I am happy to note that I am using a lot the SavingsCalculator.org website that are very useful for our saving up plans.
During these trying times we need to ensure that we are still saving up so we have the emergency funds in cases of same scenarios or other uncertain things that may arise so we are prepared. We can always start small for as long as we are consistent in saving up this will definitely still gain and compound in interest in the future. Then once there is enough savings that is when you can go and explore for other earning opportunities like investment.