Around GMA

Article Inside Page

The novel coronavirus disease or COVID-19 has caused massive disruptions in our lives, not just to our health but to our jobs as well.

The virus has forced businesses to temporarily shut down, with some even ceasing operations due to the huge losses incurred during the lockdown.

And the Philippines is no exception.

In a recent Senate hearing, Philippine Labor Secretary Silvestre Bello III said that at least 2.6 million Filipino workers were displaced permanently or temporarily due to the crisis. He also admitted that there is a possibility that unemployment numbers could hit as high as 10 million.

Saving money amid the COVID-19 pandemic

Source: Pexels.com

The COVID-19 crisis poses a great challenge for working millennials. Companies might either slash their salaries and benefits to survive the slowdown in the economy or worse, choose to lay off employees.

To help them get through this crisis, we collated five simple and practical money-saving tips that millennials can follow.

1. Track down your expenses.

We know you've heard this over and over again, but listing down your expenses will give you a clearer picture of how you spend your money. You may be spending a lot on your daily cup of latte and not be aware of it.

A proper tally of all your expenses will help a lot in deciding which expenses you can live without or perhaps you can opt for a much cheaper option.

2. Cut down on subscriptions.

For millennials who are living alone, maybe this is the best time to cancel your monthly subscriptions for Cable TV since you probably spend more time watching on Netflix or YouTube.

Also, check your subscriptions for paid apps that you do not use anymore. You might not be paying attention to these digital subscriptions, and you'll be surprised at the amount of money you are spending.

Lifestyle vlogger Laureen Uy in her '15 Things I Don't Buy Anymore' vlog discussed that her credit card was unfortunately charged with these subscriptions.

She laments, "I am a victim of free trials where they ask you to sign up and do a free trial. And after a month they charge your credit card and you know you don't stop it because for some reason nakalimutan siya, and then they just bill you.

"They keep billing you and it's really just a waste of money. So check your emails, check all your apps if you have a lot of subscriptions."

3. Tara, Samgyupsal? Not anymore.

With the COVID-19 pandemic not going away soon, authorities have cautioned everyone against eating out in restaurants or fast-food outlets to avoid getting infected.

Well, now is the perfect opportunity to curb your habit of constantly eating out and save more money during this health crisis.

Instead of ordering food, how about practicing your skills in the kitchen?

In an episode of Adulting with Atom Araullo, the Kapuso documentarist said, "Ang pinaka-effective talaga ang mamalengke, pumunta sa grocery, bumili ng pagkain, at lutuin sa bahay."

Aside from saving money, you can better monitor what you consume and devise a healthier meal option, too.

4. Sell your pre-loved items.

Aside from cutting expenses, you can also generate some income. One way is by selling some of your pre-loved items.

Don't be a hoarder and check your closet for clothes or gadgets that you are not using anymore but are still in good condition.

You can post them in your social media accounts, or advertise in popular buy-and-sell websites.

5. "Ma at Pa, uwi na po ako."

For those millennials who are living independently, going back home and living with your parents is an option you might want to consider.

Of course, this is not for everybody, but consider this especially if your parents' home is conveniently located near your workplace.

According to a piece written by Melanie Lockert in thebalance.com, she pointed out that one advantage of staying with your parents is that you can take "more risks."

Part of the article reads, "Living with your parents has clear monetary advantages. But one perk you might not realize is that living with your parents can be a safety net to try new things.

"Keeping your costs under control means you don't have to take just any job or move into a less-than-ideal place because that's all you can afford. You can also be more aggressive with investing and take chances on starting a business."

We are now at uncharted territory with the COVID-19 crisis, but instead of feeling afraid, we can make steps to protect ourselves and shore up our finances.

Myth or fact: The World Health Organization debunks myths and shares important facts about the Coronavirus Disease or COVID-19

IN PHOTOS: GCQ essentials to keep you protected from COVID-19