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Manage Your Finances Wisely in Times Like This

Posted on June 10, 2008
Filed Under Personal, Philippines |

In the Philippines, the most serious problem Filipinos face is economic in nature.  The Philippine rice crisis is getting worse and everyone is complaining about fare hikes, oil price increases, cost of education, etc. etc.

With this in mind, many Filipinos turn to lending entities (companies, family members who are gainfully employed, friends who are affluent, among others).

Spending is not increasing.  It is the prices of commodities (products and services that continue to increase almost everyday).  How can Filipinos survive?

Some of the ways to be able to weather the storm are the following:

  1. don’t spend too much on unnecessary items (like Jolibee food stuff);
  2. cut down on vices
  3. save energy inside the homes by turning off the lights whenever not needed
  4. share the same car (car pooling)
  5.  avoid borrowing too much money
  6. get out of debt by setting a payment schedule

These things will help the Filipino get through the tough times in the country.  Who will be able to help us if not ourselves? Be practical and spend money wisely. Living in the Philippines is no longer as comfortable as it used to be (at least not like now that even the rich complain about prices of many commodities).  Life has become so much harder especially for the urban poor.

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