A Pulse Asia survey released today says 70 percent of Filipinos feel they are “worse off now” than three years ago and most expect that things are going to get even worse.
Pulse Asia’s survey didn’t indicate why the respondents feel this growing pessimism: are they losing their jobs, eating less, suffering a loss of income, etc? Just that the quality of life is going downhill.
I don’t see these yet in the people that I interview. Aside from the voluntary reduction in spending to prepare for the hard times ahead, like choosing to eat at home instead of having dinners in restaurants, or going potluck when organizing parties, and reducing gift budgets for Christmas, I haven’t seen any mass layoffs yet and the malls are still packed with people carrying all sorts of purchases. At least, so far.
How about you? Are you feeling the crisis? How are you preparing your finances? Here are some suggestions:
- Save more aggressively and shop more responsibly. If you used to save 20 percent of your salary every month, see if you can raise the notch up a little bit.
- Postpone vacations. Make staying at home a little bit more exciting for spouse and kids with simple and creative activities.
- Postpone big purchases.
- Pay off credit card debt faster. Just by doing that, you let your finances breathe so much better.
- Manage telecommunications cost. Texting and mobile phone usage can be a quiet financial termite, and so can Internet connection.
Any more tips you want to share?
November 20th, 2008 at 9:55 pm
what financial crisis? as long as you have no debt and net cash inflow is not more than net cash outflow, you should be ok.
November 20th, 2008 at 8:09 pm
Salve, the pessimism created by the global financial crisis is like a black hole. It will suck us in regardless if we’ve been hit by the crisis or not.
November 20th, 2008 at 5:12 pm
Prices are going up for food,groceries,etc.Quality & quantity of food serve in restaurants,etc., are getting bad.Traffic always.Our Cities air are polluted,streets are dirty.Crimes,killings,robberies,shooting are happening more. Drugs are all around.But the Church & the Filipino People are not complaining,not doing anything to solve it. And you are asking if we are feeling the crisis? Its been here and its going to get worse. All we read and hear in our media are lies. We are not being told of the crisis.
November 20th, 2008 at 4:36 pm
The inflation here has been soaring specially in the last two years mainly due to high rents caused by high demand for accomodation. So the high prices of goods aren’t really the result of the financial crisis. However because the price of goods has increased as much as 150% as compared to when I first came here four years ago, I’m quite careful with my spendings now.
When I shop now, I try to see if the prices have increased so that there will be no surprises at the counter (I don’t do this in the past).
Then, I cut on the things we don’t need and those items that have the potential to be wasted. ex. My family is not fond of bread. When I buy bread more than half of it is wasted so I don’t buy bread anymore.
I tend to stick to certian brands but what I do now is I try not to waste things. For instance, I just use a certain brand of detergent. In the past, I don’t care if I run the washing machine with just one pants. I avoid that now. I make sure the use of detergent and water is maximized.
Those are just a few things
November 20th, 2008 at 3:14 pm
6. look for second source of income or sideline
I call #2 as staycation: stay at home vacation…just did it again last sunday after visiting the Lung Center market. a frugal feast followed at home. Imagine 3 bundles of fresh lettuce for P100? similar bundle at SM costs P60 each.
Also bought live mudfish, some desserts and pre-marinated pork barbeque. We brought out our grill and barbequed in front of the house