Highlights
- Proper planning is important if you want to save on food.
- If you can't afford something, don't buy it.
- You may qualify for government assistance.
'May PERAan' is SBS Filipino's new podcast series which features financial experts seeking to answer the most common questions about money and finances.
"Things are hard," financial expert Maria Papa shares, adding, "During this lockdown all the kids are at home. On top of that, parents are working from home, home schooling, cooking more and some have had reduced work hours."
In order to manage stress and funds during a lockdown, Maria shares some practical advice.
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Paano mag-manage ng budget ngayong lockdown?
SBS Filipino
08/09/202110:56
According to Maria, income typically be allocated to the following: 30% on mortgage; 40% on utilities and food; 10% is discretionary and; 20% on savings.
"Sometimes though it feels that our income isn't enough for what we need to spend on," Maria admits.
In order to better manage what we have, she shares the following tips:
Food
Proper planning of meals for the week is important so that you only buy the ingredients you need. Try not to get tempted to buy what you won't use.
Make a list of what you need before going to the grocery. Don't deviate from your list.
If you can use a particular ingredient in two dishes, you'll be able to save more.
Avoid ordering food. For a family of five, 50 AUD on food delivery is actually low.
Utilities
If you're not using something (for example, the TV), turn it off. Be conscious of your usage.
Online shopping
Be wary or "buy now, pay later" purchases. While it's perfectly okay to do it once or twice, you'll be overwhelmed with the amount you need to pay every fortnight if you use this option all the time.
If you really can't afford what you're buying today, then don't "add to cart".
But if you're really having financial difficulties because of the pandemic...
"There's this thing called the COVID-19 Disaster Payment. You may qualify for this. It's an assistance provided by the government to people whose hours have been reduced to less than 20 hours a week.
"Or you may qualify for the Family Income Tax A and B."
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Disclaimer: This article is for general information only. For specific financial advice, you should consider seeking independent legal, financial, taxation or other advice to check how the information here relates to your unique circumstances.
