Once you have your finances in order, you can grow your money further by learning how to invest it. The important thing is to continue adding into it until you reach the necessary amount. You can always start small when building your emergency fund. It should include all the essential expenses in your household. Tan’s advice is to save at least 6 to 12 months' worth of your total monthly expenses. You can also look for online job opportunities that are compensated fairly and work with your schedule, skills, and interest.Īn emergency fund is your safety net to cover unexpected financial expenses like medical bills or sudden job loss. Tan suggests exploring different business ideas in essential items like food and healthcare or in-demand services like deliveries. The pandemic has shown a lot of Filipinos that multiple income streams are now a necessity. Having multiple sources of income can also offer you financial protection and security in times of emergencies. Living within your means will help you pay off your debts faster, save more for the future, and spend money in more meaningful ways. You must ensure your budget for the essentials first, such as food, utilities, healthcare, savings, and education, before spending on less necessary items. “COVID-19 taught us the difference between essentials and non-essentials.” You have to “change your lifestyle,” Tan shared in a Zoom interview. However, Chinkee Tan suggests that controlling your expenses should be the priority. Financial coach Chinkee Tan shares his expert advice on better money management to recover from a financial setback.įor some people, borrowing money may be the first solution when facing a financial crisis. As we continue to ease into the new normal, it's a better time to get our finances back on track. The coronavirus crisis has left around 18 million Filipino families without a stable source of income. Financial stress during the pandemic? You are not alone.