Economic behaviors will always be cyclical. It’s a never-ending boom and bust pattern. Everybody, individuals and businesses alike, experiences periods of prosperity and crisis. Post pandemic, we’ve encountered a rather strange scenario. The lockdown protocols that caused businesses to close and people to lose their jobs have also had unforeseen positive results. People got creative about how to make money while being forced to shelter in place. The majority of people began to look closer at how we manage businesses and finances.

Understanding small, sometimes indiscernible ways that help make your money move in life changes the game entirely. Here are just some principles you should look into if you’re interested in making better decisions regarding your finances:


Saving and Minimizing Debt

It’s a cliché for a reason. One of the best steps to helping you manage your finances better is saving. Saving your money allows you to reallocate these funds into avenues that can help it grow. There are different ratios that popular businessmen, investors, and financial advisors recommend for your savings. 

Yes, saving 20% of your salary each month is better than 10%, but that 10% is still better than zero. Saving requires a lot of personal discipline and commitment to your financial goals. Therefore, it’s critical to know what you’re saving for, whether it’s long-term retirement goals or investment opportunities.

When we talk about minimizing your debt, this primarily refers to credit card debt, unlike debt associated with housing or auto loans. Often, credit card purchases are fleeting, living within your means and avoiding the extreme interest rate of credit cards here in the Philippines. Remember that if you can’t afford to pay for it in cash, you shouldn’t be taking on that type of debt. Credit cards are usually better utilized wisely following the promos offered and in emergencies.

Learning and Recognizing Opportunities

Learning doesn’t just refer to academic studies. It also refers to financial literacy. Doing your due diligence to understand some basic financial principles will help you make the right decisions. This doesn’t mean spending hours in financial courses or hunting for seminars, though these do help. It could also be doing the research work in understanding where and how you spend your money. Being adequately informed leads to a better understanding as you move forward. Never go into opportunities that you don’t fully comprehend.

Great opportunities to help your finances are all around you. One popular trend that came out in the Philippines post-pandemic was monetizing your hobbies. Numerous people began freelance creative work as we stayed at home, such as video editing, writing, and other services. What they used to do just for fun now became a source of income for them. Recognizing your talents, the opportunities available to you, and taking advantage of these opportunities will help get you to a better place financially. Homegrown businesses have grown exponentially in the time of the pandemic. Whether your interests lie in cooking, baking, teaching, music, or even social media, the digital age has made it easier to monetize your passions.

Related: 25 Business Ideas to Start with Little Money in Nigeria


Smart Moves and Going Digital

Once you’ve created enough surplus in your income from saving, you can start to think about the next money move steps. Financial literacy and a keen eye for great opportunities will help discern how you want to mobilize your money. Options can take on multiple forms depending on the level of uncertainty and time frame you’re willing to take on. 

Opening a business remains one of the best ways to make your money move. Companies that understood and utilized digitalization during the pandemic have not only survived but thrived. You can also look into other avenues, such as the stock market, bank products, and insurance plus investment programs.

Taking a look at where you choose to keep your money is also something you should consider. A healthy mix of traditional banking and digital banking can also help your money grow. Some digital banks offer up to 6% interest in various types of savings accounts. Electronic wallets regularly have promotions for cash-backs. Don’t put all your eggs in one basket but identifying online avenues you can seamlessly incorporate into your spending habits is a hassle-free way of helping your finances.

Growing your finances won’t happen overnight. It takes a culmination of discipline, determination, and good business understanding leads to making the proper steps towards better financial health. Everybody wants that safety net to retire. Everyone wants to have a fulfilling life. Don’t let the drive overshadow your reasoning. Make conscious, well-thought-out financial decisions and see how well it’ll pay off for you in the future.