A year into the pandemic, many of us continue to learn how to identify and prioritize life essentials. One of these lessons is how to be mindful of our finances by choosing only what we actually need compared to what we want.
Yes, the global pandemic has caught everyone off-guard. For many, staying healthy and safe are top priorities but for some, it’s about staying afloat financially. As many in the working class continue to experience job cuts or lose earnings because of an unstable economy, learning to manage personal finances as soon as possible, especially among millennials and Gen Zs, is a large part of adulthood.
A few things young adults can–and should–ponder on and start doing even while in quarantine:
Budgetting
If there’s anything you need to know now aside from bingeing on movies, endless snacking or entertaining the question of when “magkaka-jowa,” now is a good time to start a budget. Apply the 50-30-20 rule. Allocate 50 percent of income towards basic necessities, 30 percent for leisure (or “luho” or things of luxury) and 20 percent towards financial goals. Take note of billing due dates and pay on time. Use an Excel spreadsheet, an app or even a pen and paper to keep track of expenses.
Look for ways to reduce monthly expenses like reducing streaming service subscriptions, go from postpaid to prepaid, or even as simple as unplugging devices when not in use. These can go a long way to accumulate savings and improve personal financial health.
Spend Wisely
The pandemic has made everyone’s future a little uncertain so it’s best to be cautious with spending. Distinguish between wants and needs. This applies to the 100 items in one’s online shopping cart. Think long and hard before hitting that checkout button.
When grocery shopping, assess the household’s current supplies and buy only enough for the whole family. Have a shopping list and stick to it as well.
Take advantage of cashbacks and rewards program. Plenty of companies nowadays offer cashback and rewards incentives for every purchase or for paying bills on time.
Start or Keep Investing
There are many forms of investment one can do even while in quarantine.
Building and diversifying financial investment portfolios is a good idea for young adults. With retirement decades away, not only is there more time to learn and recover from possible losses, investing can also help one achieve financial freedom earlier.
With work from home and less socializing still the norm, another investment worth considering is learning. Take up a new language. Read more books. Enroll in an online certification course. Investing in education is a great way to help increase one’s personal development and professional value.
Some big ticket items are also worth investing on during this period. With persisting limited transportations due to quarantine restrictions, having a car can provide more flexible mobility when traveling to work, the grocery store or running errands since there’s no need to queue in line while waiting for a ride. More importantly, Gen Zs and millennials can reduce their exposure to the virus by driving their own car. Experts advise to be at least 6 feet away from people but with public transportation, this may be more challenging to follow.
An actual need that can be considered at this time of uncertainty in terms of mobility and distancing is owning your own car. There are financing options you can look at like the Toyota Financial Services’ Balloon Payment Plus, which makes car ownership easier with lower down payment and monthly terms, already inclusive of periodic maintenance services. Such packages make spending lighter on the monthly budget, with guaranteed great resale value options by the end of the term.
For big purchases, always go for value for money and explore available instalment plans to make payments lighter on the pocket. One is sure to get their money’s worth with Toyota Vios not only for being a quality and durable car, but also for its added-value benefits such as free periodic maintenance service (PMS), extended warranty, or free car insurance. Worried about shelling out a lot money? With Toyota’s available financing solutions from low downpayment schemes to discounts, owning the Vios is made as affordable as possible.
An excellent investment for first-time car owners looking for a safe and reliable mode of transportation, the Toyota Vios delivers performance that levels up the lifestyle. Recently named as the Most Reliable Car Brand for 2020, Toyota offers more than what meets the eye. With an array of variants to choose from, the Toyota Vios is easy to maintain, has a spacious interior, and boasts an impressive engine performance that provides a driving experience that can withstand the knocks of daily errands. Depending on one’s goals, one can avail of the XE variant for that everyday practical car, or grab the recently launched Toyota Vios GR-S that comes with a track-ready aesthetic – both in its interior and exterior. And if along the line one is considering to upgrade, a Toyota vehicle has an impressive resale value – truly a bang for one’s buck.
The Toyota Vios is proudly assembled by Filipino automotive makers in the Philippines. By choosing the Toyota Vios, you can not only enjoy the perks of having a dependable car, but also help support the livelihood of fellow Filipinos working in the local automotive industry.
With enough patience and determination, one will get the hang of adulting with money and build a better, more secure future.
To know more about the Toyota Vios, visit Toyota Motors Philippines’ at https://toyota.com.ph/vios or explore the Toyota Virtual Showroom at https://toyota.com.ph/showroom. For real-time updates follow Toyota Philippines on www.facebook.com/ToyotaMotorPhilippines and https://www.instagram.com/toyotamotorphilippines.