Highlights
- Join Facebook groups and update your CV.
- Devote your time looking for income instead of focusing on cutting budget.
- Instead of acquiring a personal loan, look into COVID-19 loans offered by the government.
'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 going on right now because of the pandemic are beyond are control. We're under the rule of the government regarding what we can do."
But while many things are beyond our control, finance journalist Michelle Baltazar shares that with a bit of ingenuity, we can find a way to help ourselves financially.
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Ano ang diskarte na pwedeng pagkakitaan ngayong panahon ng kagipitan?
SBS Filipino
02/11/202110:42
Join Facebook groups, particularly from your cultural community.
Michelle admits that even if she is from Sydney, she joined Filipino Melbourne groups.
"Through these groups, you'll be able to find side hustles or temporary jobs - anything from babysitting, to gardening, to catering.
"The food delivery business has thrived during the pandemic. A lot of Filipino food businesses have used these."
Update your CV and upload in online job boards.
Make sure all information are up to date and that you've uploaded them to every job board you can, such as seek.com.au and indeed.com.au.
Review your budget.
Michelle asks, "Do you have another way to review your budget so you can cut your spending? It can be as small as sharing groceries with friends. Be upfront with them that you are going through financial difficulties. You'd be surprised at how eager other Filipinos are to help."
Although cutting your budget is important, Michelle shares that it's not as important as looking for income.
"Prioritise where you can get income. All you can cut down on your expenses will be around 20-30%, so devote your time, resources and energy in finding income."
Opt for COVID-19 loans over a personal loan.
"I'm really anti-personal loan," Michelle admits, adding, "Here in Australia, a personal loan attracts anywhere between 5-13%. That's big!"
Michelle lives by the mantra 'Don't spend money that you don't have.'
"A personal loan will give you a false sense of security. For me, this is the last resort. Avoid if you can.
"I would first check with government services instead if there are COVID-specific loans that you can get. There are grants being given now by the government to different community services to help people who have nowhere to turn to."
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.
