Handling Finances in Times of COVID-19 Crisis


by Sis. Evelyn Ruiz, SAR and Sis. Bang Pacres, SAR

The Secular Augstinian Recollect Fraternity National Committee on Apostolate and Social Concerns organized another online seminar with the topic “Handling Finances in Times of COVID-19 Crisis” with Ms. Admarie G. Marcelo, CPA, MM. Ms. Marcelo is a businesswoman, a co-founder of NovaSolTech Co.,Inc. and Edgelink Institute. She has been into the Education profession, teaching Financial and Accounting Information Systems at Pacific Asia College. At present she is the Treasurer of Tagum Cooperative and continuously provides financial education. 

The speaker started her talk by recognizing the present situation of the country and the whole world. The global pandemic which affected everyone is truly serious and challenging. Every Filipino is adjusting and is trying to embrace the new normal. 

Ms. Marcelo shared that it was her mother who was her first financial mentor and made an impact in her life. When her father lost his job, her mother made a bold decision to quit her teaching profession and started to invest for her children in business. She gratefully recalled that her parents made sure that they were part of the family’s financial journey. They managed to find ways to augment their money. 

Ms. Marcelo, a Financial mentor herself, shared her expertise on how to be financially ready in this time of pandemic or in any crisis that may arise in the future. She emphasized the need to GROW. She said, “It is important to set your Goals, to check the Reality of your situation, to look into Options for growing your finances and Way is ensuring what you do to reach that goal!”

The speaker stressed also that the lack of effort to do budgeting, financial plans, and circumstances may cause an individual to be poor. “It is best to train where one’s money goes. It is better to let money work for you and not the other way,” Ms. Marcelo emphasized. She further pointed that TRYING never achieves consistent results but TRAINING always achieves consistent results! Interestingly, she remarked that money will behave if we tell it what to do!

How then, one should handle his finances in times of Covid-19 Crisis? Consider the following tips!

How to live with money

  • Control. It is important to identify your needs from wants. Live life within your means! Be in control of your finances and not the other way around. 
  • Budget. Before you make any purchases, be sure to make a list so you will not exceed your expenses from your budget. 
  • Shared Discipline. Make sure to involve your family members in the control and budgeting of the family’s finances. They need to be aware of the financial status of the family.  
  • Learn to Bargain. Learn the skill to bargain discounts for a lesser price. The saved amount must be put into savings. 

What to do with your money? 

  • Save. You must save before spending. Set aside an amount for savings from income earned before spending. Be a wise-saver than a big-spender!  
  • Invest. Invest your money and let it work for you by growing. Wise investments will reward future income. Invest in what you are knowledgeable to avoid losses in the end.

How to become financially free?

  • Make sacrifices. A present sacrifice will merit a future reward. Sacrifice now and enjoy later!  
  • Make income as your tool  
  • Saving as your peace  
  • Stay out from debt  
  • Do not be trapped by marketing strategies

This 2021, the speaker encouraged to reset one’s worth. There is a need to learn from the past, to focus on what you can control in the present, and to look forward to what the future may bring.

Components of Budget: 

  • INCOME. It is where all finances come from.  
  • GIVE. Learn to allocate a share for tights, charity or love giving. God love a cheerful giver!  
  • SAVE. Make sure to have a minimum savings from every income earned. Save some for emergency and investment funds.  
  • SPEND. Spend only whatever is left. 

Lastly, the speaker encouraged everyone to invest for good works, family relationships, and friendship with God. And with a smile on her lips, she concluded that surely these things are what truly matters most in life! 

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SARF Correspondent

SARF Correspondent