What should ordinary people do in these times of crisis? ~ Pinoy Reviews

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Sunday, October 12, 2008

What should ordinary people do in these times of crisis?

I've been watching Fox News and CNN news lately and this economic crisis has no sign of letting up. More and more persons are becoming unemployed in the US and I'm sure a lot of our relatives might be affected. So what can ordinary citizens do in these times? Well, here's just my take on the matter.

Save. I know it's hard but a little will go a long way and as some of you might not be too keen on dealing with banks since they're the ones most likely affected and are probably the root of this crisis, I can tell you that staying away from our local banks will just worsen things. First, your deposits are guaranteed insured up to P250,000 so you're safe. If you have more than 250,000 to save then just deposit it in the name of your spouse or children. Second, our General Banking Laws ensure that our banks are well regulated and most likely than not shielded from what is going on in the States.

Don't Leave Your Job. Yes, your boss may be an asshole but right now, that asshole is providing food on your table. Businesses are shaky these days specially if you're in the private sector. Even the call center industry will be most likely affected since a lot of businesses are closing down overseas.

Set aside a Retirement Plan. If you're self-employed, now is a good time to be a member of SSS. Right now, the future is uncertain for all of us and if by chance your business will be affected, you have a retirement fund set aside in case of emergency.

Cut unecessary costs. I would definitely need to do this. Taking the public transportation instead of your car or taxi could add up to your savings. Cutting down on your expensive coffee break also helps too. Everything should be done in order to stretch your salary.

These are just little things that we all could do that could help. And after that, all we could really do is hope--and pray.