You are in the middle of working from home when you received an email from your boss advising you that due to the economic impact of Covid 19, with immediate effect you will be on forced leave without pay. Panic struck you and your impulse was to check how much do you have in your wallet.
A few hundred dirhams.
You took a deep breath and instinctively opened your online banking platform to check. The balance staring back at you paints a gloomy picture. Should I panic now? You thought to yourself.
Maybe not just yet.
COVID-19 impacted hundreds if not thousands of Filipinos in the UAE. Many lost their jobs, others were on pay cuts and many others are on forced leave without pay. It’s moments like these that our emergency funds which our Financial Planner friends had repeatedly reminded us to build, should come in handy. But wait, we didn’t do that for a number of perfectly valid reasons. At that time, we thought our job was as solid and as secured as the Great Wall of China. Or that new iPhone was screaming our name and we just have to have it or worse we were so stressed at work that vacation was the only antidote to get us back on track. Bottom line is we don’t have that emergency fund to activate and here we are now.
What to do now? Try a few of the hacks below that might be able to help you stretch those few remaining dirhams.
Going back to basic is the name of the game
Food and basic necessities should be the main consideration at the moment. Cut off the non-essentials, that include your coffee take-outs, your beauty products, your gym membership, and yes maybe even your Netflix subscription. When buying your essentials, go generic rather than buying those branded products you have been accustomed to over the years. Generics are usually cheaper. Remember every dirham counts.
Raid your fridge and food cabinet
Now is not the time to waste food. Be creative in your cooking and recycle left-overs. You’ll be surprised by how far you can stretch your food and you might end up discovering a new dish you and your family can enjoy. In the same way, before heading for groceries, inventory your stocks. What you don’t want is ending up with an oversupply of a particular item that you will not need for a long time when your limited cash could be used to buy items you actually need.
It’s time to get chummy with the landlord
All Filipino Expats in the UAE understand that rent eats up majority of their monthly income. So its time to have the talk with your Landlord to negotiate the delay or even waiver of your monthly rent. If you follow the news, many has started negotiating for a rent waiver or at the very least a rent delay. Don’t forget to bring your proof that you were affected by the Covid situation. It doesn’t hurt to be friendly when talking to your landlord.
Make your bank your friend
The government of UAE released news that they have prepared a Stimulus Package to jumpstart the economy. A portion of this package in a way assists banks through relaxing capital and liquidity requirements to allow them to stay afloat. Since banks receive ‘help’ from the government, they should be in the position to also help their customers. This could be in the form of delays in payments or waiver of surcharges and could vary for each bank. Whatever it is, a few hundred dirhams savings could mean a few weeks’ worth of grocery for you. Again don’t forget to bring your proof.
One-time lifeline from POLO OWWA
If you still haven’t heard of the onetime cash handouts from OWWA, then you are a few steps late in the news. The government has provided all Filipinos affected by this Covid situation onetime assistance of AED730. Visit the POLO OWWA Office, fill in the required forms, and show proof and voila! Another few weeks’ worth of groceries.
These are uncertain times and there is no shame to ask for help if we need it. Try the hacks above and see how far you can stretch those dirhams!
Stay Safe!
