How to save your hard-earned money amid challenging times

Metro Manila (CNN Philippines, August 18) — As the coronavirus crisis drags on, some people are left with choosing between putting food on their table or saving up for the future.

During this difficult time, a financial adviser is sharing tips on how people can budget their hard-earned money wisely, and even grow it through different opportunities.

Speaking to CNN Philippines' The Final Word, financial adviser Chinkee Tan presented a word - CASH - that will hopefully help one budget his or her income.

CASH means:

C - change your lifestyle, control your output

A - always be open-minded for other opportunities to grow your money

S - save money for your emergency funds that would be enough for 3-6 months of living expense

H - have a long-term perspective; think of vehicles where you can put your money for it to grow

Tan also provided tips on smart investing.

"Number one rule when it comes to investments, never invest in something you do not understand no matter how profitable it may be," he said.

Tan reminded Filipinos to beware of scammers, and those who take advantage of others by offering "too good to be true" investments.

When placing your money on investments, especially high-risk ones, Tan said research is a must.

Never invest your life savings or emergency funds, he added.

Above all these, Tan said the best way to grow your money is still through getting into a business.

There are also other less risky investment alternatives, like Pag-IBIG or digital banks, that offer decent interests that will generate good yields, he added.