How to protect your hard-earned money amid financially challenging times

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Metro Manila (CNN Philippines, June 25)— It is definitely financially challenging for many Filipinos these days as cost of borrowing increased amid rising inflation, coupled with depreciating Philippine peso.

These experts share​d some tips on how to make sure you are still able to save while growing your hard-earned income.

Wealth coach Chinkee Tan talked to CNN Philippines’ The Exchange about “bawas, dagdag.” This means reducing on expenditures and focusing on one’s needs, and looking for more ways to earn additional income.

The latter can be done by using one’s skills, like cooking during the weekend and selling it, or being a freelancer. Any additional cash may also be put in other investment vehicles — like Pag-IBIG’s MP2 and accredited e-banks — to further grow it.

On the other hand, Richard Sanz, director for advocacy of Philippine Franchise Association, noted the benefits of investing in franchising. Doing so gives the investor control over the investment, compared to when investing in, for example stocks, wherein one has not much control over.

“In franchising, you have a franchisor that helps you. You have a proven business model... You are, as franchisee, you share in this success,” he said.

Sanz noted that some of the businesses that performed well amid the pandemic were those into healthcare and wellness, which also pivoted to digital platforms.

In terms of recovering investment, he said it usually takes a year to 1.5 years to do so, but for larger amounts (around ₱5 million), it may take 3 to 5 years.