There are changes that cause and continue to bring difficulties to Filipinos. During these trying times, stability is far-fetched. It would take determination, focus, and the right strategies to thrive and survive.

People who deal with difficulties because of the unexpected turn of events recently should not lose hope. Having a stable life and income is still achievable even in changing times.

Changes that may impact life and income stability among Filipinos

Inflation rate
The country's inflation rate continues to rise. In May, it reached 5.4%--the highest level since December 2021. When the inflation rate is high, the cost of living also increases. This is due to the high cost of commodities and the decline in the purchasing power of the Philippine peso. In addition to that, gas prices are at record-high levels. Increases in the prices of electricity, food, and other basic products have also been seen in the past months.

Post-pandemic transition
The pandemic is not yet over. Although post-pandemic preparations are being done, the threat of the Coronavirus remains. In addition to that are emerging diseases, such as monkeypox and other Omicron subvariants, that also challenge the health sector. As health continues to be a concern, security and stability among Filipinos will still be uncertain.

Natural calamities
The Philippines deals with several typhoons every year. With the worsening effects of climate change and the rainy season, extreme weather disturbances can be expected. Likewise, earthquakes and volcanic eruptions happen in various parts of the country which further turns the lives of Filipinos upside down. Properties may vanish in a snap due to flash floods and lives may be lost without warning.

Life and income stability is an uphill battle. However, with consistency and the right amount of effort and perseverance, it can be achieved. Read on to learn short-term and long-term tips on how it can be achieved.

Tips to achieve financial stability in changing times

Short-term strategies

Stay on a budget.
Set a realistic budget and stick to it. Expenses should be based on monthly income. One should spend within means to avoid debts. Identify expenses and prioritize the essentials to ensure that even on a budget, the basic needs and other necessary expenses are not compromised.

Reduce expenses.
After the budget and necessities have been identified, check if your income is sufficient for all the essentials. If not, cut the expenses starting from those that will have the least impact even when gone. Modifications to the usual choices should also be done to make ends meet and still have some left for unexpected expenses. For instance, if the Internet subscription is high, shop around. Consider other providers that offer the best prices.

Create additional sources of income.
The usual income earned by an individual may no longer be sufficient now that the inflation rate is high and the purchasing power is low. It may be a struggle to make ends meet and live a quality life. Creating additional sources of income will help a person cope with a higher cost of living.

Long-term strategies

Upgrade your knowledge.
An increase in knowledge and skills can help a person earn more money in the long run. Continuing education may require time, effort, and dedication but it may bring lifelong benefits. It may be a factor why a person will be promoted in the future or be given a higher salary. Learning new skills will also open opportunities for new and better employment.

Some may doubt the idea of investing when the inflation rate is high. When in fact, the right investments can help outrun the impact of inflation. Grab opportunities from affordable investment plans to keep funds growing. Diversify and seek other investment opportunities that can bring huge rewards in the long run.

Get insured.
Health and life insurance plans should not be treated as unnecessary expenses, especially with the benefits that they guarantee. Life-threatening diseases and critical illnesses require immediate treatment. With the high cost of medicines and hospitalization, it would be a smart move to ensure that funds will be available as soon as the need for them arises. Health and life insurance plans can prepare a person for life’s surprises. It protects not only the insured but his/her family as well.

Check out the wide range of life insurance and health protection plans, here.

Plan for retirement.
It is never too early to think about retirement now. No matter what the age is, retirement planning is a must especially if the goal is to achieve financial security.  Look into the future and consider what it will take to be financially free when retirement day comes. Retirement planning will help build the fund that will be needed to have peace of mind and comfortable life even during the golden years.



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Resilience is often associated with Filipinos. During challenging times, it will take more than that to overcome the difficulties that may arise. Fortunately, there are short-term and long-term strategies that one can take to thrive amidst the challenges and still achieve life and income stability in the long run.


Do you have questions on how financial freedom can be achieved? Talk to one of Sun Life’s financial advisors today.