When the economic global crisis started last year, I really did not feel the effect right away. I thought, others will just lose their jobs and the $ exchange rate will fluctuate every now and then. I did not care about how it will affect us as a whole. Not until now.
Due to this crisis, a lot of people lost their jobs since companies are not getting much profit or should I say, are not getting any profit at all. Either the company shuts down or performs mass lay off. In my case, I resigned. Whatever the reason is for being jobless, still the crisis strikes.
When I was still working, I had 5 major credit cards and I was very brave to use them all. I know I have the capability to pay so I just use it whenever I want. But now, I have closed my first card and have just talked to a phone representative to cancel the second card. I do not see a need to maintain all these right now. Also, the annual fee is getting higher and its not practical to pay 1500-2000php specially if you have not purchased that much for a year.
As for my other hobby - shopping, it really diminished. (thank God!) I used to visit SM every payday or whenever I feel buying some thing. Now, I just go there for our groceries which is twice a month. Also, I do not enter boutiques anymore. I just walk straight to the Supermarket to avoid seeing stuff specially during sale :P)
Every Christmas season, hubby and I go to Divisoria to buy gifts for all our god children. We spend almost 10Kphp just for gifts so that all the kids will get a gift. We also buy stuff for our family, friends and even just acquaintances who have been good to us. But last year, it's quite sad since I was not able to give all my "inaanaks" the gift they are supposed to receive. We did not even think of going to Divisoria. Though I really felt shy, I was still honest to tell my kumares the magic words "Pass muna ako this year." Thanks to them for being so understanding but I will try to compensate this year (I hope to get a job!)
I've been looking for a job for three months now. Due to crisis, it is really hard. The number of Job openings significantly dropped and many companies are having "freeze hiring".
Experts say that the Global Economic Crisis will last until 2010. It may be true or not. Others believe that Obama is the answer. Once the economy of US bounces back, the rest of the countries will follow. Actually, no one really knows when this will end or how it will end. I believe only GOD knows.
As for me, I have no choice but to adjust with all that's happening. I actually intend to pursue my new spending habits which I believe is a good thing. As experts say, we should only spend
within our limits and make sure to save a little. In addition, for me Global Crisis is not just a bad thing, it is also good in a sense that people learn how to spend money wisely and to have a simple life.
Despite of Global Economic Crisis, Filipinos are still optimistic about life. So, let us be strong and fight the crisis!