Massive layoffs are pretty scary. Cost-cutting strategies of companies can be seen in different parts of the world. In other words, there's no such thing as stability in the corporate world. A person can be financially unprepared during a worst stage especially when there are no savings at all. Sadly, most filipinos don't save which may lead to financial disaster.

Layoffs can happen at any given time. The question is, are you ready for it? Do you have enough emergency funds? Are you still spending money like there's no tomorrow? 

Well, if you can relate to the questions above, then it's time to have a reality check and get rid of bad habits when it comes to money.    

Here are some common pinoy bad habits that you can get rid off:

1. The One Day Millionaire Mindset. This is pretty common for employees in the Philippines and others who are working overseas. Let's start with the release of 13 month pay bonuses. Majority of employees today are spending money on gambling halls, excessive food, cigarettes and other unnecessary stuff. On the other hand, OFWs can be victims of families and friends. So, they tend to spend more on gifts, travel and many more. Becoming overly generous also affects your saving strategy. It is our responsibility to support the family, but make sure that there is still money left for savings and retirement. Just like what the rich man in Babylon said, "A part of what you earn is yours to keep." 

2. The "My Treat" Habit. Filipinos are known for being kind and generous. However, it also affects our financial status in life. Buying gifts and hanging out with close friends are okay, but there must always be a limit to everything we do. The last thing you don't want to happen is be financially broke.   

3. Procrastination Habit. "I'll just save next time, let me enjoy my own life first." Can you relate to this statement? It's like saying that you don't even have plans at all. Emergencies do happen and we all have to prepare for them. If you lose your job tomorrow, then how are you going to survive without a single penny in your bank account? Have you ever thought about it?  

The possibility of losing a job is really daunting, but we can plan ahead and prepare for a worst scenario. 

Here are some simple things that you can do: 

1. Saving at least 20%-40% of your monthly income. Now, this is tough for some, but there are ways to cut back or save money. Upon receiving your salary, knowing to figure out the exact amount to be saved is a must.  If you can only save below 20%, try to increase cash flow by getting side gigs. Remember that your goal is to have a fat bank account. 

2. Don't rely on one source of income. It is important to have other ways of making money online. Websites always need fresh and good content, and this is when content writers come in. If you have a good writing skill, then you can definitely try this gig. Also, selling online can be a profitable gig. Sell your unused stuff such as clothes, old mobile phones etc. 

Affiliate marketing business has been around for quite some time now. It's also a good way to earn money online. You sell someone's product through it's affiliate link and gain a commission. This can be an e-book or online course. 

3. Get out of debt. Pay credit card bills and try to negotiate with the credit card company. Show that you're not running away. 

4.  Surround yourself with like-minded people. Birds with the same feather flock together. This is also true especially when saving money is your top priority at the moment. Don't hangout with people who keep on spending too much money. Hangout with guys who like to save and invest for their future.   

5. Avoid window shopping. If you usually go to shopping malls on weekends, maybe it's time for you to ditch that hobby for now. Trust me, impulsive buying happens each time we see some stuff inside the store. 

Discover new interests that allow you to be productive without spending money. Exercise, read a book and watch movies online. These are just a few things you can do without overspending. If you like dining out, maybe cutting it out for some time is a good idea. We can always prepare good food at home. Talk to a good friend, someone who has a great influence on you.