The years of the pandemic have brought a lot of uncertainty, anxiety, and worries to most people and family. Our family was not spared from these as well. But, as they say, it is important to always see the silver lining in every situation. Our silver lining during this time was an opportunity to start a business online.
Oh Korean Mart: Our Online Business
We started our online business by selling Korean goods like Kimchi, Noodles, Samgyup meat, and other Korean items. It was very timely as most people had the time and escape using Kdrama and Kpop. A lot of our friends patronize our products which helped us increase our capital to get more items. This was when we were able to buy siomai, make chili garlic oil, chicharon, and bucheron. More items meant more savings for our family.
Starting our Family Savings through the Business
Our business during the pandemic carried on for about 1 and 1/2 years. We were able to jumpstart our family savings by putting aside some of our profit to a separate bank account. We only maintained the capital we used so that we can continue with the business but save at the same time.
Tips to Save from an Online Business.
- We opened a new bank account entirely for our business profit. We separated our income, and profit from the business in a different bank account. Doing so, we were able to monitor our profit and it gave us more confidence as we see it growing.
- We defined our needs vs our wants. It was overwhelming getting that much income during that time, but we made sure to prioritize our needs vs our wants. It was easier to save up because we knew that the savings we would get will give us not just our needs but also our wants in the future. We just needed some discipline in terms of our family’s spending.
- We monitored our savings. It was important for us to know how much we were saving as a couple. To do so, we created a google sheet where both of us can see its contents, so we both know how much money we are saving. We also used a Savings Calculator, so we can compute for the interest our savings would get after depositing it in the bank. It also helped us know more options that would yield us higher interest.
- Lastly, we thank the Lord for everything. Before being blinded by the money we were getting, we made sure to always give thanks and give back everything to God. This way we are able to be grounded and made sure all our efforts was to give honor to Him who provided us with all these.
It is important that in whatever situation, we approach it with an opportunity in mind. It might be difficult but every situation can help us save for ourselves and our family.
