This Lenten season is an opportunity for us to reflect on the challenges we’re facing brought about by the Middle East conflict and how it will shape our daily behaviors, thoughts, and relationships.

Yes, Virginia, all of us—advanced and emerging economies alike—are feeling the pain and grappling with rising oil prices that have turned our otherwise benign existence upside down.

Our purchasing power has diminished tremendously from six weeks ago—one of the most visible barometers of consumer pain—due to the unabated climb in the pump prices of petroleum products.

The hazy outlook and increasing risks call for a paradigm shift in our lifestyle, specifically our spending patterns. In my conversations with friends and market sources, we all agree that we’re at the financial crossroads, and prioritization is the key.

That’s right, Virginia: because we don’t know how long this crisis will last, we have to forego the “wants” and focus on the “needs.”

My favorite certified financial guru Jonas Ravelas, Bangko Sentral ng Pilipinas Deputy Governor Berna Romulo-Puyat, Development Bank of the Philippines President Michael de Jesus, Government Service Insurance System President and General Manager Jose Arnulfo “Wick” Veloso, and Management Association of the Philippines Executive Director Arnold Salvador are all in agreement that non-essential leisure travel has to take a backseat.

For this Lenten break, instead of going on road trips—first to Clark in Pampanga then up to the summer capital, Baguio, as earlier planned—it’s home base for Jonas. As they say, “Home is where the heart is.”

While she normally enjoys staying home during Lent because going around the metropolis is a breeze, DG Berna says unwarranted travel is one of the two items she will readily give up. “I would forgo unnecessary trips and impulsive buying. It’s wise to be more intentional with spending with the rising oil prices.”

The same goes for Mr. Wick: “Trips should be carefully planned, and one should use mobile phones or wireless communication to replace face-to-face meetings. Use of air conditioners can also be managed accordingly.”

Now, elsewhere in the banking community, it’s worth noting the timeliness of Metropolitan Bank and Trust Co. (Metrobank) coming up with “H.A.N.D.S.,” a practical guide to help us navigate today’s financial challenges.

Aligned with its mantra of “You’re in good hands with Metrobank,” H.A.N.D.S. is an acronym that outlines clear, actionable steps that individuals can apply to their daily financial decisions, especially in these uncertain times.

It’s a guide reminding us that we must have a plan to control our finances by understanding where our money goes, avoiding overspending, and looking for ways to continuously build our savings.

As Digs Dimagiba, Metrobank Chief Marketing Officer, explained: “In periods of stability, it is easy to overlook the fundamentals. In periods of uncertainty, they become essential. The ability to plan, exercise discipline, protect assets, and remain alert to opportunities can determine how well individuals and businesses navigate changing conditions.”

Instead of being terrified of what lies ahead, it is imperative to take control of our finances.