How to Cope with the Rise of Prices This Year
Prices always rise up year after year but 2021 might just be one of the most challenging ones as prices of basic commodities are expected to increase more as compared to previous years. The Bangko Sentral ng Pilipinas (BSP) issued a warning to consumers to expect price increases due to some factors. Because of the global pandemic, the chain of supply of consumables, commodities, and oil prices were affected. BSP’s Deputy Governor explained the three factors that caused the current trend in rising prices. First is the food supply issue like the reduction of pork products due to the ongoing African swine fever outbreak. Second is the continuous increase in global oil prices and third is the increase of demand for goods and services because of the gradual recovery in the world market. Given that you have no control over the world economy, it is important to take control of your own financial well-being.
There is no standard rule in trying to achieve a balance in your financial goals may it be short or long term as there is an unstable economic scene during this ongoing pandemic. It is advisable to thresh out your priorities first. If you have no problem with emergency money, then you could opt for long-term saving goals and other planned placements of your assets. On the other hand, short-term goals can provide you with much-needed income for the coming months. Here are some money-saving tips that you can do while going on with the flow of rising prices.
One income is not enough
Having more than one income gives you that sense of security and confidence to work more in building your nest egg. It affords you the cushion when you lose your job or when emergency cash is needed. Try to get a freelance job such as online writing, blogging, or selling. You can also start a business that is feasible during the pandemic and after. Also, study how to invest in stocks and bonds. Filipinos are starting to notice this source of passive income. How to invest in stocks can be studied online for free. The advantage of this kind of work is it requires a small amount of your time and once you become a savvy investor. You can act as a broker for your friends and other people. The possibilities are endless.
Create a personal budget plan
There should be a budget for all of your transactions. This will help you to track down where your money is being spent on. It can also aid you in developing discipline as it will train you to avoid overspending.
There are always options for your needs
Look for alternatives when buying. You might substitute one product for another. Buying in a public market instead of a supermarket or grocery can save you money. There is no point in being brand conscious especially when the products were made to give you the same benefits. Buy the expensive brand items when you have the extra cash if these particular products mean so much to you. This may inspire you to work and save hard.
Health is and always wealth
Practice healthy living, get enough sleep, exercise regularly, and eat healthy foods. The costs of hospital bills and medications will surely put you under fire financially. A healthy person will be able to work productively and enjoy the life he or she deserves.
Be with Family or Friends Who Will Not Put You Down
Be with people that encourage and inspire you to be an achiever. They can serve as your mentors on how to become financially independent. You will thrive when surrounded by good people as their positivity will resonate with you.
Involve your spouse and the entire family
Ask your spouse or family to participate in your financial game plan. Their support will help you achieve your goals. They can also serve as your cheerleaders and support system. After all, they have your best interest at heart.
Set an amount for leisure activities
It does not matter if you go to a high-end restaurant or a fast food stall. Enjoying the company is more important. Have a good time but don’t go over your allotted budget.
Teach the Value of Budgeting at an Early Age
Train your children at the earliest possible age when they can understand the concept of budgeting and saving. Include them in your business activities. Aside from equipping them with business acumen, it is a great form of bonding when the whole family gets involved with its own up-keep.
Observe good environmental practices
Know how to preserve and conserve your resources. You will not only save money but save the environment too. If you plan to buy a car, go for a fuel-efficient kind. The money saved on gas can be used for leisure activities with your family or friends or simply put in your bank account.
As a last resort, get a loan
In case you want to borrow money for emergency purposes, Robocash can help you. All you need to do is register at https://robocash.ph/articles/sss-online-loan, present a valid government ID, and an active mobile number. As long as you are a Filipino citizen, 21 to 70 years old, and employed or in a certain profession, applying for a loan will be easy. Just remember that loans must only be used for urgent reasons.