Budgeting Tips in the Middle of Inflation

Every day, it feels like our wallets are getting thinner and thinner. The amount we are paying for groceries is no longer the same as last month. It is difficult to think what prices will rise again tomorrow. Or when will it start dropping again?

The majority notice the rising costs of commodities, with very few exceptions. Here are some of the ways that are within our control to mitigate the effects of inflation on our daily spending.

Create a Budget Plan and Stick to It

If you do not have one budget plan, today is the best day to make one. Allocate the expenditures you need and prioritize the basic needs. Discipline not to make a room for extra costs like a new phone or any other new gadget.

Review Your Spending and Cut Back on Unnecessary Ones

If we love to dine out daily and go watch movies frequently, we can probably start cutting off those. Limiting dine-outs to weekends and movie dates monthly could spare us little money. Home-cook or stream at home instead.

Finding More Creative Ways to Save

We might run out of ways to save but there are still some ideas. From picking generic products than branded ones, buying in bulk, checking the discounted item bay, and shopping at wet markets rather than big groceries.

Save on Transportation

Bike to work, walk if the distance is not that far. Or combine the errands you may have for the day. Carpooling also. And lessen those road trips. Gasoline prices have been too high in this lifetime. Other ways could also be, using public transport, bringing packed lunch and avoiding rush hours.

Earn Extra Money

A salary increase may not be enough to cover expenses. If you still have some extra time, a side hustle can help. Depending on your skill set and location, you can land a job in article writing, graphics design, social media management, or as an English tutor. If your job opens an opportunity to render overtime and you still got the time and energy, go for it. If ever you successfully land one, do not increase your lifestyle. Include this extra money in the budget still.

Savings on Utilities

Basic as it may sound but saving on electricity and water consumption can also help in stretching your budget a little bit. Turn off all electrical appliances when not in use, same with the water faucet. Also, pay your bills on time to avoid penalties and interest.

Personal Loans May Help

If you need quick cash, personal loans are an attractive option. The lowest interest rates are reserved for borrowers who have good credit with creditloan.com, interest rates are manageable at whatever credit. But remember that personal loans are still a form of debt. Loan responsibly.

Too bad that we only have very limited ways to combat the rising cost of living that is why setting and keeping our financial priorities is important. The economic conditions are way out of our control but we can focus on our spending and saving habits.

shemaegomez

Sheila is a digital marketing enthusiast and obsessed in promoting Iloilo. She is a kdrama fan, a dog person and a certified foodie!

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