Hard Truth: Prices Are Rising – But We Can Still Do Something About It

Have you noticed the changes in the prices of pork for the past few months? Did you see any increase in price of your favorite goods?

Challenging times like this, consumers are carefully looking at prices to make sure they will get more value for what they paid for. But because of the increase in oil prices overseas as well as challenges in the supply chain of commodities due to pandemic, retailers are forced to increase their prices to make ends meet. Even supply of pork is affected because of African swine flu outbreak.

Unfortunately, the changes in prices caused by external factors are passed on to consumers like us.

Worse, even the Bangko Sentral ng Pilipinas are acknowledging this increase and even warned Filipinos to brace for impact. At this point, there’s nothing we can do, at least to prevent the increase in prices.

Still, we can do something to prepare for this trend as the world tries to recover from this pandemic even if you are no longer working overseas – for now.

What can we do? These tips could help:

You Can Never Go Wrong With Budgeting

How many times have you read this tip? Although we sound like a broken record, budgeting your money is essential because it ensures that everything is allotted and accounted for. You will be able to keep track of your spending and easily make adjustments in order to maximize your savings.

At the same time, this will avoid overspending because you were able to plan where your money goes.

Consider Having More Than One Source Of Income

You’ve experienced this while working overseas. Most OFWs have more than one job or a small business on the side so you can send more to your family back home. Although the income here may not be as big as what you’re earning abroad, having multiple sources of income could help you cover the necessary expenses everyday.

What kind of job? The options are endless. Freelancing is one option, especially if you are good at a particular skill. You can also start your own online business and maximize social media to market your products.

The bottom line is don’t settle to just one income stream. You’ll never know when you will need cash, so it’s better to be prepared.

Make Your Money Grow

Although savings are fine, you won’t be able to reap bigger benefits when you leave your money in your savings account. Interest rate is lower compared to other investment products like stocks or mutual funds.

Therefore, consider investing your money in other income streams. You can start with Time Deposit in case you’re still unsure of where to put your money. If you’re willing to take a risk, then try mutual fund or UITF. The beauty of this type of investment is that there is a Fund Manager who will take care of your investment.

If taking a risk won’t be an issue, then investing in stocks is worth trying. This will yield higher returns especially if you think long term. However, investing in stocks can be tricky, so make sure you educate yourself as much as you can so you can enjoy the benefits.

Be A Wise Spender

This is a must. At this point, you need to be careful when it comes to spending. You need to make sure that your money is spent wisely and you only prioritize what are necessary.

That being said, here are some reminders on how you can be a wise spender:

  • Make it a habit to compare prices. Some sellers sell their products cheaper than the others, which means bigger savings as well.
  • Always look for alternatives. Sometimes, it’s not always about the brand since there are products that are also quality but not necessarily expensive.
  • Buy items when they are out-of-season. Most of the time, items will be cheaper compared to buying them when they’re in demand. Perfect example: face mask and face shield.

Stay Healthy At All Times

Now is the time when we cannot get sick. First, it’s difficult to schedule a check-up, considering the Covid scare. Second, getting sick is expensive. Third, do you really want to get sick at this point?

Therefore, always keep yourself and your family healthy. Get enough sleep, eat healthy, and exercise regularly. This will benefit you and your family in the long run.

Saving Is A Family Thing

Prioritizing the family’s financial standing is not only your and your spouse’s responsibility. It should be a collective effort within the family.

When it comes to saving, make sure to keep your family involved. Every member must be able to contribute to family savings. Educate your children about the importance of saving and sticking to needs first over wants. Train them to budget. When everyone is involved, you’ll be able to reach your financial goals easily.

It’s a difficult time but every sacrifice is worth it.

Creative Ways To Save Money This 2021

2020 has been a year of learnings and realizations for many of us, especially in terms of money. At this point, we now realized the importance of saving, having an Emergency Fund, investing money, and even looking for a side job to help make ends meet.

But let’s face it: no matter how much you try to adjust, earning seems extra challenging and bills never stop from coming. This is why you constantly have to look for ways to boost your savings for the rainy days.

What do you do?

Instead of “forcing” it, there are creative ways that will help you save money without realizing it. This includes:

Try Money Challenges – And Stick To It!

You read about the 52-week money challenge, No Spend Weekends challenge, envelope challenge, and the list goes on. Regardless of what you chose, the point of these challenges is to help you save as much as you can throughout the year.

Find a money challenge that suits you and your family well, and make sure to stick to it. You will be surprised to find out how much money you saved come December 31.

Make Saving A Game

Who doesn’t love games? The idea of winning something can be thrilling so instead of feeling forced to set aside a portion of your earnings for savings, why not turn it into a game?

Give each member their own jars where they can put loose coins, cash gift from relatives, or money earned from their side job. By the end of the year, whoever gets the highest savings amount will get a prize like money doubled.

The point is make it a competition, but in a healthy way. Kids like the idea that someone can be a winner, which could encourage them more to be more mindful with their spending.

Save The Coins

Who likes coins? Although there is a value in it, coins can be too heavy on the pocket.

Stash them in a jar and every time you get coins, put them in there. You wouldn’t notice how much it’s worth until you decide to open it. Whatever is saved, you can use it to pay for bills, loan, or even save them in the bank. Again, you’ll never know what will happen, so it’s better to be safe.

Choose A Less Accessible Bank

Sometimes, it’s tempting to withdraw money because the bank is just few meters away. There are also tons of ATMs around, which means you can get money easily. Although accessibility is a good thing, sometimes, it’s a curse especially if you always feel the urge to withdraw.

That being said, consider going for banks that are stable yet have fewer locations. Instead of opening an account in a bank that is five minutes away, choose a bank that is stable but less accessible to you. When you add inconvenience in the equation, there is a tendency that you’ll feel lazy to withdraw money.

Look For Money Hiding Spots

Have you ever experienced hiding, say P1,000 bill, under your clothes and then find out about it a month or two later?

You can do that only this time, make a list of where you will hide your money. This way, you won’t forget where you hid it and be able to use it in case of emergency.

Stay In During The Weekends

Weekends are normally family time, which means there is an excuse to spend. But if you are serious about saving, then don’t equate weekends with spending.

There are fun ways you can do as a family without spending too much. You can enjoy a walk outside, work out as a family, repaint or redecorate the house, start your own vegetable garden, make your own meals and then have a movie night, and the list goes on. The point is be creative and imaginative without spending too much.

Got creative ideas on how you can save money? Let us know in the comments below!