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.