Have you noticed your social media feed these days? Or even the news for that matter? It’s filled with content and rants about the inflation.
The latest inflation being experienced by the country was due to the tax changes that was implemented early this year. TRAIN law brought forth many changes which is now affecting the prices of best services these days.
The Filipino people have been left to adjust to these changes and practice money challenges that will allow them to get a better hold of their finances. Admittedly, this is giving people a hard time. If you are one of them, then get your pen and paper because we’re about to give you notes on some money moves.
Practice Being Thrifty
This goes without saying. However, you’ll be surprised how hard it is to adhere to this money move.
Since the costs of the goods and services you frequently buy have risen, you’ll be shocked with the amount of money you manage to spend by the end of the month. This is why you must practice being thrifty.
Try to ask yourself this question when you are about to buy something: “Do you really need this?” Before you answer, pause for a moment to really consider it.
Adjust Your Budget
Aside from being thrifty, you must adjust your budget accordingly.
For this one, you don’t have to make huge cuts that will probably become unhelpful in the long run. Perhaps, what you can do is, take some of your “entertainment” fund and move it towards your “groceries.”
Maintain Your Emergency Fund
Not maintaining your emergency fund because of the inflation is not a good idea. Actually, this is a sign that you definitely shouldn’t stop adding to it every after you receive pay.
As you can see, things like inflation can strike any time. If you aren’t prepared for an unknown future, then you’re going to end up spending more than what you ever want to. Think of having an emergency fund as being kind to your future self.
Start Investing in Stocks
With inflation, there’s really little you can do. Unless there’ll be a huge change in the government policies, then you’ll be left finding ways to earn more money.
Investing in stocks is one path you can take. Admittedly, you’re going to have to educate yourself about the stock market before you get to invest. But there are so many websites (and even YouTube videos) that will educate you about this and more. You just have to practice some patience as you are learning and later on when you’ve already invested. After all, right timing is key when it comes to this.
Inflation is a problem being faced by the country today. Citizens are left to deal with it given there’s only so much they can do about the economy.
Luckily, there are some money moves you can adhere to that will allow you to manage your finances well during this difficult time. As many money gurus say, you have to get smarter with money.