With the pandemic and inflation now affecting the world at the moment, people are definitely feeling the crunch and finding it difficult to cope with the present economic burdens.
Food prices are going up, petrol is becoming more expensive, and literally, everything is becoming more and more expensive nowadays. When will it end? No one knows. Although the government is putting in place some measures to control it, we are not sure when this trend will end.
I am one of the many people who are affected by this rising cost of goods and services. I told myself, if I am not going to do something, we would also be badly affected and that, we don’t want it to happen.
So, I thought of 5 simple ways how we could manage our finances better and instead of spending a lot, we could save more.
Record your Expenses
This is the first thing we are doing at the moment to keep track of our spending every day and every month. We have our small notebook to keep track of the monthly bills, petrol, and groceries that we spend on a weekly or monthly basis. This way, we could look at our spending and eliminate the least important things or purchases that we normally do. For example, for groceries, only buy what is important and do not just pick up the items you find inviting that may not be necessary. It’s very tempting, but your primary goal is to save more and spend less if possible.
Cook and Eat at Home
We love eating out and this is something we do on almost a weekly basis. But I realized that nothing beats home-cooked food. Instead of going out to restaurants, why not cook your favorite dishes at home? There are so many recipes available on the internet that you can try and that don’t cost much. You can also guarantee that the food doesn’t have any preservatives since you are the one putting all the ingredients in your food. Eat healthily and live happily!
Invest in an Insurance
In these very challenging times, we never know when things could go wrong that is why it is very important that we foresee these unexpected circumstances and be ready for what may come. The first thing I got myself was Life Insurance with Critical Illness Benefits with AIA Philippines. With this insurance, I am very confident that if something happens to me, I know my family will be secure. Or, if accidents happen or are diagnosed with an illness, I know I am covered. Although it may sound like an expensive thing to do, actually it is not. Imagine, you get sick. You might be paying much more. So if you want to get life insurance for a critical illness here in the Philippines, just send me a message at mic[email protected]. I am more than willing to help you.
Compute for your Savings
No matter how big or small, it is important that you save money or invest it somewhere. Although this is a passive income you are sure that in months or years to come, your savings or investment are growing. How will you calculate or compute for that just to give you an idea? Try savingscalculator.org so you can check on how much money you will save or have earned after a number of years. It’s just showing you how good it is to save or invest your money.
Reduce, Reuse and Recycle
It’s been a practice even before and this one also has been promoted at schools. In these difficult times, we need to strengthen the practice by reducing, reusing, and recycling. Recycle old items so you don’t need to buy new ones. Reuse old clothes and other bottles as food containers and reduce waste products by buying less. With this practice, you would be able to save more monthly. All you need is to give these a try. There’s no harm in trying. With these simple ways, I see more benefits and we just need to sacrifice a bit.