Gas Prices and Inflation are on the Rise
Gas prices and inflation are on the rise. Basically, this leads to higher costs for consumers. When the fuel rate increases, it affects the prices of basic goods both directly and indirectly. These necessities include food, transportation, medicine, and other common supplies. Such a condition is coupled with an increase in inflation, the result of which is expectedly negative.
The inflation rate in August rose to 5.3%. In effect, the purchasing power of income earners decreases over time. Likewise, low-income earners will face economic hardships. How long the price increase will last cannot be exactly determined. The good news is that there are still areas that can be controlled. For instance, your coping skills and strategies can make the problem manageable. Here are some practical tips that you can revisit and apply.
Make adjustments to your budget
Simply said, but quite difficult to follow. More so because it is the consumers that appear to make the adjustment all the time. And the blame usually falls on the government’s side. However, much as some might delve into the politics of the economy, the concern over budget adjustment could be urgent to many. In this case, you may want to look into the following areas where you can implement the changes:
- Basic goods. When buying supplies, make a list before going to the market. Buy only what is necessary. Differentiate needs from wants. Drop items that are not essential. If applicable, check the “sale” or “discounted” corners. Some of the things on your list might be on display.
- Limit screen time. More gadget use means extra spending on surfing fees and electric bills.
- Review travel goals. You can recheck schedules and places of destination to compare expenses.
- Re-examine your clothing purchases. Although this depends on the individual’s style and requirements, you may want to consider value shopping to cut your budget.
Change your transportation means
This will depend on your location and means of transportation. It could also be inconvenient if you get used to using a personal car. Nevertheless, you can still take a look at the following options:
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- Use public transportation whenever possible. You can save a lot of money since the cost of fares is lower compared to fuel costs when driving your own vehicle.
- Initiate carpooling with friends or co-workers. Splitting the cost will make transportation more affordable.
- Propose a possible work-from-home schedule. If your work permits, try making an arrangement with your employer to utilize some working days by working from home.
- Limit errand trips. If possible, consolidate marketing and other errand trips so you don’t have to do them multiple times. This will help you save time, effort, and money.
Be conscious of your health
Work on maintaining a healthy lifestyle so you can avoid getting sick. As they say, “sa panahon ngayon, bawal, and magkasakit.” Medicines, consultations, and hospital bills are so expensive. Thus, it is important to be watchful of our daily diet. Eat foods that are nutritious and exercise daily. In addition, take enough sleep. Nothing can beat savings from a healthy body.