The recent pandemic and the running conflict between Russia and Ukraine is taking a huge toll in every nation’s economy. The surge of prices everywhere continues to hurt us, if not, break most of us. As a mom who keeps and manages the household’s budget, I need to think of ways how to cope up with the on-going inflation. Here are some suggestions I came up with to dodge the surge without sacrificing too much of our daily necessities:
- Re-evaluate your budget
If you already have a budget plan, it is high time to make a thorough review and do the necessary adjustments. This is religiously following the ‘live within your means’ lifestyle and mastering the allocation of your finances. Redefine the percentage of allotment and remember to always stick to your budget. Make sure to forward every excess in an extra savings fund so that your emergency fund is still intact.
- Never make an unplanned grocery visit
It is always wise to have a planned visit in the grocery so that you will not be tempted to buy unnecessary items and stick only to those on your list. In addition, overstocking of items in the pantry would be minimized.
If you want to be more practical, refrain from bringing your kids with you when doing your grocery.
- Invest on bulk-buying
When buying for your toiletries and other household supplies, wholesale prices are much cheaper than retail so shopping in bulk helps a lot. Doing so also saves you gas, time, and delivery expenses.
Look for the best deals and promotional items up for grab to maximize your savings, just make sure to check the expiration date as some items on sale have a narrower timeline.
- Prepare a meal plan
Aside from preparing what you need to buy, learn the art of meal planning. Prioritize planning to prepare meals with ingredients that are readily available in your pantry. This way, you will also avoid overlooking items which are nearly expiring. You will be able to immediately consume bottles or cans already opened to prevent contamination.
- Cook your own food
The pandemic somehow spoiled us by relying on take-out. This is because we get enticed with the mouthwatering meals being advertised and shared on social media. Expenses increase if you desire an instant munch, not to mention the additional cost you must incur having it delivered right at your doorstep.
- Avoid excessive pigging out
After easing out the lockdown last year, people tend to dine out more often than before. They got too excited to go back to malls, reunite with friends and relatives over food and wine. Remember to do everything in moderation, especially when budget is already at stake.
- Practice meal preparation in advance
Yes, you’ve read it right—meal prepping. More often than not, getting home is a struggle due to heavy traffic outside. Your stomach will surely react and get tempted to order food outside if not, crave for that soothing hot ramen. To avoid that, we have been practicing meal preparation good for 3-5 days and replenish before the last two meals get finished. These include snacks, pasta and sauces, sandwich spread, easy-to-grab salad, and sliced fruits.
- Lessen or avoid expensive coffee and milk teas
I have been noticing the influx of coffee and milk tea shops recently. If you really love coffee, coffee packs are now being sold much cheaper than those already brewed and being instantly served hot. Try to calculate how much you’ve been spending on your pricey coffee and milk tea but don’t be surprised you’re living paycheck to paycheck.
- Trim down on utility expenses
Do your best to save on electricity, water, and other utility bills. Clean light bulbs as often as you could. Turn off lights and faucet when not in use. Check on water leaks too.
- Do all your errands by batch
Save on gas and transportation expenses by doing your errands in batches. Walk, take the train or PUV instead of taking a cab or an Uber. Consider doing online transactions over face to face when possible.
- Do your own laundry and car wash
These tasks are being done regularly. It’s either you hire someone to do it for you, or you do it on your own. Either way, you save more, rather than bringing soiled clothes and linen in a laundry shop.
If you wash your car regularly, it might not require thorough cleaning, so it won’t be as tedious as it is to DIY.
- Save on health care and insurance fees
Consider paying annually, semi-annually, or even quarterly to get more savings on your health care and insurance plans.
- Save on rental and mortgage payments
Some landlords and banks offer rebates on advance payments for your dues. Take advantage of these rebates because you’ll save a lot.
- Save on annual fees and interests
Look for credit cards that offer cash back for full and advance payments. Consolidate your loans and avail balance transfers to save more on accrued interests.
- Get a high-yield saving investment
Choose banks that offer products with high interest rates. There are banks that also offer better interest rates on higher amount of savings or on a highly maintained account.
- Convert your trash to cash
Instead of accumulating dusts and mites, declutter and turn your unused belongings to cash. Holding an announced rummage sale isn’t a bad idea.
- Achieve a healthier lifestyle by avoiding too much stress
The rising cost of doctors’ consultation fees and medicines are overwhelming too. Enjoy life by sticking to a healthy lifestyle and maintain a good work-life balance. Avoid too much stress and night outs.
- Maximize your productivity and earn more
Working remotely saves you more time, therefore making you more productive and efficient. If working from home is not an option, consider taking a new job that’s not too far from your home and would not require you to deal with long travel and heavy traffic hours.
- Diversify your investments
Look for a financial advisor to help you diversify your investments so you will earn more.
- Explore more sources of income
Invest in a business that can be managed by someone you trust or can easily be monitored while keeping your full-time job. That is, doubling your income with less personal management. Best example would be getting a franchise type of business. Check on side hustles that you can do and discover available passive income opportunities.
21. Plan your travels in advance
Plan your travels as early as possible and book your flights in advance to enjoy cheaper rates. Make use of the accumulated miles you’ve earned and check for current packages and promos you can take advantage of.
Saving and earning, as well as proper financial and expenses management, are the primary keys to beat the current inflation. I can monitor how my finances are moving through a variety of free financial calculators available online that can help compute for my savings, interests, and calculate just about anything at calculator.me.
Hey, I just wanted to shoot you a quick thank-you for sharing these killer tips on surviving inflation. Your insights are brilliant and I can’t thank you enough for taking the time to share them with us.
Your advice on using financial calculators was spot-on, and I’m already brainstorming how to work that into my game plan for the year ahead. If you stumble upon more nuggets of wisdom, I’d love to hear them!
Looking forward to reading more posts like this in the future 🙂
Lou
Such a great list. I have been meal planning since years ago and never looked back. It definitely saves us time and money.
These are great and helpful tips. I will keep these all in mind. Thank you!
just great tips to manage finances.. i need to start doing more meal planning and prepping (used to but stopped for various reasons) since we cook at home almost always (Eating out is very rare)
We have started to be very conscious of our appliances and energy. It does cut down the bill when you’re deliberately careful about what you’re using.
Your clear and actionable advice is truly a lifesaver, helping us make smart money moves.
Great post! I’ve implemented a lot of these especially buying in bulk. The prices of things are really skyrocketing and budgeting in this economy is all I can do.
Good tips! With everything so expensive these days we need all the help we can get.
This is invaluable information in this article to manage expenses (and a few income ideas). The first thing I should implement is preparing some meals in advance to avoid those last minute trips to pick up carryout!