Home FYI Saving in the time of inflation

Saving in the time of inflation

INSIGHT AVENUE

DUMAGUETE CITY – Prices have gone up everywhere. See the fuel rates? Really disheartening to say the least. And with winter upon us which means a higher demand for fuel in the world, it probably can get a lot worse. While we call on government to aggressively look into how it can keep such a meteoric inflation in check, there are some ways we can do right now to adjust to such a palpable budget pinch.

Stick to a budget

A spending plan always works. The rule of thumb is at least 10% goes to savings while everything else should be properly budgeted for important stuff. Endeavor to stick to a spending limit so you do not get shocked by your expenses. Prioritize. Delineate your needs from your wants.

Try new stores

Get some good advice from colleagues as to where you can get the best deals on anything from food to cleaning products. You might even want to go to the local tabo which offers fruits, vegetables, and meat at a fraction of the cost.

Sacrifice

Trade offs are necessary when inflation hits. If you got used to eating out, for example, now is the perfect time to rethink how many times you actually do so. If you are used to air conditioning every night, you might try limiting it to three times a week. Look into your spending habits and find ways to put on some semblance of control ASAP. The lesser the expenses, the more money you can allot for budgeting or for savings.

Everyone can pretty much feel the economic pinch but we do not have to be caught helpless. Let us be more responsible with our spending and prioritize our expenses. These easy reminders can help us stretch our budget a little wider.


On a personal note, I would like to extend my sincerest congratulations to ABC Learning Center as it moves some of its classes to its new building. Annex 4, as it is called, will house the fourth to sixth grade classes since the growing population can no longer be accommodated by the school’s main building alone. To the founders, Mr. Leonardo and Mrs. Wivina Sicat, our hats off to you. You truly have made a huge impact in promoting quality education in the province. We wish you and the entire ABC family continued success and more blessings.