Our country is now experiencing high inflation rate like its neighboring countries. The only thing is that, while other countries in the region like India, Malaysia, Thailand, Indonesia, etc., seems to recuperate with high inflation rates, we are just started to hit the peak.   The high inflation rate is so evident that even the families of overseas Filipino workers  (OFW) who used to catch up with their expenses using the remittances sent by the OFWs to pay their bills, mortgages etc., are now complaining of budget shortage due to high prices of food items, transportation, and basic commodities.   Recruitment and migration expert Emmanuel Geslani even advised the OFWs to send at least 20% more remittances in order for their families to cope up as the prices soar high.  Could it really help? How do we beat the high prices brought about by the inflation?    Ads     Sponsored Links    As we are all affected by high prices, there is a need for a concerted effort by all sectors to work together to beat inflation. This is not the challenge for the government alone. The private sector, media, and consumers alike must also pitch in. Expectations can only be calmed by a perspective view that this condition is temporary.      Keep a record of your spendings  Tracking your expenses by keeping a record and listing down your purchases. It will allow you to determine your average spendings. You can compare them and find out which will be your basis of a monthly allowance. Check out which month you spent the least and make it a reference for your preceding monthly budget plan.    Have a contingency budget of at least 10% every payday  Set aside at least 10%  from your monthly take-home pay for emergency purposes. Financial emergencies are inevitable and it is important that we are ready.    Watch your lifestyle  We often hear that we should not spend more than what we earn. Buying things that you need must be a priority over the things that you want.    Exercise frugality  Saving for the future benefit none other than yourself. The money you save today could save your life in the future. Everyone will come to their retirement but some of them will not retire well. Spending your money like there will be no tomorrow will render you broke on your retirement. As the inflation rate soar, buy only where you can save a lot like on sale items.    Keep your spending for needs only  Shopping for things you want but you don't really need could make the effect of the high inflation even worse.    Look for extra income  Even if you have a pretty decent take-home pay, having a side hustle will be a great help during this time where the prices of almost everything are rising. Having an extra income could help you beat the effects of the high inflation rate.    Invest  The best way to save is not by putting your money in the bank but to find a profitable investment to make your money grow. Over the years, with the right investments, your money will grow rapidly compared with just putting it into a savings deposit. However, be careful where you invest. Make sure you are putting your hard-earned money to legitimate investments.   Filed under the category of high inflation rate, India, Malaysia, Thailand, Indonesia, OFW, mortgages, transportation, Recruitment, migration.   Ads
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