Prices of almost all goods won’t stop increasing—how does an average Filipino cope?
Nowadays, price increases in the Philippines are rampant and stressful. For an ordinary Filipino citizen, the continuing rise in commodity prices, inflation, and oil price hikes in the Philippines can be hard to deal with. One has only meager means and resources or the proper income to fulfill daily needs.
After consecutive rollbacks, gasoline and diesel prices started to spike up again. Additionally, the Bangko Sentral ng Pilipinas expects inflation hawks, where monetary policies are urged to retain their high-interest rates to control or rein in inflation.
As commodity prices continue to increase, there are struggles to face in this reality, especially for those individuals and consumers who live paycheck to paycheck. Hopefully, this curated list of practical tips can be helpful for you.
1. Look for cheaper alternatives to your needs.
Food and grocery goods have significantly been affected by the most significant percentage of price increases in the Philippines. When doing grocery shopping, make time to roam around and compare brands and variants of the same good for you to have cheaper options. You can also opt to buy local brands, as they are much more affordable than imported ones. You can also research cheaper substitutes for a specific product or ingredient for cooking goods.
2. Take a walk or bike your way to nearby destinations.
Public transportation is also affected by the staggering oil price hike in the Philippines, having a domino effect on the fares and transportation fees, which have also increased. If your home or apartment is located just a few kilometers away from your workplace, you can take the opportunity to have a simple exercise by taking a morning walk. When comfortable using a bike, you can also have it as an alternative to riding public buses and jeepneys. On the bright side, now you won’t have to fret about getting a workout! Walking has many benefits and an excellent effect on cardiovascular health, and this tip could be beneficial!
Disposable plastic bottles or plastic bags do not only destroy the environment, but they also have an impact on an average working person’s daily budget without them even knowing it. Start this tip by buying a reusable water bottle. Yes, reusable bottles are not just a trend; it is also an excellent way to save your allowance budget. Buying reusable items is only expensive the moment you purchase them, but it’s worth it when you realize that it lets you save more, recouping what you pay for a bottle of water every day.
4. Opt for drinking your coffee at home or make your own with cheap coffee drips.
Coffee from Starbucks, Dunkin’ Donuts, or McDonald’s is deliciously tempting, especially when you need a good cup of coffee before going off with your daily grind. Cheap coffee drips are available from anywhere in the market, or if you don’t mind drinking one sachet of Nescafe stick, then that would be perfectly fine. You can also persuade your officemates to chip in to buy a high-quality and affordable coffee maker so you can have cheap alternatives to your favorite blended coffee drink from Starbucks.
5. List down priorities for necessities and avoid getting into unnecessary debt.
After receiving your payslip and withdrawing your money, list your necessary expenses, including your savings. Once you have listed everything, check where you can trim or adjust your costs. Spend less on luxurious needs, and set aside finances for the rainy days. Be more disciplined and more intentional with your budget, and it’s practically okay to have it tight.
Challenging times call for disciplined measures. With these practical tips, every consumer can be reminded about the reality of challenging economic times and do all we can to survive and thrive. Remember also that reward yourself with something beyond the budget. Still, it would also be rewarding to have the extra money in your pocket when extreme crises come and happen at unexpected times.
Do you want to know more helpful saving tips? VisitYoorekka Magazineto find out more!
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About Mira Maestrecampo
Mira - with a long surname - is a girl who dreams of becoming a news anchor someday, in God's perfect time. She loves to read books and eat different kinds of cheesy or saucy food. A coffee addict and a dog lover, she loves long hugs, hot coffee on an afternoon break with friends, or simply sleeping all day with her stuffed unicorns.
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