Money | saving money | money saving habits | Budget | how to beat inflation | hyperinflation and what can you do| money saving tips| how to save money | how to build an emergency fund| how to reduce electricity bills
The World after Covid has suddenly thrust upon us a situation where everyone is dealing with inflation. In fact, the World has not seen this kind and extent of inflation for the past 50 years. This is the reason why some are calling it Hyperinflation.
Though it is a new scenario for this generation, such a situation had unfolded in the year 1929 when the World was plunged into a situation that had been named The Great Depression.
Similar scenes are emerging all across the Globe as fuel prices have gone over the roof, there is an ongoing energy crisis in some developed countries where people are being forced to choose between heating and putting food on the table.( according to various news sources)
Covid and emerging variants have broken supply chains, the ongoing war between Russia and Ukraine is not helping much and some countries like Sri Lanka are seeing large protests against their governments for lack of food and pushing the country into economic chaos due to its poor economic policies.
Crude oil prices are shooting up like never before and the oil companies pass on all price rise to the consumers. With crude oil price rise, all goods have become exorbitant. It is time to tighten our purse strings and start saving like never before.
More countries across the World will see chaos as resources run out and unemployment rises. Here, I am not creating panic but giving a real and grim picture of the reality. As companies and corporations cut labour force to reduce their costs, new jobs become limited and establishing your own business takes time, what do you do meanwhile to cut costs and save money?
Remember, it is very difficult to earn more money, but saving it is still doable. At least you can have an emergency fund to ride over an unforseen situation.
EASY TIPS TO SAVE MONEY
● Switch off extra lights around in your home and reduce your electricity bills.
● As soon as you get up to leave the room, switch off the light and fan.
● Do not leave the TV on if you are not watching anything.
● Be specific about what shows you want to watch and limit them. Don’t waste your time in front of the TV.
● Set you thermostat at a reasonable level. Wear a sweater or pull over. In summer, try to use less air-conditioning and remember our ancestors lived without air-conditioning and they were fine. Use air-conditioning for a limited time only.
● Use limited hot water and save on electricity bills.
● Take short baths and save on water bills.
● Stop long showers and limit tub baths.
● Use less soap. You are clean until you have been in a dump.
● Limit shampoo. Wash you hair only twice a week. Your hair will thank you. Essential oils on your scalp are very important for hair health and too much washing removes this layer.
● Try to use 1/2 of all cleaning supplies in your home and stretch them as much as possible. You will be surprised how long they will last.
● Also, stop buying different types of cleaning products. You need just a couple of cleaning products. In fact, all you actually need is soap and water. Our grandparents did just that and they survived. Using less chemicals is beneficial for your health and the environment.
● Stop wasting food. A majority of households are guilty of throwing away food that has got spoilt in the refrigerator. It is like throwing away money in the drain.
● Limit eating out or Takeaways. Try to cook as much as possible at home.
● Use generic brands of all products as they are cheaper.
● Shift to a smaller home. During our grandparents time family homes were not sprawling. You can live in a smaller home comfortably. It will save on maintenance, mortgage, rent etc. Go as small as possible and let it be a lesson for your children in Minimalism. They will appreciate you when they grow up, for this life skill.
● You already have everything for a comfortable lifestyle be it clothes, shoes, accessories, furniture, linen, kitchen essentials, decor,hobby supplies, electronics etc.
● I do not have a credit card. Even my grandparents did not have one. Why are the banks and the government forcing people to compulsarily get them? This is a serious issue. I don’t know about your country, but in India, we can live without one. Of course we have a system of digital payments.
Look around your house and be very honest. If you are reading this blog post, you already have everything you need. So, just put the brakes on spending.
Here, I am not suggesting that you live like a pauper. My only concern is some financial stability and a little less stress due to the inflation all over the World.
Of course you might need emergency maintenance on your home if the roof starts leaking or the water heater goes bust, your car needs some serious work. Then you will have to spend. So it’s time for an emergency fund.
All the above tips will help you save money that will build up your emergency fund.
Remember, this is serious education for your children that they will never get at school. You are the best teachers who will impart the invaluable life skills.