6 Ways to Face Inflation This 2023.

shamiera osment
6 Ways to Face Inflation This 2023. | Hello 2023, please be good. But many have warned us about the incoming inflation for 2023? INFLATION refers to the rate of increase in the price of goods and services in an economy. An increase in the price of basic necessities such as food can have a negative impact on society.

Inflation can occur in almost any good or service, including need-based spending such as food, housing, medicine, and utilities as well as discretionary spendings such as cosmetics, cars, and jewelry. Hence, during this period of inflation, you may want to consider changing the way you manage your finances to help protect the value of your cash and savings.

6 Ways to Face Inflation This 2023

Ways to Strengthen your Savings

No one knows what will happen in the future. But by making changes in the way you spend and increasing your savings, it is likely that you will get through the inflationary phase with fewer challenges.

Here are some ways to strengthen your savings in a period of inflation 2023 :

1. Save first

Many have the habit of spending first and saving later. But, over time, the salary is spent without realizing it, so it is no longer able to save.

That's why it's important to plan ahead. Get used to the habit of saving first, then spending. Personal savings are very important because they guarantee survival. Especially when in a situation of economic crisis.

The amount you need to save depends on a number of factors, including your total income, household size and savings goals. The most commonly used strategy is the 50/30/20 rule. 

Basically, 50 percent (%) of income should be spent on necessities and commitments. 30% is set aside for the purchase of necessities and another 20% for savings. This might be a little bit confusing, but do use the calculator.me to help you calculate your financial, saving,, or even loan budget.

2. Set spending priorities, focus on paying off debt

Once you have set aside some portion of your income to build a good savings base, consider the best way to reduce expenses. In addition, focus on paying off debt. The sooner you get out of debt, the more money you can save in the future.

I wish I'm debt-free soon too!

3. Try to reduce electricity consumption

The two most challenging things when inflation is food and energy. High utility costs such as water and electricity can make it impossible to save. This is because these two things are important to continue living life.

You can save energy by making simple lifestyle changes. For example, reduce the use of air conditioning. Just finish using any electrical device, close the switch and unplug after use. In addition to helping to reduce electricity consumption, it also contributes to an environmentally friendly environment.

4. Find a cheaper alternative

If we talk about high costs, obviously the price of groceries shows the most significant price increase. In my household, the average grocery shopping for a week can go up to RM200. When shopping for home goods, I do compare brands and see if there are cheaper options. You are also encouraged to buy from local sellers.

Also, consider using cheaper ingredients for cooking. For example, use packet oil rather than bottled one, but do ensure you cook healthy food always.

5. Consider looking for side income

The reality is that we can't stop ourselves from making unnecessary purchases all the time. But we may work harder to find side income.Find side jobs that align with your interests. In addition to being able to generate more income, you can also develop skills in a subject of interest.

For example, if you have a hobby in the field of writing, you can do part-time work as a writer or journalist, just like me. Blogging used to be my side income but now is my full-time job. But part of it, I do others side income such as an Affliate from the Shopee or TikTok.

6. Negotiate for a raise

If you've been thinking about asking for a raise at work, now is the perfect time to express that desire to your employer. A salary increase is a great opportunity to strengthen savings. You can use the extra money to pay off debt or save for an emergency fund.

Also, use this opportunity to show your supervisor or employer all of your accomplishments and contributions at work. In this way, it can help you take steps towards advancing your career and realizing your broader career goals.

Maybe we as citizens are not able to change the economic situation of the country immediately, but we can prepare for the well-being and survival of life. 2023 might be a tough year, but don't forget to plan your budget and do strive to ensure our life goes smoothly.

May 2023 bring more joy and prosperity to us.


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