Disclaimer: I am not a financial advisor. Always do your own research when it comes to financial decisions.
This 2022, prices are soaring to an all time high. Gasoline and transportation costs are up, which drives the cost of goods and services higher.
According to the Philippine Statistics Authority, the country's inflation rate has gone up to 4.9% in April 2022 (the highest since January 2019). Due to the rising prices of oil and electricity, prices of commodities followed suit (via Rappler). The pandemic has also taught us to scrimp and save, but here are some practical tips to save some money.
Walk and bike
Iloilo City is a walking and biking haven as of now. Bike lanes have improved, the streets are more bike and walking friendly. I walk around a lot if I can. It's not only a money saver in terms of transportation and it's good for your health too.
Read: 4 Reasons Why Iloilo City Is the Bike Capital of the Philippines
Use online banking and payments
Use of digital banking and e-wallets have increased since the pandemic. Other than the convenience, it also saves us a lot of costs like transportation since we can just pay bills anytime. I personally use GCash and digital banks like ING. Shopee is my favorite app for online shopping and I recently started using Shopeepay to avail more discounts and promos.
Take advantage of work from home
If you have a work from home schedule in your workplace, use it! I find that it saves a lot of time and money (food, travel) as well. I have one day a week to work from home. It was a challenge at first to bring work home since I work for library digitization. Now, I schedule my online work such as writing, social media, and creating graphics for my work at home days.
Cook and eat at home
Food Panda and Grab Food has really challenged me there, but cooking and eating at home can save us a lot compared to eating out or ordering food. I also try to be more conscious of my diet and eat more plant-based food. Not only for health reasons, but vegetables are still cheaper than meat products. At home, we also started planting vegetables such as pechay, pepper, tomatoes, and herbs for cooking.
Budget and track spending
I use the Bluecoins app to track my spending and see how much money I have in banks, e-wallets, and in investments. It is really helpful since most of us have multiple accounts in different platforms. Tracking my money also helps me not to overspend and be more conscious about things I spend on.
Read: 5 ways to optimize your finances for young professionals and fresh graduates
Manage debt payments
If you have loans such as mortgages, car loans, or credit card debt, it's best to keep track of them and not miss payments. For car loans, carpaymentcalculator.net is an excellent tool to track the status of your car loan and payments. The cost of fuel is rising, and to save on gas costs, try their gas station savings calculator. We almost missed a payment once for our family car and keeping track of it helps prevent paying additional fees.
More: Free online car games for kids and adults
Save for your emergency fund
An emergency fund is usually 3-6 months (or more) of living expenses saved. We don't know when we'll need some money - we may lose our jobs, get sick, or any unforeseen situation. The pandemic has taught us that anything can happen and it's better to be prepared. I have a separate bank account for my own emergency fund.
Look for extra sources of income
Despite having a full-time job, I have learned that having another source of extra income is important. I also find it fun. This year, I started earning from blogging through ads, affiliate marketing, and sponsored posts. I sell some books and things I no longer use in Carousell, a popular buy and sell app. I am always learning more about finances. I am also planning to expand my website in the future to include products and courses.
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