Spending tips to help young families deal with inflation
As food and energy prices rise in Asia, households and consumers are being forced to adjust spending to fight inflation.
From China to India, Indonesia, Singapore and South Korea, inflation has skyrocketed. The prices of staple foods such as bread, eggs and meat have also changed. Consumer price spikes are often due to disruptions in global supply chains, border closures and cuts in government subsidies.
The Asian Development Bank (ADB) said in early May that rising commodity prices pushed inflation in the region’s developing countries to 3.7% by 2022.
It’s impossible to predict what inflation statistics will be like over the next few years, but here are some great tips to help families get through tough times.
Conversion to national products
If you find that your family is increasingly buying and selling goods and groceries, there is an easy way to cut costs by switching to national brands. These can be 30% cheaper than imported ones but still guarantee value and quality.
When shopping, look out for regional branded products. Picture: AFP
Use energy-saving devices.
As gasoline prices rise, families should consider switching to more fuel-efficient cars, electric cars, or public transportation to cut costs.
In addition, you can install solar panels and use a water-saving washing machine in your home. This is not only good for the environment, but also for your wallet.
Reuse old things
In everyday life, not all items have to be bought new. Families can buy used or less practical things for their children, such as E.g. bicycles without pedals, strollers or used toys. Or instead of buying new books, go to second-hand stores, the price is only half or 1/3 of the original price.
expense tracking
Every year, users should spend a week or two tracking their expenses to increase financial balance and discipline. This helps families understand what they spend their money on, identify unnecessary items, and form sensible spending habits.
ask for a raise
Inflation erodes purchasing power, so the best way to combat it is to increase your income. If you do your job well, a raise is a must.
learn to invest
Investing is the ultimate way to defeat inflation over the long term. Investing in value-preserving or value-enhancing assets is one of the best ways to protect individuals and families from inflationary shocks.
We can’t control inflation, but families can manage their finances and make the right decisions.
Minh phuong (after SCMP)
