how to beat inflation

Here’s What You Can Do to Combat the Effects of Inflation

For the past few weeks now, we’ve been experiencing price hikes—from gasoline to consumer goods—and there’s nothing to blame but inflation. And it continues to soar as it already jumped to 6.7% in September. Last month’s figure was higher than August’s 6.4%, and it is considered “the highest in more than 9 years or since February 2009 when inflation was at 7.2%,” according to Rappler.com.

While projections of the inflation rate can go between 6.3% and 7.2%, it’s the consumers that continue to suffer the consequences. Remember when red chili peppers or sili were being sold for ₱1,000 per kilo? It turns out that they are not the only ones to come with hefty price tags. Fortunately, there are things you can do to beat the effects of inflation. Shall we begin counting?

Bring your own lunch to work

Food can eat up a big chunk of your budget. Sure, you deserve a sumptuous meal in between meetings and deadlines, but it’s important to know when to splurge on food. These days, it’s a wiser decision to pack your lunch which can be a lot healthier (if you know which ingredients to use) than that packed food from your go-to fast food chain. Plus, it can save you a few pesos!

Grow your own food

Now is the best time to start your own garden of fruits and vegetables. Some fruits and vegetables that you can grow at home, specifically in pots or small containers, are tomatoes, calamansi, beans, and chili peppers. You can also add herbs like mint, parsley, and rosemary to spice up your dishes for free.

Make a list before going shopping

Whether you’re headed to the mall or the nearest grocery store, making a list of the things you need to buy is always a must. Why? This is so you can stick to your budget and avoid buying things you don’t really need. Sure, there will be ads and promotions to entice you, but you should stop yourself from giving in to the temptation.

Use energy-efficient appliances

Manufacturers of refrigerators, washing machine, and air-conditioning units are now producing energy-efficient appliances to help you save up on your electric bill. Besides these big home appliances, you can also use LED bulbs since they are brighter and consumer less energy than the yellow lights. 

Consider joining a carpool group 

Aside from being a comfortable alternative to the jampacked MRT/LRT, joining a carpool group to work can reduce your car-related expenses like fuel and fees on toll. It can also grow your professional connections as carpoolers often share something in common like their place of work, making it easier for them to become acquainted with each other.

Invest in a time deposit account

A time deposit is similar to a savings account but more appropriately described as a type of investment account where you keep your savings for a set amount of time. One of the main advantages of a time deposit are higher interest rates and its “risk-free” nature. The terms of most time deposit accounts range from 30 days to up to five years. With a time deposit account, you can expect higher earnings via interest the longer you keep your money in the bank.

To learn more about the banks that offer time deposit account services, compare with GoBear today!