Do you feel like your daily expenses are getting higher and higher? Do you spend a huge chunk of your salary on travel alone? Well, you aren’t alone – many people across the globe are feeling similar strains as oil prices rise and train fares increase. The ripple effect of these increases can have serious implications for our money, particularly when it comes to stretching that paycheck further each month or trying to save some extra cash here and there.
In this blog post, Vista Residences is going to discuss how we can address such rises in bills and transport fees to budget better, with practical tips on how best to save money while still maintaining an enjoyable lifestyle.
Effects Of Oil Price Hike In The Philippines
Oil price hikes have a great effect on the day-to-day expenses of Filipinos. This is because oil is widely used not just for transportation but also for electricity and other needs. With the increasing prices, businesses and companies are forced to increase their prices accordingly. Thus, it affects our daily expenses, including basic commodities like food, water, and electricity.
Effects Of Train Fare Hike In The Philippines
Train fare hikes also have an effect on the expenses and financial decisions of Filipinos. This is because many people rely on trains as their main means of transportation to get to work or school. With the increasing fares, it can be difficult for them to maintain a budget, and it may even force them to take alternative and more expensive transportation.
The effects of fair hikes on the students are especially alarming since the increasing tuition fees and other educational costs already burden them. Many are already struggling with the financial requirements for their studies, and train fare hikes can add to this difficulty. This may even force them to drop out of school due to a lack of financial support. This is why many students demand the government provide subsidies for their transportation costs.
What It Means
The effects of train fares and oil price hikes in the Philippines mean Filipinos must adjust their daily expenses. They must be careful when spending money and look for ways to reduce costs and cut unnecessary expenses. To understand this further, it is important to know how the prices of these commodities affect our economy.
1. Increased transportation fare costs
With the ongoing train fare hike that started, many commuters who rely on trains as their mode of transportation have felt the hit in their daily expenses. The rising prices of oil worsen this situation. The increased transportation fare costs lead to a higher percentage of our daily expenses going towards transportation, leaving less money for other necessities. To solve this, you may opt for carpooling, walking, or biking to reduce travel expenses.
2. Increase in food and goods prices
The increased transportation fare and oil prices also impact food and goods prices. The transportation cost of bought goods is included in the cost of goods itself, and when transportation costs increase, the price of goods and services also increases. To save money on groceries and food items, buying in bulk, looking for promotions and discounts, and avoiding impulsive buying is wise.
3. Increase in the cost of living
The rising cost of transportation and goods eventually leads to an increase in the cost of living. It is important to adjust our budget since we can no longer afford the same lifestyle we previously had. To decrease the cost of living, try to eliminate unnecessary expenses. You could also try to live near your workplace or school or find ways to earn extra cash through side hustles.
4. Tougher financial budgeting
With the rise in cost, budgeting efficiently is more important than ever. You may need to do this once or twice a month to avoid exceeding your budget limit. A method that could be effective is the 50/30/20 rule. This rule suggests that 50% of income should go towards necessities such as food, accommodation, and transportation, 30% of income should go towards wants, and 20% of income must go towards long-term savings.
Tips To Save Money Despite Oil Price And Train Fare Hike
The oil price hike and train fare hike can have a great effect in our expenses, but it doesn’t mean that we don’t have any choice but to accept them. Here are some tips that can help you save money and adjust to the changes:
1. Track your expenses
Make a list of all your expenses, including transportation, food, bills, rent, etc. This will help you evaluate which areas you can cut back on in order to save more in case of any emergencies or when unexpected hikes come up.
2. Look for cheaper alternatives
Although prices might have increased, there might still be cheaper alternatives. Make sure to check the market and compare prices of different stores to get the best deal.
3. Cut down on unnecessary expenses
Take a look at your budget and identify which expenses can be cut down or trimmed. This may include entertainment, shopping, eating out, etc.
4. Spend money wisely
Make sure to plan your expenses and think twice before spending your money. For example, instead of buying the most expensive item, look for a cheaper alternative that can serve you the same purpose.
5. Look for ways to increase your income
Look for opportunities where you can earn extra cash, such as freelance work or part-time jobs. You may also try selling pre-loved items online and reinvesting the profits back into your budget.
6. Invest in a smarter condo
Investing in a condominium can be one of the smartest ways to save money for the future. This will give you more flexibility when it comes to budgeting and also provides a sense of security knowing that you have an investment property. Condo living also gives you access to many amenities and facilities, such as pools, parks, fitness centers, etc.
7. Make use of technology
Take advantage of the many applications and websites that can help you save money with coupons or discounts. Also, look for online platforms that provide a safe way to invest your money so you can earn more from it.
These are just some of the tips that Vista Residences can share to help you save money despite the increasing prices of train fares and oil. Taking a few steps in budgeting and strategic planning can go a long way. Although it might take a while before we have an equilibrium in our economy, these tips will enable us to live comfortably despite the situation.
Let Vista Residences help you save money
Vista Residences understands that these are tough times, and that’s why we offer condominiums with great value. With our strategic locations and quality condo community features, you can be sure to get the best bang for your buck.
Visit our website and learn more about how we can help you save money. We offer the best condominiums in major cities in the Philippines at the most affordable prices. With Vista Residences, you are always one step closer to making your dream home a reality. Contact us today and start investing for your future!
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
