The Soaring Inflation: 5 Ways to Live with Less
Recently, the news is filled with not-so-good information. One of them is the rapid increase of daily commodities and goods worldwide. Although this is not a new problem, it hits vulnerable populations in low-income countries.
Here in Japan, food and fuel prices increased and most people thought about how to live frugally, making ends meet during these hard times. It is the only way to survive after the pandemic and Russia’s invasion of Ukraine.
Photo by Konstantin Evdokimov on Unsplash
We are all forced to live with less because of the economic crisis that threatened our livelihood. Some people thought how hard it is to adjust but learning the art of living frugally will make things easier.
1. Learn to accept the new situation
Accepting the reality of the situation that you make less money than before will help you cope with the new financial circumstances. Learn about government assistance and how to qualify for it. Take action since programs often give applicants limited time to apply for aid.
2. Earn extra income
Japanese Yen. Photo by jun rong loo on Unsplash
If circumstances permit, why not earn extra income? If you have skills, you can be a chef, driver, free-lance writer, hairdresser, or mechanic and offer your services for a fee. Sell handmade items and unused things in your house. Even with a little income, it makes a lot of difference to your bank account.
3. Practice minimalism
Photo by Bench Accounting on Unsplash
Minimalism is not only a trendy lifestyle and art movement but it applies to all aspects of life. When you downsize and prioritize only the essentials, it makes room for the most important things in life.
Things to consider when you apply minimalism: house, furniture, clothing, cosmetics, food, transportation, entertainment, and future purchases. Ask yourself if you own excessive items that add clutter and mental stress to you.
4. Keep track of your expenses
Photo by Sincerely Media on Unsplash
Make a list of all expenses and compare it with your income. Identify which items you need to eliminate so that you can focus on the most essential ones.
- Utilities– Discuss with your family how to reduce electricity, water, and fuel costs. Unplugging electric devices when not in use is a wise idea that can help save money.
- Transportation– Consider carpooling with your family to save transportation costs or if your destination is near, try using a bicycle or walking. If you have errands, try to plan them on a certain day and you can save on gasoline expenses.
- Entertainment– Try to cancel at least for a time, paid subscriptions, or cable TV services. You can find low-cost entertainment through free online movies or visit a local library.
Sinulog Festival, Philippines. Photo by Hitoshi Namura on Unsplash
You can take advantage of free cultural activities in your city or town and explore local museums, they are usually free to visit.
- Food– Cooking at home saves a lot of money and it is healthy as well. Plan your meals, buy and cook in bulk if possible. Recycle leftovers by turning them into another dish. Make a grocery list to avoid impulse buying.
Related article: https://www.tanboblog.org/benefits-of-cooking-at-home/
If you have a spacious lot in your house, create your own vegetable garden and this saves you a lot of money while giving you a free and enjoyable hobby.
Timeless wardrobe. Photo by Sarah Brown on Unsplash
- Clothing– Purchase clothes only when you need to replace the worn-out ones. Resist the urge to follow fashion trends and if possible, invest in a timeless wardrobe.
- Gym Memberships– You can still be fit and healthy without hitting the gym. Memberships are expensive and there are lots of ways to exercise for free. Go out for a hike, ride a bicycle or do free workouts at home using Youtube videos.
5. Practice gratitude and spirituality
Prayers. Photo by Ashley Inguanta on Unsplash
When you practice gratitude, you feel content and positive despite economic hardships. Spirituality on the other hand makes you calm and avoid excessive anxiety about financial matters.
Inflation and economic crisis are here to stay, however, we can find ways to live with them. By practicing good habits and avoiding harmful attitudes, we can truly live and enjoy life with less.
Featured Photo by regularguy.eth on Unsplash