Summer has officially arrived in Pakistan. Aside from the scorching heat this season, inflation has taken a huge toll on Pakistan’s economy recently. Due to the recent ban on imported items, the prices have struck, leaving us with endless difficulties. Whether it’s going out to buy groceries, getting your car checked by the mechanic, or getting your car refilled with Petrol; the troubles are never-ending. We, as human beings, are all tired of these always-on-the-rise inflation rates. In order to ease making ends meet during these difficult times, here are some financial tips to help you survive inflation in Pakistan.
Invest your Money that’s not in Use
During times of inflation, investing your money should be one of the first things on your mind. Although risky at times, it is the most effective way to put your spare money to use, let it expand and make more out of the amount you already have. You can start off by investing your money in gold, real estate, land, and small enterprises. The value of your money may multiply over time.
Remember to Make a Budget for Yourself
In order to save the most out of your money, always be sure to plan ahead and prepare a proper budget for yourself and your family. This will help you keep track of your cash outflows and stop you from spending on unnecessary things to keep your money secure. Once you set a budget, you limit yourself from spending your money, and just like that, you can save a lot more than you imagined.
Have More Than One Source of Income
Having multiple streams of income is very important; especially during difficult times like these. This allows you to be prepared if any of your income sources fail. With the world moving towards a digital age, there are various ways to generate that extra source of income; doing freelance work, starting an online business etc. You will have financial protection from job loss and be prepared for your retirement in the future.
Make a Habit of Saving
While it may be tempting to spend all your money on things you desire, it is important to save as much as you can. It is recommended that you save at least one-third of your income. In the long run, savings will help you survive in the future incase of any financial crisis. To make it easier for yourself, start by making saving goals; for short-term and long-term.
Take a New Perspective on
A great way to use your money efficiently is by annualizing your expenses. Change your perspective and start by thinking of how much annually you’re spending on something that you purchase daily. For example; if you have a habit of buying coffee everyday that costs Rs. 300. That means you’re spending Rs. 109,500 out of your income annually on coffee alone. A change of perspective can be a good way to motivate yourself to lower your expenses.
Few Other Ways of Surviving Inflation
You can start spending on things that will help you save. For instance, you can buy solar panels and inverter appliances to reduce your electricity bill. Another tip is to make a habit of bringing home-made food to work. This will save the money you would have spent on ordering food for lunch. Lastly, one of the most effective ways to save money is to install Pakistan’s first savings platform called Savyour. With this app/webiste, you can earn cashbacks on your day-to-day shopping on top of discounts on various brands across multiple categories. This is a great way to save with discounts and earn through cashbacks.