Inflation and price hikes go hand in hand. We worry about making our money go further, without sacrificing our lifestyle and our comforts. But what many of us may not realise is that rising prices don’t just affect things like food, utilities, and petrol. Inflation doesn’t just affect our economy and our livelihood. It takes a toll on various parts of our society and our family, whether we know it or not. Here are some unlikely areas of your life you may not think about when inflation hits.
Fashion
If you’re a regular fashionista who likes to burn their savings on shopping sprees at your local department store, this inflation may have put a damper on your regularly scheduled weekend shopping sprees. Even if you’re well off, you may feel the burn. Even if not immediately when you swipe that credit card, you likely will later when the bill comes. While many of us can get by without owning that new pair of Gucci pumps, the rest of us may find that it’s now a bit harder to splurge on unnecessary fashion accessories.
Celebrations and Holidays
While people may not necessarily stop celebrating birthdays, anniversaries and get togethers, you may still feel the pinch the next time you go out for your holiday shopping. This, of course, directly correlates to the rising prices of food and drinks. You may end up going to cheaper restaurants or just resorting to a simple homecooked meal instead of a lavish all-you-can-eat buffet at the local 5-star hotel. Most of us may not usually think often about how much it actually costs to host a party, but these recent price hikes will surely open our eyes.
Personal Grooming
When it comes to looking our best, clothes are just the tip of the iceberg. Some men may have it easier, as long as the price hikes don’t affect barbershop fees. But for the rest of us, we may feel the burn from this inflation. Between styling products, haircare, skincare, makeup and perfume, you may find that hole in your purse getting bigger and bigger every time you look. So, be careful about your personal grooming expenses the next time you stop by at your local malls.
Healthcare
Probably one of the worst things to be affected by inflation is healthcare. However, unlike most things, medical inflation is not caused by rising prices of goods, but rather new technological advancements and an ageing population. Some medical expenses may skyrocket a little from inflation, although this rarely happens and the margin is relatively low. However, always ensure that you have an emergency medical fund in place just in case you lose your health insurance or you experience a medical condition that isn’t covered. It’s always a good thing to be prepared especially when it comes to our health.
Entertainment
Depending on how bad the inflation is, some entertainment establishments may adjust their prices, especially their food and beverages. Karaoke bars, movie theatres, theme parks, arcades and other similar places are just some examples of entertainment locales that you may end up avoiding until the inflation blows over. But those are just the small things. Even going on simple dates or outings can start to feel depressing—especially if you’re trying to save and everything suddenly becomes more expensive. Which brings us to the second point.
Relationships
We spend a lot of our money going out with friends and loved ones, doing activities, even if it’s just eating out at a restaurant. But some of us may not want to go out as much now that prices are on the rise. And this may not necessarily bode well for those who are used to socialising at expensive cafes or shopping malls when it comes to relationships. There will likely be fewer and fewer people who will treasure the friendship enough to maintain it even without the entertainment factor. You’ll truly find out who your genuine friends are during times like these.
Being Grateful for the Small Things
If you’re lucky to have deep pockets, then you may not yet feel the impact inflation has on the country. For the rest of the population though, tough times lie ahead. Just like the 2-year pandemic that we experienced where hundreds of people lost their jobs, this inflation will surely have its fair share of casualties. Although probably not as bad as the nationwide lockdown.
It can be humbling to truly appreciate the simple comforts and fleeting luxuries that life has to offer. Hopefully this inflation has taught us to be more grateful for what we have, because once it’s gone, there really is no getting it back.