Many people across the country are struggling because of inflation as prices for various expenses, particularly food, housing, and energy, have risen unexpectedly. Whether you’re a single person or a family with children, everyone is experiencing some kind of hardship in these challenging circumstances. I’m especially concerned after hearing news after news about people doing unspeakable things under duress.
At the same time, these past few months, I noticed that our budgeting needed to be drastically revised. It’s unfortunate because I believe things are gradually improving since the pandemic, but this devastating economic situation has exacerbated the financial difficulties I’m facing as a mother. Nevertheless, mothers must maintain their strength, so there are a few things I do to alleviate the burden.
Before I share my methods with you, let’s define inflation because it is critical to understand what it is and how it affects us.
Let’s Talk Inflation Rate
As some of you may have heard, inflation is driving up food prices in Malaysia. Every day, we hear people lamenting the rising costs of meat, vegetables, and oil, among other things. But what exactly does inflation imply? According to Investopedia, inflation is the rate at which the value of a currency declines, causing the overall level of prices for goods and services to rise.
Essentially, as the inflation rate rises, so do the prices of our groceries. The Department of Statistics Malaysia (DOSM) reported last month that Malaysia’s inflation, as measured by the consumer price index (CPI), increased 2.8% in May 2022 from a year earlier, led by a food price rise of 5.2%!
No wonder I’m getting fewer items for the same money I spent a few months ago (sounds like a familiar situation, right?). Even so, whether we like it or not, inflation does occur, and it is important to adapt properly to keep things in order and try to maintain our sanity. Thus, I have tried to make some changes and a few adjustments to survive in these trying times:
Keep Spending in Check
I always try to keep track of our spending because we simply don’t know when and by how much prices will rise. I will make a list of the items I need to buy that will last for a week, a month, or longer so that I can budget how much I need to spend. This includes toiletries, medicine, and other personal items as well as groceries. I also set aside a certain amount of money for children’s toys to stay under that cap.
To help me save even more money, I occasionally choose generic brands over name-brand products, while still ensuring that the quality is good. Store-brand products may also be better options, but I will try them out first or read reviews to see how they fare. Staying on a budget would be challenging now due to the rising inflation, but I will always look for cheaper alternatives and buy when the items are on sale. If there is no urgency and the item can be purchased at a later date, I would KIV until the price drops.
Buy Needs, Not Wants
This is one of the most important points to remember when trying to cut back or tailor a budget to meet the needs of a family. I have to work hard on this as well because I love spending money on my children and want to buy everything that is cute, nice, and cool! That’s why I will make shopping lists so I don’t go overboard and start throwing anything and everything into the cart.
When I go shopping, I try to limit myself to buying only what is essential and avoid buying things that I simply want. This method also avoids wasting money by purchasing items that will probably not be used later. It is advisable to consider your options carefully and wisely before making any purchases.
Eat Out Less
I enjoy cooking at home but I also love eating out with my family. However, with prices skyrocketing, this is something that my family and I must learn to forego. I would still take my kids out for an occasional ice cream treat (within budget), and I will choose cheaper options to avoid spending too much money on outside food.
Moreover, a study suggests that eating out less and cooking at home more frequently results in healthier overall diets with lower food costs. This is actually true, as I can purchase 8 pieces of chicken breast for about RM30 in place of the single chicken breast meal that cost me almost RM20. I save about RM12 per piece after subtracting the additional items I must purchase to cook the chicken! So, cutting back on eating out does enable me to save money.
Find Opportunities to Increase Income
As I work as a freelancer, I don’t have a fixed monthly income and must find more work to supplement my income. I can’t just rely on the few projects I have because they won’t be enough to cover the expenses. I already have the necessary budget, so having extra money will help with unforeseen expenses like price increases.
Once you find your niche, a side income can be extremely beneficial, and there are numerous ways for stay-at-home mothers to earn extra money. That being said, finding ways to increase income is important for anyone who may be affected because many people are struggling financially at this time. My passion is writing, so that’s what I do for a living. But anyone can make extra money by assessing their skills. The work can also be done in your spare time, such as on weekends or at night.
Saving Electricity Bills
Any household with a lot of electrical appliances will find electricity to be their primary utility. At my house, in particular, the usage of the washing machine, air conditioners, fans, and TV are quite high. Every now and then our electricity usage raises the bill. Everyone in the house needs to do their part to save electricity, and I also make sure to include the kids in this.
We established ground rules that everyone must follow, including turning off lights when not in use, turning off fans and air conditioners, not leaving the TV on with no one watching, turning off plugs when not in use, and most importantly, not taking a long hot shower. Conserving energy is difficult at first, but it becomes easier once it becomes a habit. I can even see the difference on the utility bill now!
Mental Health Is Just As Important
The current inflation situation is extremely difficult, but with determination and proper planning, everything will work out. There are so many ways to save and cut back on spending that what I have here is just the bare minimum. You must test various options to see which suits you and your family the best.
Aside from financial concerns, the most important thing right now is to keep one’s mental health in check. If you don’t think your problems are going away, seek help and talk to the people you trust the most. Remember that you can only provide adequate care for your family if you are mentally stable, so look after yourself as well. You’ve got this, mums!
For more insightful stories and fun recipes, stay tuned to Motherhood Story!