2022 is coming to an end in a matter of days. It was almost half a year since the government loosened the regulations on mask-wearing, international travels have long started and businesses have started to regain balance, only to be surprised by the Russia-Ukraine conflict, coupled with the rising prices in oil and chickens, which further rippled to other aspects of the economic cycle. This in turn has caused rising inflations that the lower-medium income household has started to feel the pinch in their daily expenses.
The question is, “How do we keep up with the rising inflation?”. The answer actually lies in the way we do our financial planning and also life planning. It is time to sit down with your financial adviser to discuss how you can beat inflation and may need to consider downsizing your lifestyle or finding cheaper alternatives eg. buying home-brand groceries or products.
The key word here is to be financially prudent. In the end, the decision is yours to make the necessary changes in your life in order to survive in the long run.
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