Budgeting Amidst Inflation: How Can We Stay Afloat?
Money management is really a hot topic in the current economic climate and for most people, understanding money let alone investing, is overwhelming.
Throw in social media and you have influencers and ads convincing you to treat yourself every day because life is too short.
Celebrating yourself is amazing, no doubt. But with the rising cost of living and shrinking disposable incomes, proper budgeting can help you build a happy and sustainable lifestyle.
Should you spend all your money on fun and social activities every weekend instead of saving & investing it? With Tulix Jars, we believe you can do both.
Tulix Jars to the Rescue
A sustainable lifestyle looks like budgeting according to your personal values—just because you can have it all doesn’t mean you like it all.
For instance, if travelling is your priority, you can forgo or limit frequent eating out to save up for your trips. Simply create an Open Jar and label this your “Dream Jar”.
Aside from a Dream Jar, four other types of finances we need to plan for on average are bills, personal expenses, savings/investment and an emergency fund.
Here are 3 types of Tulix Jars that can help you budget:
- A Merchant Jar is perfect for utilities like water and rent since they are recurring expenses that you can tie to specific service providers;
- An Open Jar is great for personal expenses like food and clothes that have no deadlines;
- Two separate Goal Jars for your Emergency Fund and Savings/Investment Fund where the money can earn interest as you build up the amounts.
Saving With What Income?
We can’t talk about budgeting without discussing wages and the rising cost of living and basic commodities.
It’s easy to say, for instance, move to a cheaper house but what about the cost of moving?
Then there’s the cost of transportation if you move further from work and if you have kids, they may have to change schools which is another cost.
It’s well-meaning advice but "kwa ground" without a stable income, saving against inflation and rising cost of commodities feels like navigating a sinking ship. You keep cutting costs to buy yourself more time but eventually, the boat sinks.
Budgeting can be a lifeline as you wait for things to look up—the idea is to get better at managing money no matter the amount.
For example, you don’t need to make big investments right away. Instead, focus on building a saving habit (as little as you can) in a Goal Jar and stay consistent.
Remember, there will be times when you can’t save but try to take pride in the fact that you’ve taken care of the expenses you could that month.
Social media will have you thinking everyone has a dozen income streams but focus on your personal journey and goals. Applying even some basic money management techniques will help you feel more confident and optimistic about a secure future.
Cultivating healthy financial habits is a recurring process, not a one-time thing, and the Jars are with you all along the way.
Learn more about Tulix Jars here.
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