If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you. But when you ask, you must believe and not doubt, because the one who doubts is like a wave of the sea, blown and tossed by the wind.
The whole world is facing inflation and high energy prices. Believers in the lower income group need to seek the Lord’s wisdom to mitigate the cost of living. Through early effort to preempt inflationary ills, one can stay calm and less stressful. Otherwise stress may affect one’s health which will be another expense not to incur.
Here are some common sense tips that will help to manage the mortgage, utility, grocery and other bills.
- Mortgage Payment. With the US Federal Reserve likely to increase the interest rates to somewhere between 3 to 4% soon, the central banks of all nations will likely hike the same or more. It is wise to seek fixed re-financing if one is unable to absorb such increases in his or her monthly expense budget. With the housing prices still high now, downgrading to a smaller and less costly apartment is another alternative.
- Utility Bill. One should study all the electricity plans offered by the various energy providers right away and decide on a fixed plan so that he or she will not be shocked with hefty increase in the near future. Choose the quasi-governmental provider if possible. The Europeans woke up one day to find the price of gas went up by a few times.
- Grocery Bill. One should re-evaluate his or her diet and settle for a nutritious and economic diet replacing expensive fruits and vegetables with those of cheaper and similar nutritional value. Sometimes eating out at the economy rice food-stall may be more economical than cooking because of the economy of scale. (Exercise more to keep fit. Exercise is also a good way of relieving stress.)
- Discretionary Expenses. Stop all non-essential expenses to build up an emergency savings fund.
- Transport. If possible, switch from private transport to public transport. That will relieve all kinds of unexpected car related hefty expenses.