Surviving the wind of recession- Come out ahead even as inflation hits 17.78%

Surviving the wind of recession
With inflation at 17.78%, prices of food such as bread, cereals, meat, fish are constantly increasing. With no additional increase in consumer income, households will need to adopt a more frugal approach to spending.
We have highlighted a few tips to help you survive the recession.

• Have a budget before payday – and avoid spontaneous expenditure. A budget does not mean one should be stingy or anti-social. It just means that every area should be consciously planned for – including discretionary and miscellaneous expenditure.
• Budget expenses (including social engagements), and accrue funds in savings for major expenses like holidays and rent.
• Stick to your budget – this is easier said than done!
• Avoid Having Idle cash in your wallet –the Elite debit card is your friend.
• Invest in “assets” and do away with “liabilities” – do not be like banks that actively seek to grow liabilities! Define what for you is an asset…the latest leather sofa or a plot of land?
• Have a savings plan AND an investment plan. Savings plans should cover short terms needs or emergencies, while investment plans accommodate long term retirement needs.
• Tools like UnionKorrect, UnionGoal, Domiciliary accounts etc. are savings options while land, shares, voluntary contribution to pension plan etc. are useful investment tools.
• Invest in your health and well-being – exercise, eat right and go for regular medical check-ups.