Economy down… What you should do?
Everybody is struggling what to do when petrol price goes up. The transportation services, food, construction materials and many more will followed to increase the price by percentage.
Let’s say example your income is $2500 per month.
Food (breakfast, lunch and dinner) – $1000
Transportation – $450
Electrical & Water bills – $150
Life Insurance – $100
Extra expenses like shopping and etc. – $300
Car loan or housing loan – $500
Total: $2500 per month
But now, most of the things are increase 30%. So you might save some money from the extra expenses to cover the food, transportation and the bills. But does it workable?
Yes and NO.
For short period, it’s the best way to cut extra expenses to cover the more important expenses like food and transportation. But this cannot be last long because your salary didn’t increase.
What if the Electrical and Water bills fee increase? May I know what expenses you will cut again? Probably you will not choose to sell your car or move to a smaller house? This is not a solution but you setup a trap for yourself.
The best way is to SAVE and then INVEST.
Temporary cut some extra expenses and then look for opportunity to increase your income. Don’t let your income stay at the same level. Some people will choose to work part time at night after their full time job working hours. Or some will do networking marketing (MLM/ Direct Selling), make money online by promoting other people’s product, blogging with Google Adsense and many other opportunity you can think of.
It’s rather than you just trying to cut expenses without increase your income. Find a way to increase your income will be more practical to resolve the economy down problem.
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[tags] economy down, how to make extra money, save expenses, reduce expenses, earn more money, make money online, petrol price increase [/tags]