Television news producer Roy Narra cut back on Grab food deliveries and rides to help him manage the higher prices of grocery items and utilities, especially since living alone, he has no one to share the financial burden with.
Like many Filipino urban dwellers, the 26-year-old who rents a condo unit near his office in Mandaluyong City said he was forced to change his spending habits so that his income can keep up with accelerating inflation.
“I’m more conscious of my electric consumption now. Bihira ko na buksan yung airconditioner ko. Tapos whenever I leave for the weekend, hinuhugot ko lahat ng saksakan except sa refrigerator,” Narra told reportr.
“I also noticed na tumaas ang price ng grocery items. Ngayon, five items lang, P1,000 na,” he added.
When inflation starts to take away the peace and independence that solo living brings, it’s time to learn and practice effective financial management, financial coach Joanna Marie Almonte-Detera told reportr.
“Bakit kailangan natin ng financial management at this time? Kasi yung inflation rate, tumataas siya. Kung hindi tayo magkakaroon ng financial management on our own, yung pera natin mas lumiliit,” she said.
“Kung walang nagga-guide sayo, you will work na lang para sa mga bills mo, wala nang matitira for your savings. Kaya kailangan natin ng financial management,” she added.
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How inflation affects solo living
Some people do away with proper financial management because they are unaware of how inflation affects their budgets and savings.
In essence, inflation diminishes the value of the money that you have as prices of goods and other commodities go up, meaning there are lesser items that you can purchase.
“Sabihin natin mag-save ka sa bank ng P3,000, after ng inflation, yung value niya P2,800 na lang. So kinakain ng inflation yung pera mo,” Almonte-Detera said.
It becomes more difficult for individuals living alone as they have to shoulder all their expenses. With no additional income, they have to make use of what they have even as the cost of living gets more expensive.
Such is the case of Narra, who had to be more discerning when doing grocery shopping in order to find the best deals at cheaper prices.
“Back then, I didn’t mind kung saang grocery ako namimili but now, as much as possible, umiiwas na ako sa mga grocery stores na membership-based and grocery stores sa malls,” he said.
How to manage your expenses when living alone
When solo living becomes unbearable due to rising prices, you might need to reassess your budget, make some lifestyle changes, and consider other sources of income, Almonte-Detera said. This will allow you to manage your resources and be able to pay your bills and expenses even with an increasing cost of living.
For those who might need a little help managing their expenses while living alone, Almonte-Detera offers these tips:
Save up first
Even though it’s so difficult to save money when expenses eat up much of your income, it’s always the first thing that solo living individuals must do to ensure financial security, Almonte-Detera said.
The money you save can be used for emergency situations, like when you or your loved ones need immediate medical attention, or when you need additional funds for important expenses.
“Mag-save ka muna then after that settle all your expenses. Then yung matira is para sa leisure mo. Kailangan maging balanced siya, hindi yung lahat na lang pang-expenses,” Almonte-Detera said.
Limit your expenses
When your income doesn’t cut it anymore, it might help if you sit down and reassess your expenses --- whether there are items you can cut or at least reduce, Almonte-Detera said.
For example, if your electric bill gets too high, you might consider limiting the use of your air conditioner or at least lower its thermostat. You can also try unplugging appliances when you are not using them, or turn off the lights when there is adequate sunlight in your room.
“Tignan mo yung budget list mo, tignan mo yung everyday na ginagawa mo. Ano doon yung kaya mong i-remove muna na pwede mong gawin before magsahod,” Almonte-Detera said.
Cut back on non-essentials
One of the reasons why people go beyond their budgets is because they spend too much on shopping, eating in restaurants or ordering food, and other leisure activities.
When you’re short on cash, consider cutting back on these non-essential expenses so that your money can be spent on the things that you really need, Almonte-Detera said.
“Halimbawa, naglo-load ka. Diba mostly ngayon internet na lang ang ating communication? So yung paglo-load ba ay ginagawa mo regularly, weekly? Separate ba siya sa iyong internet? If yes, maybe you can remove or reduce it," she added.
If your place of destination is nearby, it might also help if you try walking instead of taking Grab or other ride-hailing services.
Change your eating habits
Everyone needs to eat to survive, but you can save on your food expenses if you prepare your meals instead of ordering online, just like what Narra did.
“Less na rin yung pagpapa-food delivery. I taught myself how to cook para mas makakatipid sa gastos for food,” he said.
Find another income source
Lastly, if you think your current salary can no longer support your solo living, it may be good to find another source of income to double up the money that goes into your funds every month, Almonte-Detera said.
“Yung sideline or side hustle na yan is kaya mong gawin ng two to three hours a day. Yun ang tutulong talaga sayo. Kasi kahit sabihin ko magtipid ka, hindi pwede kasi kakain ka. Hindi siya sapat na magtipid lang.... Hindi sapat na isa lang ang trabaho,” she added.
Joanna Marie Almonte-Detera is an engineer by profession and a certified investment advisor and financial coach. Reach out to her here if you need advice on financial management.
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