2022 is a complicated year. When everyone tries to survive the pandemic and economic collapse. The petroleum price is increased. Everything is getting more expensive than before. Housing and basic needs are impacted. The salary rises insignificantly, but the cost of living escalates rapidly. The impact can be in many fields. Numerous company will reduce their employees. Job is getting scarce. How can we survive this?
1. Live in a modest way.
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We love high-end products from the latest gadget, glamour clothing, and super-fast car. Deprioritize some unnecessary things. Luxury goods should be the second choice. Stop buying things that we don’t need. Lavish vacations can be switched to simple vacations. Strolling around the park can be a good idea without spending a lot of money. Happiness shouldn’t be expensive. Working from home? We can move to the countryside for a lower price of living cost. Nothing wrong with living in a modest way. Don’t need to impress other people with fake perfection.
2. Minimizing The Loan and Credit Card.
Bank will raise the interest on credit cards and loans. The more we spend with a credit card, the more we will have to pay interest. Likewise, The bank will do the same about loans. It will be better if we can use credit cards less. Take a calculated loan before starting a business or taking a mortgage.
3. Have Side Hustles.
Do you have a vacant room? You can rent it to Airbnb. Having a certain skill? We can promote ourselves to Fiverr. Make more income with a vehicle with Uber, Lyft, etc. It’s important not to rely on a job and always have second sources of income.
4. Be Picky at Investing.
Do you invest in stock? Some industries will have bad weather in the stock market. We should be selective. Which one is worth keeping? Some mining industries seem to survive. But the tech industry might slow down. Some investments are worth keeping. Some we could sell it.
5. Take Care of Yourselves
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Economic crises can challenge our physical and mental health. Our health should be a priority. Eating healthy food and workout is important. Medical expenses will be more expensive. It’s very important to stay healthy in the middle of economic chaos.