How we can still save in this world recession?

I’m sure you have read in the newspapers, that most of the richest nations in the world are officially in recession. Times are tough but in all of this doom and gloom, there is a small benefit to us ‘little people’. Oil prices are at historic lows and everything from the cost of gas, jeepney, taxi and bus fares, and. even cooking gas is on its way down. As a matter of fact because almost all consumer goods need to be transported one way or another, the lower price of oil should make things cheaper.

So how do we save? By simply ignoring the price decreases! The last 6 months we have seen prices rise to unbelievable amounts but guess what? You survived! I know it’s been tough, very tough!!! But if you are reading this article, you probably made huge adjustments in your lifestyle in order to make ends meet.

Now here’s what I’m going to ask you to do. Just because prices are falling I’m not going to ask you to relax. Maintain the changes you have made in your lifestyle! Except here is what you do... Let’s say your full tank of gas used to cost PHP3,000.00 and now it only costs PHP2,000.00, what you do is you grab the PHP1,000.00 you just saved and put it in your piggy bank (I’m a huge believer in the piggy bank), savings account or mutual fund. And don’t touch it!

Your jeepney fare used to cost PHP8.50, now it just costs PHP7.50 (by December 15). Save the PHP1.00! No matter how small the amount of money, it will make a huge difference in the end. PHP1.00 saved everyday and invested every year is nearly PHP64,000.00 compounded in 30 years!

So let’s take advantage of this temporary decrease in price. Believe me when the world market starts to pick up again, I can almost guarantee that the price of oil will also go up!

For more information on how I can help you email me on hoover@barongroup.com.ph.