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Managing Income and Savings Amidst High Inflation Rate and Post-Pandemic Issues

The Covid-19 Pandemic has specifically brought more challenges to all of us not just in our health and lifestyle, but also in how we handle our finances and properties. In fact, according to the 2022 Inflation Rate Report by the Philippine Statistics Authority, the inflation rate for November 2022 rose to staggering 8%, when it is normally around 3-4%. Although there are other things that may have affected the inflation rate, we also presumed that the pandemic and the economic closure might have an effect, as well. 

With the rising prices of commodities, I have learned to take a closer look at our family budget and spending. It was easy for me to do it without special programs and applications since I am an accountant. I usually maintain a monthly budget and a daily ledger of expenses and income. This way, I am able to calculate our budget for the next month and so on. Moreover, this also allows me to track our monthly savings from the investments and businesses that I and my husband entered. 

However, if you are new to the idea of personal finance, then getting help from websites, youtube videos, applications and programs will be a good idea. 

I personally love website. It allows me to calculate compound interest on lump-sum and/or regular deposits, which then gives me idea on which preference will give me higher yield. This particular website also allows me to quickly figure out how much money I will have saved up during a set investment period. Whether lumpsum or periodical deposits, it gives me an idea on how much I will have saved at the end of a certain period. 

It is helpful if you are investing for your retirement, college, or simply a goal. The nice thing about this calculator is that the interest or savings it calculates is based on what the banks use, which is a compounding interest rate. Moreover, inflation is covered in the calculation. You simply add the tax rate and inflation rate, and everything is accounted for. 

Take a look at my example below:

It also gives you a monthly report instantly:

There will be no need to use complicated calculations. With the click of your finger, you have a figure in front of you. Thus, saving up for something in the future is easier and more comfortable. 

I am thankful I learned about this website. It is indeed helpful! Here's to more savings for our future plans!

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