7 Tips How To Make Your Finances More Resilient

With inflation hitting record highs, coupled with ever-rising expenses and stagnant income growth, we need to be more vigilant to control and manage our finances in order to stay resilient.

Here are 7 tips:

1. Review your expenses regularly.

- Make it a habit to review your expenese and make necessary adjustments to big ticket items that are hitting your wallet. Also manage your loan options to ensure that you are better financial position.

2. Shop wisely.

- Consider cheaper options during purchase and look out for promos and discounts. Use credit cards to earn cashbacks and ensure that you pay your bills in full and on time to avoid snowballing your debts.

3. Inflation-proof your savings

- Besides emergency cash that should be kept liquid, you will need to start investing for a better chance to beat inflation and achieve your financial goals.

4. Invest for the long-term.

- Invest for long term period of 10 to 20 years with a dollar-cost averaging and compounding returns strategy helps to generate a good nest egg that rides with market volatility.

5. Stress-test your financial plan.

- Plan for higher living costs by assuming a higher inflation rate like 4%, instead of the usual 2-3%, and work out how the new rates impact your future cash flow and retirement planning.

6. Insurance to cover loss of income.

- The last thing you want to worry about in a health crisis/accident is how you can pay for your medical costs. Consider adjusting or getting a cheaper plan instead of cancelling your plans just to reduce your monthly expenses.

7. Increase your income.

- Finding ways to earn extra income or side hustles can help to relieve some of pressure from the increased cost of living.

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