How should I protect my economy against the increase in fuel prices?

How should I protect my economy against the increase in fuel prices?

The price of has increased in recent weeks, not only in Peru but in different countries around the world, due to the rise in oil prices caused by the conflict between Russia and Ukraine.

MORE INFORMATION: The price of fuel: taxi drivers give their opinion about this increase

Because the cost of gasoline, diesel, domestic gas and natural gas for vehicles (NGV) rise every day, many are affected, since their pockets have been the most affected.

And it is not for less, because the rise in prices has been a direct blow to the daily spending of most people, who wonder how to protect their economy; here are some tips.

If you do not plan your expenses well, your economy will be the most affected in this time of rising prices (Photo: Pixabay)

TIPS TO PROTECT MY ECONOMY AGAINST FUEL RISES

Michael Ashton, managing director of Enuring Investments, an investment and consulting firm in Morristown, New Jersey, gave some advice to to protect your economy.

Review expenses

Review the discretionary or superfluous expenses you have (travel or entertainment) and, depending on what you are going to do, reduce them by at least 5%.

If you like to go shopping, analyze well how much you spend, because you could make strategic purchases; that is, purchasing generic brand products or medications.

Save

Renegotiate the contracts you have: cable, streaming platform or cell phone making the respective calls; also, audit your subscriptions because “sometimes they apply price increases without warning and it just goes to the credit card,” says Ashton.

If you are one of those who have credit cards or bank accounts, cancel any type of charge. Keep in mind that banks offer better options and the best is without additional payments.

You must analyze the expenses you make so that you can reduce or discard non-essential ones (Photo: Freepik)
You must analyze the expenses you make so that you can reduce or discard non-essential ones (Photo: Freepik)

For Jorge Carrillo Acosta, professor and Finance expert at Pacífico Business School, the following recommendations should be followed:

  • Avoid going out to eat at restaurants; the best thing is that you eat at home. The same recommendation goes for the “tastes” that you give yourself from one moment to another.
  • Do not spend electricity or water. If you do not use any, unplug the appliances and close your pipe well, if there is a leak, repair it immediately.
  • Check if the services (cable, cell phone, etc.) that you contracted, you are really using them. You can adjust your plans. Also, pay your services on time to avoid fines and unnecessary paperwork.
  • So that you do not spend more when you go shopping, make a list and respect it. It is even recommended to make group purchases to save more, since the prices will cost you wholesale.
  • Do not be afraid to buy “white brands”, also called a distributor’s brand or a distribution chain’s own brand.

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