We feel you. We have all done our calculations from Bak Chor Mee to the various hawker food. We can't tell you if we have secretly stocked up more toilet paper than we should but, we do know that thing about rising bills and not to mention the pay cut.
If you feel the financial strain and still don't understand how your budget seems to be getting tighter and tighter, you are not alone.
Inflation can create extreme financial stress and anxiety. It can also create a strained relationship with your partner. How many times have you fought with your partner in recent weeks about costs and budget? At the same time, the confusion around inflation (e.g. why is it happening? how long will it go on? Etc.) can create uncertainty, and worry and can even potentially lead to depression. The rising cost of living can greatly impact your mental health.
"Then how?" You ask.
What can you do during this difficult period?
Tip #1 - Know that you are not alone and that sometimes things are just not in your control
The recent inflation is impacting almost everyone in every country in the world. It is a collective experience over which most of us have no control. And sometimes, when things are not in your control, it can be helpful to take a breath and realise you’re being too hard on yourself. Realising this can help you be more self-compassionate and instead focus with a calm mind.
Tip #2 - This too shall pass
Business cycles and inflation cycles happen. Fortunately, we have not had an extended global inflation period in decades. However, we have gone through hyperinflation episodes before. If we know one thing from those times, these periods are temporary. Maybe the inflation will stay for a few more months or quarters, but ultimately, it will pass!
Tip #3 - Hone in on your needs and values, and take action on what is within your control
Consider reaching out to those you trust to have conversations about ways to deal with the reality of the situation you find yourself in - and to explore what you’re capable of changing or prioritising in the present. This could also be personally explored in collaborative conversation with a counsellor, where you may brainstorm ways to use value-based decision-making strategically to cope and prioritise your needs.
Tip #4 - While balancing and managing, make sure you keep yourself a priority
We often neglect our physical and mental health as nonessential and make these the first items on our list to cut. To go through this difficult period, it will be helpful if you can remember to keep as physically and mentally healthy as possible. This financial strain can make anyone feel overwhelmed, worried, anxious, or even depressed.
Tip #5 - Reach out
Don’t let a lack of support keep you from prioritising your well-being!