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Rising oil prices sap purchasing power — again and again

07/09/08

Posted under Smart Habits, So What Chocnut?, budgeting, spending habits

gas prices

Could it be true? DZMM said this morning the number of cars that ply the EDSA route is down by 10 percent. Could it be that the age of carpooling and mass rail transit has finally arrived? With a P60 per liter price looming over everyone’s heads, Filipinos will be spending so much more on transportation, food and other necessities, leaving less money for everything else including big and new cars.

I dare predict that there will come a time when only men will be driving alone on EDSA during rush hour! (You know how men hate car pools. At least the men I know who hate what they call “small talk”). It’s nice too if Filipinos are cutting down on gimmick days, but hopefully not totally. I’m not too sure about the happiness index of hermits.

A Philippine Daily Inquirer editorial the other day pointed out that the rising oil and food prices have one unintended but good consequence: people are living simpler lives.

It’s a good reason to rejoice. Have you noticed how we have more stuff, but are less happy? Gone are the days when people fix and sew and literally patch broken things up. In general, we make the cashier ring more often with toys but still can’t find the time to be our children’s favorite playmate. I am very much troubled that in this day and age of email, mobile phones and instant messenger, there are too many ways to connect but very little time to do it. And when we do, the connections end up shallow and truncated in text-speak.

Live simpler lives. I like that the sound of that. Go back to the basics. Spend less; connect more. Eat simpler and healthier food, instead of snorting down steak after slices of steak. Stay home more and binge less. Wear less makeup but reach out more. Do we really need 30 pairs of shoes and 300 different kinds of tops to look good? Do the children really need that much food when eating out?

There are many ways to live simpler lives without changing the quality of our lives. Lynette Luna, an INQUIRER.net editor, told me early this morning in the office if I wanted a slice of buttered toast — fresh from her kitchen in Marikina, Rizal. She was beaming as she offered me breakfast.

“I have learned that it is important to be creative with meals. After all, we do the marketing and cooking for the house. Why not kill two birds with one stone,” Lynette said.

Lynette is my favorite political analyst but she could beat any personal finance writer in her practicality. “We may not think that P50 per day is big, but multiply that by 5 and then by 4 and you have P1,000,” she said.

That’s P12,000 per year in savings just by bringing lunch to the office. Add to that merienda or snacks, and you can end up with a sizable amount of money for gifts, new pairs of school shoes or books. Besides, you and I both know P50 for lunch in Makati is extremely low for a respectable meal. Sure, the buttered toast has to come from somewhere, but the way prices of restaurant meals in Makati City are behaving, home-cooked meals are still way cheaper.

How can we live simpler, but fuller lives? We have to ask ourselves that from time to time…and here’s hoping that the question pops up during crunch times when we’re touching that nth snazzy outfit and other eye candies at the malls and not after we have swiped the credit card ☺.

How do you intend to live a simpler, but fuller life?





10 Feedbacks on "Rising oil prices sap purchasing power — again and again"



jared

Here in the office, I used to get out or have food delivered by a Fastfood resto in the afternoon. Now, at start of the week, I buy a loaf bread and peanut butter or whatever. I’m saving P300 to P400 a week. My lunch cost only P39 (vegetable for the whole week).

The thing is not to many people are aware of the consequences of rising oil prices. I don’t know why or they just don’t care at all. Spending habits still the same.



maffrey

I was just talking to my younger sister earlier while I was eating my dinner that the minimum fare for jeepneys will be P10 effective on Friday, and the taxi’s flag down rate will become P40. She said that’s outrageous. I believe it is but I also understand that transpo group really need to ask for increase in transpo fare because of the continuous rise in the price of oil.

We were thinking it is much practical to walk (if we are to go to a not so far place) than to ride a jeepney, and to ride a jeepney than to ride a taxi. We should also minimize going to malls and dining out.

I prefer living simple life and going back to the basics. I actually miss the times the whole family eats breakfast, lunch and dinner together especially during weekends, enjoying our mom’s lutong-bahay dishes and having great time talking about how our day went and what’s going on with our lives.



Carlos

1. Spend more time at home with my mom and siblings instead of heading to mall to splurge on something I might not use.

2. Read more - nothing beats reading a good book while lying in bed on a lazy afternoon, haha! plus you get to exercise your brain and learn new things!

3. Take time to look for cheaper substitutes for the usual items that I purchase. Making me more conscious of my spending and of the availability of a range products in the market today.



paetechie

a simple life is my preferred way. True, bringing “baon” to the office saves me money, problem is that my “kasambahay” left and i’ve yet to find a replacement.

traffic on EDSA is really lighter compared to several months ago. I even spoke with people now taking the MRT since they can’t keep up with rising fuel costs. Prices of almost everything is going up and that’s where I feel the effect.

it’s a good thing I’m not affected by the rising gasoline prices, my company’s absorbing it since my consumption’s within my monthly gas allowance of 100 liters, more than enough for my needs.

I prefer to take public transport when i travel (i’m a backpacker, remember?)

during coding days, i walk from the office to MRT, better that way and i consider it a much needed exercise besides saving a few pesos. it’s hard to ride a jeepney on Ayala during rush hours.



jacq

This morning I was really surprised about the news regarding to oil price increased…
Then I’ve told it to myself …. “What will happened to us?;What will happened to the people who lived in the streets?;We are the one who will sacrifice all these dilemma….
I realized that I had to minimized and think thrice to the expenses that i used to it…
For now… We have to be wise in terms of expenses…



Ria

I had the unfortunate experience of riding the MRT during the rush hour not too long ago. I can tell the volume has almost doubled. And I tell ya, those passengers on the woman/elder/child section? Its like women on steroids in there! The pushing and shoving and hysterics were so manic and out of control that some poor woman’s blouse got ripped someone had to lend her a blazer so she could remain decent.



chris

maybe jared…. they are financially well-off, or they have wealthy parents to provide immunity..

but for others, who work for a living….. they have felt it to the bones months ago pa…..



chris

truth be told….. one can only cut cost by so much….. the better way would be to increase income by having sidelines….. why not cook for your entire department, then get money from them… libre na lunch and dinner mo… meron ka pa extra income…..



femaad

there’s always a good side to every “misfortune” if this keeps up for long, the philippines will soon have a generation of people who are healthier - because more will be walking; there’ll be less pollution from less cars on the streets; and people will be eating more home-cooked food instead of the fastfood fare; people might even be planting in their backyard, so that will mean freshly-picked fruits & veggies. also, we will have a more finance-savvy population that will be forever sticking to budgets, living below their means, and saving consistently. o, di ba, okay?



JONI

higher gas prices had NO and will never have an EFFECT for government people who have monthly gas allowances, even using that for personal routines (Saturdays & Sundays, di ba?)… all we can see someday are red plates expensive cars/SUVs moving ALONE along the main highways in the philippines…..while naglalakad lng c Juan.



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