With the current economic situation, the financial difficulties of Portuguese families have increased, however, there are expenses you shouldn’t cut back on. Trying to “circumvent” inflation is important and, for that, it is necessary to identify the most important expenses, being that not all can, or should, be eliminated. Establishing expense control strategies is important and, in most cases, can really make a difference. expenses that you should not eliminate from your budgetexplaining why they should be considered essential.
The first expenses that you should not cut are those related to health. Your health, and that of yours, should always come first. However, even among these expenses, there are some ways to save, especially if you try to buy health insurance. Still with regard to health expenses, you can try to reduce them, for example, through discounts or health insurance. If you think your health insurance is too expensive, or doesn’t have enough coverage for your needs, consider changing it. Also read: Need to cut expenses urgently? Here are some solutions
Savings and emergency fund
Other categories where you should not save are the emergency savings and funds. These two topics are not directly expenses, however, they are something for which must put money aside every month without exception. Having an emergency fund is essential and therefore you must ensure that every month directs you a value. The amount in question may not always be the same, but commit to doing so every month. An emergency fund, as the name implies, is an amount that aims to meet your needs in an emergency. Have you ever thought about what it would be like if you were suddenly unemployed? Or what would you do if a large health expense came up? Ideally, an emergency fund should be sufficient to meet your needs for six months, however, the longer the better. As far as saving is concerned, although some months are more complicated than others, should not neglect your savings. If you can’t put aside the same amount as in the other months, no problem, save a smaller amount. The important thing is ensure that every month some of your income is set aside for savings.Also read: Why should I take inflation into account in my emergency fund? Another category of expenses that you shouldn’t cut is in your insurance. It is easy to think that insurance is not important, as we are often paying for it and end up never taking advantage of it. However, it is important to realize that, if so, it is a very positive thing and that, even so, we should not eradicate them. Have you ever thought about what would happen if you died and didn’t have life insurance? What would your descendants look like? Who would pay for your house if it was still being paid for? These are issues that we hardly think about, however, when they happen and you are not prepared, they can be quite problematic. Insurance, whatever it may be, should never be eliminated from your expenses. You can, and should, try to renegotiate your value regularly.. Insurance companies often agree on new (lower) values, even though there are always limits. Also Read: How to Eat Healthier Without Spending Too Much Money
If you have children, this is undoubtedly an expense category that tells you a lot. As far as educational expenses are concerned, these can also be minimized. There are several ways to save, whether in school supplies, books and activities. At education expenses can be “heavy”, especially when children are older, as there is not as much support from the state. As far as educational expenses are concerned, these can also be minimized. There are several ways to save, whether in school supplies, books and activities. With regard to children over 10 years of age, aid is lower, although it does exist, especially for families in greater need. However, even with less support, you can always take advantage of discounts to purchase materials at the lowest price. The important thing is to prepare yourself for the time when these expenses happen (generally between August and September) and save money to cover them. Remember if, Sound preparation and price comparison are vital in saving.Also read: 7 signs that reveal your financial fragility
Other expenses that you cannot cut are those of foodO. However, there are many ways to spend less on food. With the current inflation scenario, one of the categories that suffered the most increases, and continues to suffer, is food. From day to day the prices are different, with white brands almost reaching the prices of the original brands. This situation can be tricky, however, must remain calm and define a strategy. Start by eliminating foods that you consider unnecessary, for example, chocolate chip cookies, juices, salty snacks, among others. always make a list of foods you need before you go shopping, in order to avoid so-called unnecessary purchases. Finally, compare prices in different supermarkets and choose the cheapest. Also read: How to know if your personal finances are in good health Last but not least, we have the expenses with housing. This category includes water, electricity, gas, house rent or installment bills. These Expenses are monthly and mandatory, some being fixed and others variable. However, despite its obligation, sometimes there are payment failures, which can lead to other problems. Failure to pay any of these expenses can lead to service cuts or even fines. So, must be careful with the deadlines. In a situation like the one we live today, in which expenses increase and incomes are maintained, it is difficult to establish priorities. It must, therefore, understand which expenses you can eliminate and which you must pay. In addition, you should aim to minimize all expenses to ensure you maximize your savings. This way, you’ll be able to stay more organized and meet your expenses even in times of inflation. Also read: 8 health savings tips that you should consider