Key Points
- Get another job to supplement the rent increase.
- Eat out and go out less.
- The economy is projected to stabilise in the next 12 months.
'May PERAan' is SBS Filipino's podcast series which features financial experts seeking to answer the most common questions about money and finances.
Listen to the interview
"Filipino parents, especially, will always accept their kids back into their homes if they have to," mum and senior finance broker Maria Papa shares.
However, Maria says that there are ways around an increase in rent if you don't want to move back in with your parents.
Find a job in hospitality or retail
The retail and hospitality industries are experiencing persistent staff shortages.
"I have a client who works full time in IT. He earns maybe around $60,000.
"He also works weekends as a waiter. He earns maybe an additional $2,000 a month with that. Because of the staff shortages, he gets to work every weekend."
Ask for a pay raise
With the rising cost of living, companies know they have to increase salaries.
Discuss a possible pay raise with your employer.
Reduce expenses
"My own children are notorious for eating out," Maria laughs, adding, "I know $100 is not enough for a night-out."
Reducing unnecessary expenses will help supplement the increase in rent.
"It's just temporary," she shares.
Halving increase with parents
"I asked my second son this question - if he would move back with us if his rent increases. He said he would rather not [and I don't blame him]. He's enjoying his independence."
Instead of moving back in with your parents, Maria says that parents can lighten the burden by giving their children a part of the increase.
"For example, the increase is 300, you can agree to pay 150 and your child pays the other half - just until everything settles."
As a mum
Maria says that she tries to help out her children by cooking for them.
"Every weekend, I include them in my shopping.
"I cook extra and include my two sons. That's how I lighten the load - plus they love their mum's cooking so they're happy with that."
Ride it out
Inflation is temporary.
"It's happening all over the world because of the pandemic, China locking down and the Ukriane-Russian war.
"Luckily, our government is doing something to address this. Hopefully, in 12 months things will be better.
"Ride it out in the meantime. This will make you stronger."
