For a few years now, the phenomenon of inflation has hit Colombian households, especially and with more force those that are strata 1, 2 and 3. According to Dane data, inflation for the month of April was 9.23%.
The Covid pandemic was a trigger that helped this economic phenomenon, both nationally and internationally. According to the World Bank until 2024 the world would suffer from sustained inflation.
“In Colombia we are becoming poorer not only because of domestic inflation but because our currency worldwide is losing value, so those who consume imported products will not be able to buy them, especially because the dollar exceeds $4,000,” says Alba Zulay Cárdenas, an expert and teacher in economic issues.
Here are some tips for money to yield in times of inflation
Experts explain and give advice so that inflation is not felt so much. According to them, the budget of a household revolves around supplying the basic needs of food, housing, education and health.
Food: replace the consumption of some products
This advice is aimed at replacing products that are bought in the family basket with similar but cheaper products, which provide the same nutrients. For example: replace red meat with chicken or pork; wheat flours for corn flours, etc.
Housing: the possibility of changing residence
Leases have been affected by inflation, even reaching a 30% increase, something that does not benefit many families. Experts advise changing housing to one that accommodates the family’s economic income; On the other hand, those people who are paying a mortgage loan can restructure the loan so that the installments are lower.
Education: make agreements with educational institutions on financial issues
Private schools and universities have raised tuition prices in semesters and monthly payments, so it is recommended to reach payment agreements to comply within the established times. Similarly, if the person has debts for educational loans, he can request a portfolio purchase.
Health: making sure employers pay social security
Workers must be very aware that their employers pay for the corresponding health services, taking into account that the pandemic is not over and that the family unit benefits from this contribution.