The Indonesian government finally decided to adjust fuel prices on Saturday (3/9/2022). This decision has undoubtedly led to concerns about rising inflation and commodity prices. This decision was also met with various responses from the public. Some consider it a right decision, while many speak out against it.
Setting aside heated debate, is there a way that we can get around our finances in response to rising fuel prices? Here are 6 tips that might be useful for you!
Indonesian Government Adjusts Fuel Prices to Control Ballooning Subsidy Budget
On Saturday (3/9/2022), the government of Indonesia decided to raise the prices of subsidized oil fuels by about 30 percent. This step is taken to curb the ballooning energy subsidy budget in the midst of the rising crude oil and gas prices.
Indonesian President Joko ‘Jokowi’ Widodo considered this step “the last option” in the midst of building fiscal pressure as the country’s energy subsidy had tripled this year.
“The government has tried its best as I really want fuel prices to remain affordable. The government has to make decisions in difficult situations,” he stated in a televised announcement, reported by Al-Jazeera.
6 Ways to Help You Deal with Fuel Price Hike
Now that the fuel prices have been adjusted, you might want to make a few personal adjustments yourself. If you feel that the fuel price adjustment has caused you to suffer financial stress, read this article about Financial Stress and 4 Easy Ways to Help Us Cope with it.
What are the steps that you can take? Below are six steps that you can take.
Review Your Spending
As fuel prices increase, the prices of other goods and services are also expected to hike. Buckle up, this might be the excellent time for you to review your budget. You may want to reassess your spending.
Don’t get too harsh on yourself, but you can begin to cut out things that are unnecessary. List the things that you can skimp on, and don’t go on a careless spending spree. Take a look at your bank accounts, bills, and credit statements to know where you are financially.
Make Sure Your Vehicle is in Prime Condition
By making sure that your vehicles are in a good condition, you can use the fuel more efficiently. Check the tire pressure, change the engine oil regularly, and don’t overburden your ride. Ride steadily so that the engine doesn’t over-burn the fuel.
Use non oil-fueled vehicles
If you live in a cyclist-friendly city and neighborhood, it’s time to dust off your bicycle and use it more often. If you’re not in a hurry, why not walk to where you are going? Not only is it more cost-efficient, it is also more environmentally friendly. Plus, it improves your fitness level, too.
Commute by Public Transportation
If possible, commute every day by using public transport. Take buses, trains, or other means of public transport to go to work. It can reduce your fuel spending, and it also helps reduce traffic congestion if more and more people decide to use public transport.
Seek Remote Work Opportunities
The pandemic has enabled us to learn the new habit of remote working or Work From Home. Not only that it aims to curb the spread of the Coronavirus pandemic, but it has also been proven to reduce air pollution and, in this case, cut transportation cost as workers are now able to do their job remotely in their respective homes.
If you are looking for remote work opportunities, why not apply for a job at ALAMI Sharia? ALAMI Sharia is an Indonesian-based Islamic financial technology company. ALAMI puts a permanent seal on the remote work policy through its #GrowEverywhere policy. In addition, ALAMI implements a corporate culture that is centered on spirituality and blessing called the Barakah Culture. For this, ALAMI won The Best Company to Work for in Asia and the Most Caring Company Categories from HR Asia.
If you are interested in becoming part of the ALAMI Squad, click here to go to the ALAMI Career page!
Get Other Sources of Income
When the surging fuel prices seem to choke you, why don’t you create additional income streams? If you have a hobby, why don’t you turn it into a source of income? If you are good at making artworks and crafts, for instance, why don’t you sell your masterpieces online? If you like cooking, why don’t you make something delicious and begin selling it to your closest circles?
Be it freelance photography, content creating, translating, even as simple as reselling goods, the opportunities are out there. It’s up to you to choose what suits you most to make more money.
If you have some money to invest, have you ever thought of funding Small and Medium Enterprises (SMEs) projects through ALAMI’s P2P Funding platform? ALAMI offers a yield of up to 14% p.a. Additionally, you can take part in creating positive impacts on the Indonesian economy by financing Small and Medium Enterprises based on the principles of the sharia.
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