Austerity measures set-in..

The month of June is that time of the year when you realize that half of the year is already behind us, and the new year's resolution list is barely ticked. Usually, it's also this month when I realize that my bank balance is not where I wanted it to be when the dates for Tax-fillings, insurance renewals, and whatnot are staring at me from the calendar. It is also the time of the year when most of us go through our appraisals (an IT term for the promotion cycle), hoping to get that little bit of extra penny.

Despite managing my finances well (I think) every half year, I face an financial challenge. In the past, it was COVID, then the war, and now the recession. In my previous blog on 'Boons of Deprivation,' I hoped we would recover from the food shortage crisis due to COVID and supply chain issues. But this year, I was outsmarted by the smart meter with the rising cost of electricity. Now I lost my way going in and out of the recession.

I never understand why don't governments and Banks around the world make our economies recession-proof. It feels like hurricanes/cyclones that are natural disasters out of our control. At least they have a disaster recovery team to handle the consequences. I think even all the major world economies should plan recession recovery teams. If we keep increasing our spending under the pretext of 'Buy Now Pay Later then very soon, we will be in a situation of 'Pay Now Buy Later.

All these worldly thoughts came only when I had to invoke my austerity measures this month. The beautiful and serene trip to Santorini, Greece, and earlier to pristine Wales left a dent in my bank account. Adding to this, the rising cost of living from the war left a hole in my pocket. Off-late war is the classic reason to hide all the financial mismanagement around the globe. I had to brainwash myself, stating that if the world bank can't handle a recession now and then, I can't trust them to handle my petty finances. And yet again, I had to take matters into my hands for my finances, so the back-to-basics mood set in.

First, the dreamy European holiday planning went out of the window. I noticed the cost of travel to the airport and back home is now equal to a two-night stay in a cheap three-star hotel across the channel. Next came the internal extended weekend trips. Since the prices of train tickets rose enormously, leaving my favourite mode of transport a memory of the past. And thanks to the constant train strikes and engineering work, there is hardly any good day to travel cost-effectively. Alas, I settled for my beloved park visits, which are free of cost and healthy for myself and my account.

Shopping was the next to go under the axe. I had to take stock of all my possessions to feel I had enough. To the dismay of many shop owners, I resolve not to buy unnecessary stuff for at least some time. Next came the essentials - utility bills and grocery shopping. The smart meter was already an eye-opener to reduce consumption. Looking at the cost of food items led me to reduce/remove junk food altogether, a win-win for my body, mind, and account.

I am unsure how long I will be able to continue this austerity. But I am confident we will be out of the recession very soon. However, I am concerned we will be in another recession in a few years. And I will have to invoke my austerity or find ways of handling it better. I wonder why the world bank doesn't set a timetable for a recession so we all are acutely aware and plan our lives well. For now, it's ground zero in the hope, to increase a comma in my account statement.