Connect with us

Economy

Prices have risen and uncertainty about the future advises saving. Find out how and where

Published

on

Prices have risen and uncertainty about the future advises saving.  Find out how and where

CNN Portugal spoke to an economist to see if the country should brace for a recession and put together some savings tips that could help mitigate the effects of a possible protracted economic crisis.

With a war in Ukraine with no end in sight, the times ahead will be challenging. Inflation continues to rise, while fuel, housing and raw materials lag behind. More and more important, though more difficult, is conservation.

Is a recession coming? According to Ricardo Ferras, professor of economics at the University of Lusofon and ISEG researcher, it is too early to talk about this scenario. “We know that the most recent forecasts from international organizations point to a slowdown in the Portuguese economy over the next few quarters. But, at least for now, they don’t see the country going into recession.”

“However, there is a huge unpredictability in the world, so any macroeconomic scenario has a high degree of uncertainty. and investments,” he added.

According to the economist, “a protracted economic downturn will certainly be synonymous with deep destruction of wealth. If household consumption and corporate investment collapse, there will be bankruptcies and layoffs.”

Since the beginning of the year, everything has risen in price and revenues do not keep up with this growth. According to a report by Ricardo Ferras, “Food and drink rose 7.6%” and combined “housing, water, electricity, gas and other fuel prices rose 7.7%.” Only fuel increased by “an astronomical 20%”. And all this within five months.

To try and alleviate these difficult times ahead, CNN Portugal also spoke to Natalia Nunez of Deco’s financial protection team. Despite the difficulties, there are exercises that can be done daily and that can save tens of euros at the end of the month.

From housing, fuel and grocery shopping, here are some of the specialist’s recommendations.

See also  Ryanair chief says the era of €10 flights is over

Public transport or own car?

  • follow public transport user, the main advice is to find the pass that best suits your needs if you are not a Unified Social Pass user. “Sometimes there are municipalities that do some kind of discount for people over 65 or for young people, and people don’t know about it,” recalls Deko;
  • If you live relatively close to work, you can always choose to walk or bike;
  • If you really need to use own car, since there is no public transportation that gives the answer, decide to share the car with other people, whether they are colleagues or friends who work in the same place or in the same area. So you can split the cost of fuel or tolls;
  • Before fill the car, always try to compare prices at different gas stations and choose the one that offers the most affordable prices. O website of the Directorate General of Energy and Prices can help you in this search;
  • Avoid using the car for short distances that can be covered on foot;
  • try to have one economical driving: Avoid aggressive driving, try to maintain a constant speed and do not always accelerate and brake. Keep engine RPM as low as possible by using higher gears to keep RPM low.

Prepare for a trip to the supermarket

According to Natalia Nunez, it is “important for families to know how much they spend on food every month” in order to be able to set savings goals. After this analysis, here are the most practical tips:

  • Make a list before you go shopping. And maybe it’s not a good idea to do it in your head. It’s best to look in your pantry and write down what you really need so you don’t buy items that you end up having to spend or use;
  • Make a meal plan it can also help to create an even more stringent shopping list because you end up only buying what you know you’re going to eat;
  • Set a budget. Do not shop without setting a limit on the amount you are willing or able to spend. According to Natalia Nunez, “it’s important to shop for a while” in order to “be able to see and compare all the prices.” Don’t forget that the cheapest prices are not always at eye level on the shelves, they can be higher or lower;
  • Don’t be tempted by promotions. It is important to have an idea of ​​the original price of the non-promotion product in order to know if advertising is really paying off, even if they are promotions packages;
  • Still in the field of promotions you should be aware of product expiration. This is because it may be useful to take, for example, two detergents, but this does not apply to yogurts. If the deadline is too short, “we run the risk of spending the money”;
  • Don’t go to the supermarket hungry. This is one of the factors that tends to induce the consumer to buy more than he really needs.
See also  Montepio's new management has received the green light from Banco de Portugal and has already taken office - ECO

Try to cook as much food as possible at home, trying to avoid food waste.

Is it time to reevaluate your mortgage?

Natalia Nunez reminds us that the most important thing in this area is “to look at the level of our efforts”. providing home loan should not exceed 35% of net profit. “This is the golden rule,” he explains.

If your mortgage payment is about 45% of your monthly net income, you should try to understand if your conditions match those of the market. If this is not the case, you should call the institution where you have a mortgage and try to renegotiate the terms.

You should also check if the spread matches the values ​​that are practiced in the market. As? Running some simulations on banks websites or on Banco de Portugal banking customer portal. These simulators can be used by anyone and are a “good source of condition checking”.

You should also check the amount of insurance associated with your home loan. When applying for a mortgage loan, an agreement is also concluded with an insurance company and, as a rule, people forget to check whether these values ​​are still being adjusted. The rule is the same as for the spread, simulate or contact insurance intermediaries.

What charges do you pay to the bank?

If you have a single bank account that always has a cost associated with it, namely maintenance costs, consider requesting that this account be converted to a minimum banking account. According to Decaux, this is a way to “reduce costs”;

See also  "Netflix tax" could bring the state about 1.2 million euros

You may have already wondered if it makes sense to have a savings account. Natalia Nunez believes that she does this only if “it’s not very expensive.” To do this, “we need to seek and negotiate.” However, a savings account remains the most efficient way to save some money.

If you do not have a savings account, you should not do two things: keep the accumulated money in a checking account, that is, in the account that you use every day; or even keep money in an envelope at home.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

TUGA offers new electric vehicles in three segments: from sports to trucks – Computers

Published

on

TUGA offers new electric vehicles in three segments: from sports to trucks - Computers

Based in Vancouver, Canada but co-founded by Portuguese Cesar Barbosa, TUGA Innovations is developing solutions for urban mobility. AT February showed its first working prototype of the TUGA electric car, but has now revealed its plans to develop a whole family of urban mobility solutions.whether for use by independent consumers or for operators with a fleet of commercial models.

The company says that based on market research, it has decided to change its strategy, highlighting TUGA Innovations’ ability to easily transform the functional design aspects of its base model. So it’s over several predefined vehicle configurations which, although sharing a few common design featurestarget different uses and customer needs, whether it is a focus on mobility, services or utilities.

TUGA Innovations offers three vehicle categories as well as proprietary component options such as retractable rear axle or retractable landing gear, which the company later says will be segmented to suit different market sectors..

See the various TUGA models in the gallery:

The first category is dedicated limited-edition high-performance cars that can transformsuch as removing the front windshield and rear bin to create the look of a roadster. They fit the TUGA Thunder and TUGA Falcon models.

The second group of vehicles includes TUGA Commuter and TUGA Deliver, which, in fact, are demonstration models of the manufacturer. They allow you to swap body parts that have now been redone with more safety components added.. Vehicles can also be purchased in a package called Mobility as a Service (MaaS) for functional integration into delivery fleets as well as daily commuting.

See also  Fed Gives First Signs of Change Among Major Central Banks | USA

Finally, the TUGA Cargo and TUGA Pickup models. expand your chassis to meet the needs of urban micrologistics. The vehicles have a capacity of 600 liters of cargo space in an 88 cm long model, combined with an extended 128 cm rear axle for added stability.

See prototype images in the gallery:

Regardless of category, the startup claims its entire family of vehicles has been designed to make transit and parking easier.. The retractable axle improves stability at high speeds, and the retractable chassis allows passengers to easily get inside the vehicle.

According to Cesar Barbosa, his startup creates not just a vehicle, but a solution to the problems of urban mobility. The project manager adds that since the presentation of the prototype, the family has expanded to offer different products and other features of its electric vehicles..

Continue Reading

Economy

Gas. Bottle sellers adjust prices

Published

on

Gás. Vendedores de garrafas corrigem preços

















Gas bottle sellers have adjusted prices that are not in line with government regulations limiting those values, said the National Energy Sector Organization (ENSE), which returned yesterday to review activity.

After conducting the first inspection on Tuesday, which found “high non-compliance” in 23.4% of outlets, the organization again carried out “108 inspection actions in Castelo Branco, Portalegre, Santarem, Evora and, in the municipalities of Cascais, Oeiras and Sintra in the Lisbon area, focusing on petrol stations, hypermarkets/supermarkets and other retail outlets.”

During this second check, ENSE found “seven violations (corresponding to 6.5% of the actions taken) in the selling prices (from 0.36 euros to 3.39 euros for T3 bottles and 6.92 euros for T5 bottles) of this type of product.” But he left a guarantee: “Of these actions, it was established mainly the correction of inappropriate prices, namely in relation to inflated amounts charged in several hypermarkets of the same brand.”

The maximum prices per bottle of liquefied petroleum gas (LPG) set by the government came into effect on Tuesday, saving almost 3.2 euros on a 13 kilograms (kg) bottle of butane.



Comments are disabled.

See also  Oil prices plummet on international markets - Executive Digest
Continue Reading

Economy

FRS minutes Press end of the session. Wall Street closes in the red – stock exchange

Published

on

FRS minutes Press end of the session.  Wall Street closes in the red - stock exchange

The session on Wall Street ended the same way it began: in the red. Closing of the day was marked by the publication of the minutes of the last meeting of the Federal Reserve System (FRS) of the United States, and technology fell most of all.

The Dow Jones Industrials fell 0.50% to 33,980.32 and the S&P 500 fell 0.72% to 4,274.04. For its part, the Nasdaq Composite Technology Index fell 1.25% to 12,938.12.

The Fed said in the minutes that it fears high inflation will take root in the US economy if the market begins to factor in a slower pace of US interest rate hikes. “Participants [no encontro] considers that there is a significant risk for the committee that high inflation could take root if the public begins to doubt that the committee will sufficiently adjust its political position, ”the minutes say.

The market has balanced, on the one hand, the likelihood that inflation has already peaked after the fall in the consumer price index in July, as well as the good results of companies in the “reporting season”.

According to Bloomberg, four out of five reporting companies achieved the expected results or even exceeded analysts’ estimates.

On the other hand, investor sentiment is under pressure from the fact that the US has entered a technical recession, as well as the prospect of further tightening of the Fed’s monetary policy, which could further worsen this scenario.

During this session, in addition to these concerns and good news, investors continued to digest data on US retail sales, which rose 0.7% higher than expected.

See also  MediaMarkt is the last company to fall victim to a ransomware attack

Among the major market moves, shares of Target stood out, which fell 2.66% after the retailer reported results below analysts’ expectations.

Lowe’s, by contrast, rose 0.54% after the building materials retailer released last quarter results that beat analysts’ forecasts.

Continue Reading

Trending