How To Cope With The High Cost Of Living In Jakarta

Many Jakarta residents are barely struggling to get by because of the high cost of living in the city. If you are trying to give your family a decent life and save for the future, Jakarta’s high cost of living must be worrying you, especially if you have a limited income.

The Covid-19 pandemic economic shock has worsened the financial situation of many in Jakarta. The pandemic has left many families across Indonesia with reduced incomes or no income at all because of job losses, failing businesses and investments.

Is there a solution to Jakarta’s high cost of living problem? You may try to overcome the problem by borrowing money to plug your budget deficit. But you cannot go far with that kind of maneuver because the debts you pile will soon catch up to you and make life even harder. Therefore, forget surviving on loans to beat Jakarta’s high cost of living.

Practical solutions to Jakarta’s high cost of living

When faced with expensive living costs, there are several practical solutions you could pursue. Rent, food, and utilities are some of the reasons Jakarta is expensive for many people. You could relocate to a city with more affordable costs. But that would not be an option if your job requires you to stay in Jakarta.

If you cannot move out of Jakarta because of the job, another solution you could pursue is to downgrade your lifestyle to cut living expenses. You may move your family to a smaller home to reduce rent, cut vacation travels, and use public transport to get to work to cut car fuel expenses. You may also need to transfer children to low-cost public schools.

If you are already surviving on basics, there may be little room to cut living expenses further. In that case, you may want to pursue a different solution, which is to seek additional income.

You can generate extra income to cope with the high cost of living in Jakarta by engaging in a side hustle. Look for an additional job to work during your free time. You may also set up a business to run in your spare time and get help from a family member when you are away.

Seeking additional income can solve Jakarta’s high cost of living problem for most people. For those seeking extra money to supplement their main income, technology has opened up almost limitless opportunities. There are online freelancing jobs on the internet for almost everyone with a computer, internet connection, and a skill they can sell.

You can also start an online business selling stuff or offering services. Many online businesses a person seeking extra money can engage in require little startup capital and are easy to manage.

The great thing about seeking additional income as opposed to leaving the city or downgrading your lifestyle is that it can help you attain financial security fast. As your side hustle generates more money, you can invest in assets like property that will appreciate in value over time. Moreover, investment in stocks and bonds can earn you extra income in the form of dividends and interest.

With a growing fortune boosted by the side job or business, you can afford to give your kids better education and set them on the path to a brighter future.