Tips To Survive Through High Inflation Rates

[Abigael]

The high inflation rate has hit every country in this world. It was as a result of the pandemic and now, everyone is trying to recover from it. The economy seems to be struggling the most.

Personal finance seems to be affected a lot by it. The prices of products and services have gone so high that it gets so hard to manage your finances. But you can survive through the inflation. Here are some tips to do that and come out with no debts.

1. Adjust your expenditure

This is one of those times when frugal living is highly encouraged. You need to be really aware of how you spend your money and budget very well. Self discipline should be so strong right now so that you can stick to your budget and avoid taking unnecessary loans.

You should cut down on your expenses. This not a great time to buy expensive jewelry or buy designer clothes.


2. Look for ways to increase your income.

It is high time that you learn a new skill to earn online or offline. You could get a side hustle online if you already have a full time offline job. You could also learn how to invest in safe methods.

3. Save as much as you can.

I know it is difficult to save at such a time. But do it whenever you have some surplus. This will be very useful during your retirement or even during a medical emergency.

 

[Jasmine]

1. Cut unnecessary expenses: Review your spending habits and eliminate any non-essential expenses. Be mindful of your spending habits and avoid making impulsive purchases.
2. Increase income: Consider taking on a part-time job or freelance work to supplement your income.
3. Create a budget: Create a budget and stick to it. Make sure to prioritize necessities and allocate funds for savings and emergency expenses. Budgeting and tracking expenses are best ways to manage cash.
4. Save money: Increase your savings, especially for emergency situations.
5. Pay off debt: Focus on paying off high-interest debt, such as credit card balances, to reduce financial strain. You can try reducing debt through a payment plan or consolidation

 

[Mika]

You need to set priorities and goals for your professional and personal life. You need to have certain goals related to how much you need to earn, how much you can spend, how much you need to save, and how much you need to invest. You also need to create a schedule and stick to it for work and personal activities. When you do this you will be able to utilize your time for things than can help you earn more or work more efficiently. The key to surviving inflation is managing your money. You need to spend less, earn more and invest more.