While speaking about the economic situation of the country with some friends recently, we came to the conclusion that times are not as rosy as they used to be, prices of basic commodities have gone up tremendously, and basic income is not able to sort out basic household needs any longer, as the days go by, the situation is getting even more complex more than it is getting easier. One thing we have to focus on at a time like this is survival. Every day we wake up, we need to ask ourselves questions about how we are going to survive during this season of economic crisis.
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Strategies for survival during inflation.
Re-strategize your spending habit: With inflation, it may be difficult to still cope with the normal amount you have been spending on a regular, you have to reduce the things you purchase at that point. Ask yourself personal questions, about if your needs are genuinely your needs or if it is possible for you to stay away from them for the main time, at least until things balance out appropriately. Determine if there are things you can do without, remember that survival is more paramount than glamour.
Be careful with taking debt: Interest rate may be low at this point, but taking extra debts will further complicate situations, it is wise to stay off debt at a time like this, while you try to balance things out. Even if you find yourself in a position where you have to take on debts, be careful not to take on excessive debts and ensure that the debts taken are mainly for valuable use.
Bulk purchase: Buying in gradual and tiny pieces at this time will eventually make you spend more than planned or budgeted. For toiletries and unperishable items, you could store them for months since buying on a larger scale will reduce cost.
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Save on the blockchain: The more you save money on your local wallet, the more depreciative in value it gets. The blockchain offers us stability and security, take advantage of it to save but be careful not to save or invest in places you have no appropriate information about.
The period of inflation is an extremely serious one, whether it is personal inflation or economical inflation, it has to be appropriately handled, this will help you come out of the situation as soon as you can. Thank you so much for taking the time to read and for the support given.
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Ironically, my country does not take into account the cost of food and fuel as part of the inflation rate which is totally ridiculous! Those tend to be 2 of the most (but not all) of inflation hit prices! Convenient for them!
You make good points with your post; one additional one is on the bulk; if you can't or don't want to spend what it might take to purchase in bulk, go in with a friend or family member who uses the same product (s).
Thanks for sharing and have a lovely day! !LADY
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You make sensible points to lessen the pain, everyone suffers from high inflation especially when governments irresponsibly expand the currency supply much too fast.
One of my tactics is to preserve buying power in hard assets.
Don't even talk about it, what we are buying before is now time 4 the price we use to buy it and governments are not helping the matter. Salary earner can't even bother to save because the salary is not even enough for the family needs, we are all looking for a way to survive because this day even the money we hold have no value.