YOUR WAYS TO HANDLE INFLATION
Hello #scifimultierse friends, happy new week.
Inflation is a persistent rise in the cost of commodities, including services. It causes a ripple effect on production and reduces the purchasing power of money. Inflation brings hardship and reduces the value of currencies.
Eyestetix Studio
However, inflation can be caused by various factors; for example, the recent war between two heavyweight countries caused a ripple effect on developing countries, including my country of residence. This is because any shift in the pump price has a chain reaction on everything in my country of origin, and as a result, the war and the stories around the bombing of pipelines that link to the dispensing of commercialised oil caused global inflation, with various countries affected differently.
In my country of origin, there have been different levels of inflation, one caused by the exchange rate, and the other caused by the doubling of the pump price. This led to a serious devaluation of our currency, leaving citizens to think of ways to survive. Money does not really have purchasing power. While some employees rely on, I owe you (IOU) to meet family needs, some have become serial borrowers across all the online borrowing apps. The adverse impact of inflation includes the following.
Jesse Donoghoe
The monthly salaries do not meet needs as they should, but for me, it is a time to be creative with spending. Though it is difficult, I have learnt to be intentional with budgeting, spend with control, and draw my priority list every month, which I diligently follow.
Furthermore, I ensure that I do not exceed my budget limit except in extreme situations. Again, I use some financial saving apps to save as much as I can. I also engage in other side hustles like selling online. All these are to navigate the inflation.
Additionally, I cut my coat according to my height. I do not compete or engage in things that will lead to impulsive or reckless spending. Because I need to be cautious today to live to tell the story for tomorrow.
Felix Viray
Conversely, some key benefits of inflation include, but are not limited to, a rise in spending, people will most likely want to buy foodstuffs and stock for fear of further crisis. Companies also consider a salary raise. People are pushed out of their comfort zones to make ends meet. In conclusion, Inflation is a time to be strategic and creative with holding and spending money.
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