Savings during inflation

[Obito]

Best bet is if you weren't prepared for inflation this time, then lesson learned and be prepared for it next time.  Reason being is this is a great opportunity to build wealth, for example, look at the cheap prices of some of the better stocks and Bitcoin.

Not anyone can prepare for inflation though, not all people have the money to save because they live from paycheck to paycheck. I don't think that you would understand that if you haven't live in a household that relies on minimum wages. Your suggestions are good and I am sure that they are of pure intention but not anyone can be like you.

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[Kadal Ijo]

An interesting thing is whatever we can save during inflation, of course not many people can saves when inflation, needs and the number of prices that skyrocket is certainly a reason for the difficulty of savings, in fact most people will borrow during inflation.

[Fara Chan]

During inflation, price of goods might have increased rending your saved money valueless. In 2020, a friend bought his middle generator at #46,000. I had the same amount but decided to save mine in bank. Last week, I decided to buy the same generator, just to check a store online to see price was now  around #85,000.

For new items or products that you have displayed, the price is likely to increase over time, but different when the item is used, the selling price will decrease from the previous purchase, this example is more appropriate for people in need, but not in the general category

CONCLUSION
During inflation, always purchase all you need on time without delay to avoid rapid increase of such commodity.

I don't think the items you've shown don't fall into the necessities category, so it's impossible to buy them just for storage. If we insist on buying, then we only need one item, which means this is also not suitable in my opinion. Because for some people, goods are tailored to the needs to be purchased. Inflation occurs due to several factors, but to compare examples like this, I think it's still relatively common.

[Rockstarguy]

Saving ones money is good but could be a disadvantage during inflation.

Saving money to start up an investment is a good plan, but Saving a reasonable amount of money without having any plan to do with is totally a big waste because after some time the money can lose value by 50% . It is better to start up a business that will yield double of the capital.  It was sometimes back when the rate of inflation was stable and not increasing within short time, then one can consider to save money if no plans on how to invest it. Because of the economy is fragile it is important to invest money so that as inflation takes place money won't lose value.

[Republikcoin.com]

Wrong idea if we only rely on savings, money will not increase but decrease due to the influence of inflation and very low bank interest, don't save money in savings, but the best thing is to use it for investment, of course there are risks but with a lot of learning then we can get big profit.

Learning while practicing is also much better. Actually investing is a job that is far from being forced by everyone who can afford it so there is no need to put all their money into investment if after investing they have to refrain from eating and drinking. Saving money is clearly needed for life because money is a tool that is always used every day to meet the needs of life and the rest is for a good investment, meaning that investment is made with money that is not used for everyday use so that everyone can be more patient when they have to face risks. of their investment.

[Altryist]

Saving should have a purpose. It could be for emergency purposes or for our future investment. We have to make sure that we're still making money out of it. Saving might sound hard during this crisis but as much as possible, we should still save for us to have a profitable investment in the future.

Saving money is not easy, you need good discipline for this. It is also important to understand what you will do with them later. Money should work, if it lies idle, then sooner or later it will go to someone else who knows what to do with it. You need to generate assets that will make a profit, and the more assets you have, the more profit you will receive. Investing money in a bank is pointless, very little profit, with too high risks.

[boris singer]

Saving should have a purpose. It could be for emergency purposes or for our future investment. We have to make sure that we're still making money out of it. Saving might sound hard during this crisis but as much as possible, we should still save for us to have a profitable investment in the future.

Saving money is not easy, you need good discipline for this. It is also important to understand what you will do with them later. Money should work, if it lies idle, then sooner or later it will go to someone else who knows what to do with it. You need to generate assets that will make a profit, and the more assets you have, the more profit you will receive. Investing money in a bank is pointless, very little profit, with too high risks.

Money has to work. I agree with what you say because basically the earliest thing to say was money has to work but what is happening now is just the opposite because there are still a lot of people who are employed by money.
And this is also what makes us unable to save and it is very difficult to save money because in this case our Mindset has been set that even though we do not feel but we have been employed by money.

[Agbe]

The government are not doing anything to stable the price of goods to become stable but all we could do not is rather to invest is projects like Bitcoin or to better things of other ways we can use our funds that could bring better profits to us.

inflation in the third world nations are some else. Let me use Nigeria as the cause of the discussion. Nigerian government established agencies to regulate the inflation of goods and service in the countries but these agencies are dysfunctional. Such are: CPC, ICPC, EFCC, SON, NDLA, etc. These agencies are to regulate the prices, high consumption rate, and  to check mate the Standard of goods and also to check the goods before consumers buy them but all those agencies are dead because the government is also guilty of the crime. The government can not do anything because they are also Part and parcel of the inflation policy. The government is mute because they are benefiting from the inflation. Bitcoin can not reduced inflation even though you invest in it. It is the government duty to create enabling environment for projects for business and when the government is corrupt every other things have spoiled.

[lalabotax]

Savings is the most important thing as long as we live, there are many things that we need and should need money, if we don't save and only rely on active income then we will not be able to buy the things we want, especially when inflation is of course savings is a good thing to anticipate worse things.

I think saving isn't the most important thing, investment should be more important than saving.
If we only do saving, we can't multiply our money. We only keep money without the opportunity to gain a bigger amount of money in the future. If we care about our future, we must think about investment too. During inflation, we may experience a decrease in our regular income. But it is a good time to invest in valuable things since everything is decreasing in price. We can buy something to invest at a cheap price.

[BRINIRHA]

Many people are late in saving and investing, most people are wasteful when they have money and large income, but when inflation is important is saving and making a lot of investment, when inflation is of course many things that are difficult to predict so that with saving then we can save finances.

That is correct and I am one of them
I have realized it late and we all must have some emergency funds to help our needs.
And you should not disclose your secrets to anyone - especially the financial secrets. I made alot of mistakes in my life and I am not going to do that again.

Saving requires high discipline and discipline can be formed by getting used to it little by little. but when inflation takes place sometimes we find it difficult to manage finances. because we need to adjust the needs that must be purchased. because the goods we usually buy will certainly increase due to inflation. so the funds to save sometimes become reduced. because now we need to spend more money for daily shopping. because the price of basic necessities continues to increase.

[Awwal08]

I think saving isn't the most important thing, investment should be more important than saving.
If we only do saving, we can't multiply our money. We only keep money without the opportunity to gain a bigger amount of money in the future. If we care about our future, we must think about investment too. During inflation, we may experience a decrease in our regular income. But it is a good time to invest in valuable things since everything is decreasing in price. We can buy something to invest at a cheap price.

I agree with what you said in times of investment but do you think investment is the solution to this, not everyone have mind to invest their savings, not everyone knows how to invest, not everyone is interesting in any investment. During the inflation both the people that make savings and the people that make investment faces the same problem.

[STT]

Save with a food bank is most valid, anything you use and can keep for a year time period becomes a type of savings quite valid for any family to build up.  This isnt unknown, its just become less common in the times of 'Just in time' delivery and modern consumerism where trends are actively decided within a year, rising only to fall with months we arent as familiar with the concept of reserves.
  Some people can do this more easily then others, some buy a years worth of energy in their heating oil perhaps but everyone can store a years worth of food and other similar household requirements.   The point being if inflation is well over 5% or 10% even then you gain some yield on your holdings for a year and its quite justified to do so presuming the discipline is there to keep only the same steady rate of usage.

[Xiaomie A1]

I agree with what you said in times of investment but do you think investment is the solution to this, not everyone have mind to invest their savings, not everyone knows how to invest, not everyone is interesting in any investment. During the inflation both the people that make savings and the people that make investment faces the same problem.

Do you agree with someone on what investments?
Because investment can be done at any time by those who like it, but it would be better if the investment was made when there was a decline in prices in the market and your country's environmental conditions were not inflationary. Because investing when inflation arrives or is happening, it will also not solve problems such as inflation. Because inflation control is carried out before inflation occurs, not when it has occurred or is happening.

[Baofeng]

Many people are late in saving and investing, most people are wasteful when they have money and large income, but when inflation is important is saving and making a lot of investment, when inflation is of course many things that are difficult to predict so that with saving then we can save finances.

Of course, it is being to start very young in investing, you will have a lot of advantage. Obviously, time will be in your side plus you can retire early with good amount of money as compare to people who have invested very late and even if they double what they want to invest.

You can't trust fiat enough to stand as a strong hedge over inflation. Any amount cooling in the bank is never the owners because the government can decide to do what ever the wish to it when ever the chose to. Investing is Bitcoin since 2020 would have given more value to your fiat and also increased your purchasing power

It's no secret that saving your money in a bank won't beat inflation. You have to find a better method, you can either invest in in physical assets like real state, or like the majority of us here, bitcoin is the better choice, It could be very volatile, but in the end, you will make a lot of money and won in this inflation as compare to just keeping it a bank.

[iv4n]

You can't trust fiat enough to stand as a strong hedge over inflation. Any amount cooling in the bank is never the owners because the government can decide to do what ever the wish to it when ever the chose to. Investing is Bitcoin since 2020 would have given more value to your fiat and also increased your purchasing power

People still don't get this... not your keys, not your money! Aside from people who are in crypto already, others don't have a clue that banks can do whatever and people will stay without options, we depend on them and they know it, one of the reasons why they keep making tons of money every year.
I think the time is coming when people will have to decide whom to trust more, corrupted banks or decentralized coins and algorithms. And before that, they will need to learn what "not your keys, not your coins" truly means!

[Inwestour]

People still don't get this... not your keys, not your money! Aside from people who are in crypto already, others don't have a clue that banks can do whatever and people will stay without options, we depend on them and they know it, one of the reasons why they keep making tons of money every year.
I think the time is coming when people will have to decide whom to trust more, corrupted banks or decentralized coins and algorithms. And before that, they will need to learn what "not your keys, not your coins" truly means!

In China, people now understand this very well, when the banks were not able to give their own money. The same thing can happen in any other country if all people at the same time want to withdraw their money from the banks, but they will not do this because they are afraid to destroy the system in which their investments are located. People think that the banking system is clear to them and they "trust" it.

[BRINIRHA]

Saving some money in the bank when inflation will be very detrimental. because the value of the money we save will actually continue to shrink. as exemplified by the OP. Prices of goods continue to increase during inflation. if inflation continues then for example if today we can buy a bicycle for $ 100 then 2 years later I'm pretty sure the price of a bicycle can reach $ 200. so if we have money now $100 and we save it in the bank. and 2 years later we took the $100 bill. then know that even though the amount of money is intact, its value has dwindled. because the price of goods must have increased in the next 2 years.

That's why investing is sometimes more profitable than saving in times of inflation.

because of inflation many sectors are harmed.
The following are the parties who are disadvantaged during inflation, namely:

1. People who save money
 unconsciously the money they save continues to depreciate in value. because the price of goods continues to increase during inflation.

2. those who don't have a home
those who are homeless are the losers during inflation. because house prices will continue to rise. So buying a house becomes difficult because prices continue to increase.
those who rent a place to live will also find it difficult during inflation because the rent burden will usually be increased by the owner of the rent.

3. retirees
those who receive pension funds also suffer losses during inflation. because the amount of currency they regularly get from pension funds is not the same in value. because the value of the currency continues to decline during inflation. and prices of goods continue to rise during inflation.

and there are many other parties who are disadvantaged during inflation. then this is where the importance of maintaining the value of our assets. instead of keeping the amount of our money. because the value of money can decrease during inflation. then investing in goods and properties whose prices continue to increase during inflation is the right thing

[jossiel]

earlier during COVID people have made subscriptions to the Netflix and that has brought so much revenue to the company
Now the people are unsubscribing to save a few bucks.
Inflation is a killing factor - physically and mentally both

It's because everyone is realizing that every buck that they earn is very important these days. Before, there were no conflicts, not that much inflation and that's why life was easier before and we can spend wherever we want and with these subscription based services. Most of them were okay to us.

But this time, everything that we don't need necessarily can easily be cut off and use the money to more important things like our basic needs.

Yeah, inflation really sucks and that's why we should be wise and man up with our spending habits.

[Fatunad]

It's not worth it to save your money in the bank if the inflation rate is higher than the percentage it gives to the interest rates. It's better to spread it to investments that has a higher percentage than the inflation rate because it will make you deal with the high prices of commodities through it.
I rarely save to the my bank accounts these days but I still try to put as much as I can so that, I treat it as an emergency fund but at most times, I convert it to bitcoin.

yes, indeed, if there is more money, it is better to use it to buy bitcoin, because if we buy bitcoin it will be safer, as long as we buy it at a price when bitcoin is down, and so am I when I receive my salary I always set aside to save bitcoin only , because it is safer when inflation is like today.

earlier during COVID people have made subscriptions to the Netflix and that has brought so much revenue to the company
Now the people are unsubscribing to save a few bucks.
Inflation is a killing factor - physically and mentally both

There are services and products which did really fly out with colors or making much revenue into those pandemic times where people are just sitting in their own homes but now that things is going back to normal
then it would really be not surprising that everything would really back to normal as well into those companies who had made out such money and to those who havent or been wrekt up.
Speaking about savings then this would be a personal type of condition since not all would really be that keen on doing so but we know on how crucial or much preferred on having savings
despite of the inflation that we are facing on.We dont have any choice because this is something inevitable thats happening.

[Vaskiy]

Savings during inflation gives hand, but here we need to be so careful in choosing the method of saving. Earlier we've got the access to save only the fiat currencies. Now things have changed and anything is possible in the fingertips. So, good is to save in the form of inflation free assets. It can be cryptocurrency or something else that assure with long term profit.